Growing consumption of low-calorie food varieties, diet carbonated soft drinks, and sugar substitutes have been cited as key growth levers of Artificial Sweetener Market in Fact.MR’s latest market study. The research tracks the broader trends of the market, while focusing specifically on high-intensity artificial sweeteners. The market value is estimated to approach US$ 1,816 Mn by 2018-end, taking a positive leap from US$ 1,768.5 Mn in 2017.
Demand for Low Calorie Versions with Satisfactory Taste Attributes Push Growth
A combination of evolving dietary patterns to reduce obesity and significant shift in consumption preferences are predicted to be responsible for spurring the adoption of high intensity artificial sweetener. The report also outlines the growing adoption in case of oral care products, owing to its ‘non-cariogenic’ nature i.e. it doesn’t cause cavities.
The rising preferences for low calorie content and minimal compromises with taste attributes is predominantly spurring sales of aspartame, with an anticipated US$ 616 Mn opportunity to emerge by 2018-end. As per the research, the consumption of high intensity artificial sweetener in powdered form is likely to be an all-time-high, consumption in the form of tablets is witnessing impressive growth.
The study estimates that beverage, with burgeoning popularity of low calorie drinks, remains the largest and most promising end user application, with an estimated valuation of around US$ 1,079 Mn by 2018-end. Bakery and confectionery remain the second-largest end user application segment, with a wide range of products incorporating use of high intensity artificial sweetener as a part of their ingredient base.
North America and Europe Develop Intolerance toward Soft Drinks, APEJ to Offer Profit-making Avenues
In North America and Europe, the consumption of soft drinks, which is a major end user application for high intensity artificial sweetener market, is declining by a considerable rate. Significant alterations in consumer sentiments and preferences are one of the major reasons for the population in Western Europe and North America to gradually give up on soft drinks consumption. Consequently, the demand for artificial sweetener is also witnessing a downturn in these regions. However, the demand for high intensity artificial sweetener remains strong and robust in APEJ, with increased consumption of products using specific quantities of specialty sweeteners.
Moreover, Middle East and Africa maintains a promising growth in the high intensity artificial sweetener market at an impressive CAGR. With health and wellness concerns swelling at a meteoric pace in the region in the light of upswing in obesity rates, a broad category of health enthusiasts is encouraging an influx of new and effective products in the high intensity artificial sweetener market space.
The study has also identified the adoption of artificial sweetener to be impacted by specific regulations on sugar intake. National as well local governments are imposing sugar tax and levies, as a part of their attempts to fight obesity, which are likely to bode well for the market growth. As per the research study, the penetration of high intensity artificial sweetener amid the deep-rooted influence of refined sugar is likely to be challenging and is solely dependent on the performance parameters.
“Another positive aspect associated is the manufacturing cost of high intensity artificial sweetener, which relatively is less as compared to that of sugar. This, in turn is likely to offer a pool of advantages for the manufacturers and stakeholders of the market”, Senior Analyst, Fact.MR
The research study outlines the growth of high intensity artificial sweetener market for the period of 2018-2027. As per the report, the market is likely to expand at a CAGR of 3% over the forecast timeline.