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 across the globe are becoming more health-conscious and shifting towards clean labeled food and beverages without compromising on taste. To cater to these needs, leading manufacturers are bringing advancements in technology.
The market is seeing the injection of innovative and unique sweeteners that enhance the overall taste experience of the finished product without compromising its nutritional value.
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In addition to it, these players are ensuring affordability and availability to customers seeking functional benefits and enhanced palate experiences that suit rapidly changing dietary preferences.
For instance, Tate & Lyle PLC launched TASTEVA® Stevia Sweeteners as a perfect ingredient that delivers taste and natural solution as a sugar substitute for the food and beverage industry. This stevia-extracted product can be used in bakeries, beverages, confectionery goods, dairy products, soups, and sausages and also can be used as dressing agents.
The market is likely to present additional growth opportunities as a result of globalization and the creation of new kinds of sub-segments of dietary choices. The demand for diverse and natural ingredients is rising as the world becomes an interconnected community and consumers embrace other cultures’ culinary traditions more readily.
The use of novel sweeteners in a wide range of applications is becoming more popular. The growing dairy, confectionery, and bakery industry, especially in South Asia markets is expected to boost the sales of novel sweeteners.
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).
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Who is Winning?
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, and Wilmar International Limited are key novel sweetener manufacturers listed in the report.
These companies are concentrating on expanding their portfolios by launching new products. They also use strategies such as advertisements, partnerships, acquisitions, agreements, and mergers to stay relevant 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.
Get More Valuable Insights
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global Novel Sweeteners industry presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study incorporates compelling insights on the novel sweeteners market based on product type (stevia extracts, tagatose, trehalose), end-use (food & beverages, pharmaceuticals, direct sales, baby snacks, and others), application (bakery goods, sweet spreads, confectionary and chewing gums, beverages, dairy products, and others), across several regions.
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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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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