Driven by rise in demand for healthier
According to a new market report published by Transparency Market Research, the global alternative sweetener market was valued at $11,538.6 million in 2014 and is expected to reach $15,466.7 million by 2021, growing at a CAGR of 4.2% from 2015 to 2021. North America dominated the global alternative sweetener market in terms of demand over the forecast period. Further, North America is expected to be the most promising market for alternative sweetener in the near future.
The global alternative sweetener market is primarily driven by rise in demand for healthier low-calorie food and beverages. Furthermore, rising prices of sugar have boosted the growth of the alternative sweetener market. However, the restraining factor of the alternative sweetener market is the food and safety regulations and excess consumption of sugar substitutes which causes certain side effects such as cancer, obesity and cardiovascular diseases among others serious health problems.
The high intensity sweetener (HIS) held the largest market share in 2014. High intensity sweetener is expected to grow at a CAGR of 3.4% from 2015 to 2021. The high fructose syrup (HFS) held the second largest market share of alternative sweetener in 2014, followed by high intensity sweetener. The fastest growing market segment, low intensity sweetener in overall alternative sweetener market is expected to grow at a CAGR of 7.1% over the forecast period.
North America is the market leader for alternative sweetener, growing at a CAGR of 3.6% from 2015 to 2021. Asia Pacific is the other major region where alternative sweetener sales are very high and the region is expected to grow with a stable CAGR, between 2015 to 2021, followed by Europe.
In North America, the U.S. and Mexico dominated the market revenue for alternative sweetener. In Asia Pacific, China and India are the major markets growing at a CAGR of 3.4% and 6.0% respectively from 2015 to 2021. In Europe, Germany was the most attractive market of alternative sweetener in terms of revenue in 2014. Though Asia Pacific held the second position in global alternative sweetener market, and still it is expected to grow with a high CAGR as compare to Europe over the forecast period.