The high-intensity sweeteners market is expected to reach US$4.2 billion by 2029 at a CAGR of 5.3%, ResearchAndMarkets reports. The high growth of the sweeteners market is attributed to rising demand for functional food products, growing prevalence of diabetes and obesity, and surging demand for natural sweeteners. However, stringent government regulations and adverse health effects are expected to hinder the growth of the market.
The high-intensity sweeteners market is segmented into sucralose, stevia, aspartame, acesulfame-k, neotame, saccharin, luo han guo (monk fruit), neotame and others. The stevia segment is expected to grow at the fastest CAGR during the forecast period 2022-2029. Increasing consumer awareness of consumption of food products with natural ingredients, growing consumer preference for clean label and healthy products and increasing preference towards reduced sugar are key drivers of the stevia market growth.
Based on source, the artificial segment is expected to command a larger share of the market in 2022, but natural high-intensity sweeteners are expected to register the highest CAGR. Based on form, the solid form segment is expected to hold the largest share of the market in 2022 due to its wide availability, ease of handling, transportation, storage, better shelf life, ease of use and effective product formulation.
Based on its application, the market is segmented into beverages, food, nutrition and health supplements, pharmaceuticals and other applications. The food segment is expected to have the highest CAGR during the forecast period, attributed to increasing consumer preferences for healthy food, changing food consumption patterns and extensive use of sweeteners in different foods including baked goods, confectionery and savoury snacks.
Key players operating in the market are Tate & Lyle, ADM, Cargill, Ingredion Incorporated, JK Sucralose, and others. Of the five major geographic regions (North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa) Asia-Pacific is expected to register the highest CAGR due to changes in consumer lifestyles, emerging trend of healthy foods, rising awareness about health benefits of sugar-free products and rapid urbanisation.
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