Increasing health consciousness has led to consumers demanding for alternative sweeteners. Consumers are becoming aware of the health benefits associated with alternative sweeteners which are expected to fuel the sales of the product at a global level. In addition, owing to product’s effectiveness in preventing tooth decay, consumers are more inclined to opt for sugar-free gum, thereby accelerating the demand for the product. Also, increasing demand for the product in the developing economies is further anticipated to propel the sales of alternative sweeteners in the near future.
Alternative Sweeteners Market is also driven by various factors. The product is available in a variety of forms such as sticks, spoonful, tablets, liquids, and packets, thereby making it convenient for the consumers to use the product. The convenient format makes the product travel-friendly as well as they can easily fit into the pockets and bags. Furthermore, the alternative sweeteners are available in both plain and flavored varieties, for instance, vanilla, lemon, and orange among others which attracts consumers’ interest, henceforth fueling the growth of the market.
However, alternative sweeteners do have an adverse impact if consumed for a long period of time which is expected to hinder the growth of the market during the forecast period. Also, due to the presence of a large number of market players, the competition is intense which can pose a major challenge to the alternative sweeteners market. Nevertheless, all these factors are boosting the global alternative sweeteners market to grow at the CAGR of 5% during the forecast period, 2020-2023.
The Global Alternative Sweeteners Market Size is segmented into product type, application, and region.
Among the product type, artificial sweeteners segment is anticipated to retain its dominance throughout the forecast period. Also, the segment is projected to register a healthy CAGR of 5.10% during the given period. The launch of novel products is one of the significant factors for the rising demand for the product. Among application, the non-alcoholic beverages segment is accounting for approximately 27.1% market share of the global alternative sweeteners market. The segment is projected to register at a CAGR of 5.28% during the forecast period, 2020-2023.
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This report includes a study of strategies used in the market, mergers, acquisitions, and multiple product launches by alternative sweeteners market players. It further includes product portfolios and developments of leading players, which includes
- Archer Daniels Midland Company
- Ajinomoto Co. Inc.
- DuPont Nutrition & Health
- Tate & Lyle Plc
- Cargill Incorporated
- Ingredion Incorporated
- Roquette Freres S.A.
- Macandrews & Forbes Incorporate
- Associated British PLC
- JJD Enterprise
- Niutang Changhai Food Additives Co, Ltd.
- Sunwin Stevia International
- Monk Fruit Corporation
- Avestia Pharma
- Panchsheel Organics Limited
- B. Enterprise
- Akhil Healthcare Pvt. Ltd.
- Anhui Elite Industrial Co., Ltd
- Hill Pharmaceutical Co. Ltd.
- Shandong Shengwang Pharmaceutical Co. Ltd.
- Azúcares Prieto
- Hangzhou Focus Corporation
- Denk Ingredients
The alternative sweeteners market is competitive with major market players operating at the global level. The key industry players in the alternative sweeteners market have adopted the strategies such as geographical expansion, new product launch, acquisitions, agreement, joint venture & R&D to strengthen their business portfolio. Most of the companies operating in this market are focusing on expanding its operations across the geographies, augmenting its capabilities and investing in research and development to offer a variety of products.
The Global Alternative Sweeteners Market is segmented into North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. North America region is accounting for 37.9% market proportion in the year of 2020 in the global alternative sweeteners market and it is estimated to retain its dominance throughout the forecast period of 2020-2023. The growth of the North America region is anticipated to be driven by the various factors. Continuous product innovation is one of the major factors for the growth of the market. However, Asia Pacific region is projected to expand at a high pace of 20.1% during the forecast period of 2020-2023.
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