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The global sugar alcohol market size is expected to gain momentum by exhibiting a promising CAGR of 7.75% between 2020 and 2027. Furthermore, it is projected to reach USD 6.70 Billion by 2027, according to the information published by Fortune Business Insights, in its latest report, titled “Sugar Alcohol Market Size, Share & COVID-19 Impact Analysis, By Type (Sorbitol, Xylitol, Maltitol, Erythritol, and Isomalt), Application (Food and Beverages, Pharmaceuticals, and Cosmetics and Personal Care), and Regional Forecast, 2020 – 2027.” The report further observes that the market was worth USD 3.61 Billion in 2019 and is likely to rise owing to increasing demand for sugar-free products across the globe.
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Ingredion Launches Novel Sugar Substitute Sourced from Erythritol
In May 2020, Ingredion, a leading ingredients solution company, introduced its new sweetener, Erysta that is sourced from an erythritol polyol. According to the company claims, the new sweetener will enable the manufacturers to reduce the sugar content across several applications. Furthermore, the Erysta sweetener provides functional sweetness for products such as ice cream, chocolates, desserts, and confectionaries, among others in the absence of sugar. Moreover, the company says that the sweetener maintains the taste and texture of the products to cater to the evolving taste of the consumers. Ingredion along with several other companies operating in the market are striving to gain major chunk of the market by launching innovative food products to cater to the increasing demand for healthy processed food products.
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Increasing Prevalence of Diabetes to Stoke Demand
According to the information provided by the International Diabetes Federation (IDF), in 2019 it is estimated that about 463 Million adults were suffering from diabetes, which is projected to rise to 700 Million by 2045. Increasing cases of diabetes across the globe is propelling the demand for healthy food products minus the sugar content. Awareness among the population to consume less-calorie food products is spiking the demand for nutritive sugar alternatives such as the Sugar Alcohol. The natural sweeteners are being preferred over their artificial counterparts that has caught the attention of manufacturers to introduce innovative food products that are labelled as sugar-free to attract the attention of consumers.
COVID-19 to Boost the Demand for Hand-Sanitizers
The novel coronavirus, COVID-19 that has brought the world economy to a standstill, is witnessing a surge in demand for hand-sanitizers. This development is anticipated to bode well for the market in the near future. For instance, ethanol along with Sugar Alcohol are the major ingredients used in the production of hand-sanitizers. Increasing demand for hand-sanitizers to combat the deadly pandemic is driving the market growth.
Prime Focus on Product Development by the Companies to Aid Growth
Fortune Business Insights states in its report that the market is highly organized with several companies striving to strengthen its position among the fierce competition. Adoption of strategies such as novel product launches, merger and acquisition, and product expansion offerings by the companies to gain maximum market share will bode well for the market growth between 2020 and 2027.
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Value (USD Billion)