Alternative Sweeteners Market Size 2020: COVID-19 Analysis, Latest Trend Analysis and Forecast 2024
Market
Insights:
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.
Market
Forecast:
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.
Downstream
Analysis:
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.
Competitive
analysis:
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
• Heartland
• Niutang Changhai Food Additives Co, Ltd.
• Sunwin Stevia International
• Monk Fruit Corporation
• Avestia Pharma
• Panchsheel Organics Limited
• B. Enterprise
• Akhil Healthcare Pvt. Ltd.
• Herboveda
• 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.
Region
Analysis:
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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Report Details @ https://www.marketresearchfuture.com/reports/alternative-sweeteners-market-4851
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