The global allulose market is expected to grow at a compound annual growth rate of 6.84% over the forecast period to reach a market size of US$482.823 million in 2025 from US$324.627 million in 2019. Allulose market will grow at a significant rate in the coming years. Consumers are becoming aware about their health worldwide. The substantial rise in the number health-conscious consumers worldwide has played an important role in the surge of lower sugar and lower calorie related food and beverage products. Allulose has emerged as a propitious alternative for natural sugar. Allulose is similar to fructose and has 70% of the sweetness of sucrose. It has about 0.4 calories per gram, which is substantially lower than 4 calories per gram in sugar. Allulose does not have any sorts of effect on insulin or blood glucose levels. The data issued by the Food and Drug administration has propelled the demand of allulose. Consumers are moving towards science and research-based data, which has shown the advantages of allulose as a substitute for sugar. Despite the introduction of various range of artificial sweeteners in the market in the past years, data suggests that allulose demand is on the rise.
The growing middle class and health-conscious population is driving the market growth
Due to the rise in income among consumers and with the substantial rise in the number of health-conscious people worldwide, the demand for allulose will continue to surge. Allulose popularity will continue to soar among consumers despite its higher price range. Consumers are shifting away from processed and refined food products. Surge in obesity and diabetes worldwide also have a significant effect in the pursuit of low sugar alternatives, which has accelerated the demand for allulose products. In the next few years, there will be a surge in the research and medical trials of allulose products, as manufactures, companies, experts and researchers will continue to explore the benefits of allulose in the health and weight management applications and programs. There is a surge in the demand of plant-based products, as consuming meat-based products increases the risk of cardiovascular diseases. Plant based ingredients have additional health benefits than synthetic ingredients. With the surge in the demand for plant-based products, allulose market will see a significant growth.
Expanding Retailing Business
Currently, store-based retail business has the majority of the share in the global allulose market. Supermarkets and convenience stores are surging the retail growth of allulose based products. Online retail is also gaining a lot of traction. With a substantial number of users engaged on the internet and with surge in the demand for smartphones, online retail will generate a significant growth in the coming years.
Impact of Coronavirus on the global allulose market
Coronavirus has a significant impact in the global allulose market. With the government worldwide imposing lockdowns to combat the pandemic and with the trade restrictions, the supply chain has been disrupted that will hold the expansion of the market for the next few months. Contingency strategies have been adopted by companies and manufacturers to reduce the impact of CVID-19 pandemic. With the reduction in income and revenues, consumers tend to purchase only ‘essential goods and services.’
North America will register a significant growth
North America holds the majority of the global market share and is followed by Latin America and East Asia. USA has a significant and substantial share in the allulose market, the reason is because of the surge in the number of health-conscious consumers in North America. USA has a higher diabetic and obesity rate that is surging the demand for allulose products. Asia Pacific and Europe region will also register a significant growth in the coming years due to the surge in the income and significant number of millennials across the regions.
There are some of the major players in the allulose industry: Matsutani Chemical Industry Co. Ltd, Tate & Lyle PLC. CJ Cheil Jedang, Bonumose LLC, Cargill Inc, Ingredion Incorporated, Samyang Corporation, Anderson Global Group. These key player are investing a lot of capital in the research and development. Furthermore, major players are focusing on collaborations with the local industry, acquiring small companies to enhance their production capacity, continues to improve their distribution channel by mergers and joint ventures. Companies are also working on providing innovative flavors to the customers. With the collaboration with the local players, major companies have a chance to penetrate the local market with their innovative products and respected portfolio.