Market Trends of Alternative Sweeteners Industry
This section covers the major market trends shaping the Alternative Sweetener Market according to our research experts:
Rising Number of Consumers Affected by Diabetes and Obesity
According to the International Diabetes Federation, the number of diabetics worldwide in 2019 is 463 million. This number is expected to reach 700 million by the year 2045. With an increased number of diabetics, the prevalence of diabetes is also projected to increase to just under 10 percent by 2045. Increase in obesity levels, along with concern regarding the risk of developing cardiovascular disease and diabetes are encouraging consumers to make more healthy choices. Consumers suffering from diabetes and obesity go for the low-calorie sweeteners as these products have less or no calories and therefore are helpful in controlling weight and maintaining blood sugar levels. Development of low sugar food for diabetic and diet-conscious consumers and high demand for diet beverages has projected to drive the market.
North America having the Largest Market Share
The demand for natural sweeteners in North America is mainly due to the trend of healthy food. The growing awareness about the harmful effects of excessive sugar consumption is the major driving factor for market growth. Thus, more opportunities for low-calorie sweeteners are created especially in bakery, beverage and dairy applications. The beverages industry is dominating, followed by bakery, confectionery, and dairy industry. According to US Census Bureau, the preferred brands of alternative sweeteners are Splenda, Sweet’N Low, Stevia in the Raw and Equal.
