Consumer Trends: Sugar Substitute Demand Growing
DALLAS (PRNewswire) — The report "Sugar Substitute Market - By Types (HFS, HIS & LIS), Subtypes (Stevia, Sorbitol, Tagatose, Aspartame, Saccharine, Sucralose, Xylitol & Others) & Applications (Healthcare & Personal Care, Beverage & Food) - Global Trends, Forecasts to 2018 " defines and segments the global sugar substitute market with analysis of current demand and forecasted consumption in terms of volume and revenue. It also identifies the driving and restraining factors for the global sugar substitute market with analysis of trends, opportunities, burning issues, winning imperatives, and challenges. The market is segmented on the basis of types, subtypes and application segments for sugar substitutes.
The sugar substitute market was estimated at $10.5 billion in 2012. This value is expected to increase to $13.7 billion by 2018, with 4.5% CAGR for the forecasted period. North America was expected to lead the global sugar substitute market with share of 49.0% followed by Asia-Pacific (21.4%), and Europe (20.9%) in terms of revenue in the year 2012.
Sugar substitute products regulate the sugar intake by consumers and hence, play an important role in the health and well-being of an individual. Potential benefits of consuming these substitutes are highly valuable for all stake holders involved. However, various types and specific characteristics of each type restrict the applicability of these products in a generic manner. In-depth research on these components over the years have resulted in innovating successful formulations for each application and commercializing these.
North American markets approach maturity in this industry. However, it has been revived by the surge in demand for stevia and other polyols. Most of the countries in the Asia-Pacific and ROW regions are still at its developing stage. Rising population and resultant demands for food production drive the markets in these developing regions. China and India are at the forefront of this growth trend. It is, however, the stevia market in Europe which has given a major boost to the regional as well as the global market. The flourishing food processing industry and the increasing consumer awareness regarding benefits of Sugar Substitute Market are key elements that drive the markets in these regions.
The beverage segment has dominated the demand for sugar substitutes globally, except in the APAC region, where health-care and personal care products have resulted in higher market demands. However, the food segment has been the key driver for the market and continues to be so. Health concerns, consumer awareness, flourishing functional food market, confections and bakery, are some of the key factors that drive the segment's increasing demands for sugar substitutes.
The report also touches on various other important aspects of the market. It includes Porters analysis, the competitive landscape, a price analysis and the patent analysis. In addition, 20 key players of this market have also been profiled.
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