Sugar Substitutes Market to Reach USD 12.86 Billion by 2029; Tate & Lyle plc Announces Acquisition of Sweet Green Fields (SGF) to Spur Growth

The global sugar substitutes market size was USD 7.50 billion in 2021. The market is projected to grow from USD 7.91 billion in 2022 to USD 12.86 billion by 2029, exhibiting a CAGR of 7.20% during the forecast period 2022-2029.

This information is provided by Fortune Business Insights, in its report titled, “Sugar Substitutes Market Size, Share & COVID-19 Impact Analysis, By Type (Aspartame, Ace. K, Saccharin, Sucralose, Stevia, Sugar Alcohols, and Others), By Application (Food & Beverage (Table-top Beverages, Bakery & Confectionery, Other Processed Foods), Pharmaceuticals, and Personal Care and Cosmetics), and Regional Forecasts, 2022-2029.”

Sugar substitutes are plant-based constituents termed as artificial sweeteners, which refine the flavor of food and owns same flavors and textures similar to conventional sugar. These products are primarily created to substitute or decrease the reliance on sugar. A few of the most extensively utilized raw materials for making these products involve sucralose, stevia, and others. They are measured as healthier and ecologically supportable replacements to conventional sugar.

Augmented Demand for Artificial Sugar Products Sustained Growth

The COVID-19 outbreak triggered a global halt in numerous industries, including the food and beverage industry, and adversely affected the global economy by disturbing the production and transportation sector. This instigated ripple impacts in all the similar sectors bringing the whole global economy to a stoppage. Even the dietary behaviors of people witnessed massive fluctuations during the period.

Azelis to Supply Tate & Lyle’s Broad Portfolio of Constituents and Solutions in 17 Nations

Tate & Lyle PLC, a British supplier, is extending its fruitful collaboration with Azelis, a vendor in Europe into three novel economies, Greece, Bulgaria, and the Republic of North Macedonia, from early 2022. This suggests that Azelis will presently be the supplier of Tate & Lyle’s broad portfolio of constituents and solutions, comprising its CLARIA Clean Label Starches, PROMITOR Soluble Fibers, and Stevia sweeteners to consumers across 17 nations.

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https://www.fortunebusinessinsights.com/industry-reports/sugar-substitutes-market-100261

Promising Taxation and Packaging Norms of Governments in Numerous Nations to Safeguard Encouraging Market Growth Rate

The users are increasing their fondness toward healthy food, and surging emphasis on good health and wellness has substantially amplified the usage of products with no extra sugar and sweetener. In France and the U.K, countrywide government actions to decrease sugar consumption through chosen reformulations, taxation, and descriptive front packaging labels are predicted to encourage the sugar substitutes market growth. These activities bring into line the strategy tools recommended in WHO's 2015-2020, European Food and Nutrition Action Plan to generate an improved food environment.

Competitive Landscape:

Acquisitions Initiated by Key Companies to Promote Market Growth

The leading players in the market constantly opt for efficient strategies to bolster their brand value as well as promote the global market growth. One such efficient strategy is acquiring competitive companies and further securing a profit for both the companies.

Notable Industry Development:

• December 2020: Tate & Lyle plc declared the procurement of Sweet Green Fields (SGF), a dominating global stevia solutions business. This purchase enabled Tate & Lyle to access a completely combined stevia supply chain, comprising leaf sourcing, leaf varietal development, and cost-effective production.

List of Key Players Mentioned in the Report:

• Cargill Incorporated (U.S.)


• Tale & Lyle (U.K.)


• ADM (U.S.)


• Ingredion Incorporated (U.S.)


• Roquette Freres (France)


• Real Stevia Company (Sweden)


• Pyure Brands LLC (U.S.)


• JK Sucralose Inc. (China)


• DuPont (U.S.)


• Ajinomoto Co. Inc.(Japan)

Further Report Findings

On the basis of type, the market is segmented into aspartame, ace. k, saccharin, sucralose, stevia, sugar alcohols, and others. The usage of saccharin is especially important for people whose diets require calorie or carbohydrate restriction and people with obesity and diabetes.

North America is one of the major consumers of sugar substitutes globally. One of the major drivers is the growing need to raise awareness of low-calorie food consumption in the region. Popularity of healthy foods and beverages among the North American population is the major factor expected to hold the largest sugar substitutes market share.

Table of Segmentation