According to Future Market Insights (FMI), the worldwide novel sweeteners market is valued at US$ 1,057.6 million in 2023 and it is anticipated to reach US$ 1,926.4 million by 2033. Over the next decade, global novel sweeteners demand is likely to increase at a CAGR of 6.1%.
Consumers worldwide are more health-conscious and prefer clean-label food and drinks that taste good. To meet these preferences, industry leaders are improving their technologies.
The market is witnessing the introduction of innovative and unique sweeteners that improve the overall taste of the final product while maintaining its nutritional value.
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Key Companies Profiled: Nestlé S.A; Cargill Inc.; Archer Daniels Midland Company; Ingredion Incorporated; Tate & Lyle PLC; E.I Dupont De Nemours and Company; Koninklijke DSM N.V; Symrise AG; Ajinomoto Corporation Inc; Raizen S.A; Associated British Foods Plc; Wilmar International Limited; Others
Key Takeaways from the Novel Sweeteners Report:
- The global novel sweetener market is expected to reach a valuation of US$ 1,926.4 million by 2033.
- Global demand for novel sweeteners is likely to surge at 6.1% CAGR over the forecast period.
- Based on product type, the stevia-extracted novel sweetener segment is anticipated to reach a valuation of US$ 911.2 million by 2033.
- Europe is projected to hold a dominant value share of 24.8% in the global market by 2033.
- The United States novel sweeteners market is projected to reach a valuation of US$ 296.5 million by 2033.
- India’s novel sweetener market is estimated to witness a value CAGR of 7.1% during the projection period.
“The rising demand for novel sweeteners demonstrates a shift in consumer preferences toward natural, low-calorie, and diabetic-friendly sweeteners. In addition to it, these sweeteners provide opportunities to manufacturers to create flavors with tailored taste profiles” – says a lead analyst at Future Market Insights (FMI).
Competitive Landscape
Leading novel sweetener manufacturers are constantly launching a new range of products to meet consumer demand. They are also using strategies such as mergers & acquisitions, partnerships, distribution agreements, collaborations, advertisements, and celebrity endorsements to gain a competitive edge in the market.
For instance,
- In December 2020, Sweet Green Fields (SGF), a global stevia solutions business was acquired by Tate & Lyle as a strategic move to enter the fast-growing market of the Asia Pacific region, in addition to taking advantage of the specialized stevia production plant and research and development labs located in Anji, China.
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Novel Sweeteners Market by Category
By Product Type:
- Stevia Extracts
- Tagatose
- Trehalose
By End Use:
- Food & Beverages
- Pharmaceuticals
- Direct Sales
- Baby Snacks
- Others
By Application:
- Bakery Goods
- Sweet Spreads
- Confectionary and Chewing Gums
- Beverages
- Dairy Products
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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