Plant Based Sweetener Market Segmentation By Type (Stevia, Xylitol, Sorbitol, Yacon Syrup, Agave Syrup and Others); By Form (Liquid, Powder and Crystal) and By Application (Bakery, Beverages, Confectionery, Desserts,Ice-creams and Fruit Processing) – Global Demand Analysis & Opportunity Outlook 2028
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In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
December 2019:The International Stevia Council (ISC) announced that stevia remains the most talked about low and zero-calorie sweetener when compared to other low-calorie sweeteners.
July 2018: Tate & Lyle PLC announced that it has introduceda plant-based sweetener known as TASTEVA® M stevia sweetenerthat starts from the stevia leaf and tastes remarkably like sugar. The company also claims that the sweetener offers a clean, sugar-like taste and consumer-friendly labelling, all at an acceptable cost in use.
Plant based sweetener is a natural sweetener which is usually derived from plant leaves or fruit. The amazing diversity of the plant across the world offers up several different natural sweeteners in the market. A range of naturally sourced sweeteners help consumers and formulators reduce sugar content while maximizing flavour. The plant-based sweeteneris different from synthetic sugar as it is less harmful and contains low calorie.The recent new nutrition facts labelling will reflect the grams and percent daily value (DV) of added sugar content, which would ideally help consumers limit calories from added sugar. This factor has increased the preference in the use of plant-based sweetenerin food products and daily diets, which are considered health beneficial and nutritional substitute of sugar.
Increasing demand of low or zero calorie naturally derived ingredients used in food and beverages as well as the concern towards living a healthier lifestyle among the global populationare some of the significant factors boosting the growth of the global plant based sweetener market. The plant-based sweetener market is anticipated to record a significant CAGR over the forecast period, i.e., 2020-2028. The market is segmented by form into liquid, powder, and crystal. Among these segments, the segment for powder is anticipated to hold the leading share in the market on account of prevalence in availability of plant-based sweeteners and naturally derived sugars in the powdered form. Further, powder sweeteners are also convenient in storage and usage. CLICK TO DOWNLOAD SAMPLE REPORT
Since a large number of consumers are looking for healthier option as a substitute for sugar, they are inclining towards easily identifiable, naturally derived ingredients in their diets when compared with the complex names, lab-created synthetic formulas.Moreover, global ongoing food trends and product innovations in the food and beverage industry as well as increasing usage of plant-based natural products has led to a rise in demand for plant-based sweetener.According to International Sweeteners Association (ISA), low calorie sweeteners can make a useful contribution to public health strategies aiming at sugar reduction.Further, owing to factors such as approvals for various sweeteners marking it safe for human consumption by the regulatory authoritiesacross the globe coupled with the increasing demand for low calorie sweetenersis anticipated to significantly expand the plant based sweetener market.
Increase in number of people preferring the healthy and nutritional diet on account of avoiding high calorie and fat content is fuelling the growth of plant-based sweetener market.Additionally, consumption of food products containing synthetic sugar negatively affects the body on account of increase in the risk of heart disease, diabetes, obesity and high cholesterol level. Among the US population overall, the percentage of adults with diabetes increased with age, reaching 26.8% among those aged 65 years or older, as per the data released by Centres for Disease Control and Prevention (CDC). Also, the doctors and healthcare professionals are repeatedly advising people to shift their intake to zero-calorie sugar based on plant-based sweetener. On the back of these, the global plant based sweetener market is predicted to grow over the forecast period.
Despite the growing usage of plant-based sweetener, fluctuations in the prices of plant derived sugar as compared to the normal sugar is estimated to hinder the growth of plant-based sweetener market in the future.
Our in-depth analysis of the plant-based sweetenermarket includes the following segments:
On the basis of regional analysis, the plant-based sweetener market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market for plant-based sweetener in Europe is anticipated to hold the largest share in the market on account of presence of leading market players in the region which manufacture and market plant-based sweetener. Moreover, the growing consumption of natural sweeteners by the huge number of people and the advancement in new products developed by food and beverages industryin this region, further increases the product demand. The market in Asia Pacific is predicted to grow at the highest rate during the forecast period as a resultof significant rise in consumption of bakery and confectionery products.Additionally, the increased demand of natural sugar products owing to large spending on food products and lifestyle changes, further raise the demand for plant-based sweetener.
The plant-based sweetenermarket is further classified on the basis of region as follows:
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