The artificial sweetener market is projected to grow at a CAGR of 5.05% to reach US$9.704 billion in 2024 from US$7.22 billion in 2018. Artificial sweetener refers to a food additive used as a sugar substitute, it also has an exceptional shelf life as compared to its competitive natural sweeteners and is scientifically proven to be sweeter than sugar. Aside from being used in the food and beverage industry, artificial sweeteners are also used in the pharmaceutical industry to sweeten medicines. Since artificial sweeteners have less caloric value, the ever-growing health-aware sections of society are preferring sugar substitutes over real sugar and as a result, it is expected to stimulate the growth of the market. Allergic reactions along with safety concerns caused by artificial sweeteners as well as natural low-calorie sugar substitutes are impacting the growth of artificial sweeteners globally.
The demand for artificial sweeteners is expected to increase due to the increasing health awareness of the global population as well as people who are aiming to lose weight are resisting or substituting high caloric foods as a whole. The rising incidence of heart diseases, diabetes, and obesity afflicting individuals will eventually force people to lead a healthier lifestyle. In fact, according to the World Health Organization (WHO), 31% of global deaths have been caused due to cardiovascular diseases and the number of people with diabetes has risen from 108 million in 1980 to 422 million in 2014, also, Worldwide obesity has nearly tripled since 1975.
Geographically, Asia Pacific is estimated to have a high market growth due to the rapid development of food and beverage processing industry, as well as swift urbanization along with the rise in disposable income. The North American and the European regions hold a high share in the market on account of high consumption of beverages, confectionaries, nutritional and dairy products, which are some of the most notable areas where artificial sweeteners are used.
Major industry players profiled as part of the report are B&G Foods, Inc., Cumberland Packing Corp., Tate & Lyle PLC, Merisant Company (subsidiary of MacAndrews & Forbes Incorporated), HYET Sweet., L&P Food Ingredient Co., Ltd., Garuda International, Inc., Celanese Corporation, Cadila Healthcare Ltd. (CHL), and Tokyo Chemical Industry Co., Ltd among others.
The Artificial sweetener market has been analyzed through the following segments:
Confectionary and Bakery
Middle East and Africa