Sugar Reduction Technology Market to Grow at a CAGR of 6.5% During the Forecast Period 2020-2025
Research Reports
Mar 30, 2021
Sugar Reduction Technology Market size was valued at $ 15.25Bn by 2019, and is anticipated to grow at a CAGR of 6.5% during the forecast period 2020-2025. The Sugar Reduction Technology Market growth rate is attributed to soaring demand for sugar substitute products from the food and beverage industry is anticipated to help the market gain tremendous traction over the coming years. Consumption of sugar is a significant cause of health conditions such as obesity, heart disease, diabetes, and skin disorders such as acne. The rise in the incidence of these health problems has changed the attention of consumers towards low-calorie and low-sugar goods. This element acts as a core driver of the demand for global sugar reduction technology. Sugar reduction technology makes it possible to use less sugar in a recipe while maintaining the same flavor, and has thus become a global macro trend. Consumers who are aware of health and wellness are requesting items that contain less sugar and lower calories.
Furthermore, the growth of the market is motivated by initiatives and recommendations by food safety authorities aimed at minimizing the use of sugar and removing trans fats in processed goods to ensure the prevention of diseases among consumers. Artificial sweeteners, however, involve chemicals instead of natural ingredients in their development process. The regular intake of artificial sweeteners may be harmful for consumers and can impede the growth of the business. Thus, increasing awareness regarding repercussions of high sugar consumption and rising prevalence of diabetes across the globe are poised to support the growth of the market. Fluctuating prices of sugar are anticipated to create opportunities for sugar substitute manufacturers worldwide over the forecast period 2020-2025.
Sugar Reduction Technology Market Segment Analysis – By Application
On the basis of application, Food and beverage segment held the major share of the market in terms of revenue and is poised to grow with a CAGR of 6.23%. The reason is being attributed to increasing count of a population of diabetics and obesity has created a huge awareness among the consumers to reduce the sugar intake. In addition, this segment is anticipated to gain revenue share during the forecast period 2020-2025 as a result of the changing habits of customers and raising awareness of low-calorie food products. In products such as baked goods, packaged foods, powdered drink mixes; dairy products, and soft drinks, sugar substitutes are used extensively. Apart from this, consumers nowadays are seeking ways to maintain a healthy lifestyle, and sugar remains top-of-mind in terms of health and wellness needs. Beverages continue to hold dominance among the application areas of sugar substitutes owing to the consumers’ demand for low-calories formulations. The future growth in the beverage sector of sugar substitutes lies in innovative sugar substitutes and ingredient technologies that offer taste along with health benefits.
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Sugar Reduction Technology Market Segment Analysis – By Geography
North America dominated the Sugar Reduction Technology Market with a share of 28% in 2019. The application of Sugar Reduction Technology has grown rapidly over the last few years owing to the flourishing food processing industry, rising prevalence of diabetes, and increasing obesity among the population. North America is among the largest users of replacements for sugar. The demand for these items is likely to be increased by growing understanding of low calorie foods and the advantages of using sugar substitutes in everyday diets. Rising pressure on sugar substitute producers by regulatory bodies is the main reason behind moderate growth in the region.
Asia Pacific is estimated to post a CAGR of 8.0% during the forecast period 2020-2025. Rising health issues related to sugar consumption, the presence of emerging economies providing profit margins to key market participants, and rising disposable income are driving the regional market. Asia Pacific is poised to be a highly promising destination for sugar substitute manufacturers owing to improving living standards of middle-class population coupled with rising spending power of consumers. Besides this, growing concerns among health conscious population are projected to be one of the key factors stimulating market growth.
Sugar Reduction Technology Market Drivers
Consumption Pattern and Choices
With the consumption patterns and choices of consumers are frequently changing regarding the food which is anticipated to spur industry expansion. Companies operating in the industry are focusing on developing foods and beverages that help meet customers’ weight loss and dietary goals. This means manufacturing companies need to develop products that have low calorific value, free from sugar, and low in glycaemic carbohydrates while achieving the desired flavour, stability and texture of traditional products without raising the insulin or blood glucose levels. Leading market players are channelling their energies through substantial R&D investments into the production of new products, leveraging advanced technologies to deliver superior quality and cost-effective products. Companies are also working to raise customer awareness of the possible danger of uncontrolled sugar substitute intake, thus adhering strictly to international quality standards.
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Sugar Reduction Technology Market Challenges
Strict recommendations by Government Bodies
Strict recommendations for food & beverage suppliers by government bodies to minimize the incidence of obesity and diabetics, as the incidences are strongly impacted by food consumption. This led to the launch of diet coke, ice cream free of sugar, diet food, among others. In addition, in terms of price, application and wide availability in stores, manufacturers are highly competitive.
Sugar Reduction Technology Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Sugar Reduction Technology Market. In 2019, Sugar Reduction Technology Market share is fragmented by the top ten players present in the market. Sugar Reduction Technology Market top 10 companies are Tate & Lyle.; Cargill; Incorporated; Archer Daniels Midland Company; Ingredion Incorporated; Roquette; Ajinomoto Co., Inc.; JK Sucralose Inc.; PureCircle; The NutraSweet Company; E. I. DuPont De Nemours. and others.
Acquisitions/Product Launches
In June2019, Pioneer Foods entered into a joint venture to launch a sweetener viz. Freesweet, developed by Durbanite, Deborah Good.It is a proprietory blend of erythritol xylitoland inulin.
In May 2018, Tate & Lyle PLC entered into an agreement to acquire a 15% equity holding in Sweet Green Fields, with an aim to strengthen the company leading portfolio of Stevia-based ingredients.
Key Takeaways
North America dominated the Sugar Reduction Technology Market with a share of 28% in the year 2019.
The factors such as the consumption patterns and choices of consumers and increasing count of a population of diabetics and obesity are amongst the major factor projected to impel growth of Sugar Reduction Technology Market.
With the growing preferences of healthy eating has also demanded the food & beverage manufacturers to introduce sugar substitutes into the products is the key factor owing to the growth in the segment during forecast period 2020-2025.
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