(Entertainment-NewsWire.com, August 18, 2021 ) According to MarketsandMarkets, the global low intensity sweeteners market is estimated to be valued at USD 2.9 billion in 2021 and is projected to reach USD 3.6 billion by 2026, recording a CAGR of 4.6%, in terms of value.
The increasing awareness among consumers regarding healthier food products, rising demand for low intensity sweeteners in various food & beverage applications and growing awareness about functionalities of low intensity sweeteners in the pharmaceutical industry is driving the demand low intensity sweeteners market.
The North America region will dominate the global low intensity sweeteners market due to the busy lifestyle of consumers and increase in prevalence of chronic diseases due to hectic lifestyles. Furthermore, the region is witnessing rise in awareness among consumers regarding the health benefits of reduced sugar in food & beverage products.
Impact of COVID-19 on low intensity sweeteners market:
The outbreak of COVID-19 has brought serious medical, social, and economic challenges. Where the medical community is focused on developing successful diagnostic and medical treatment, the food & beverage industry is also focused on manufacturing healthy products to combat diseases by providing immune support.
Owing to the increasing COVID-19 pandemic outbreak in various regions/countries, the low intensity sweeteners market in 2020 was observed to witness a decline due to the lockdowns in various countries, closure of the international borders, and delay in cross border transit that has led to supply chain hindrances. The social distancing and the other measures taken by the regional governments limit the number of people who can work together in small areas.
Thus, the decline in 2020 in the low intensity sweeteners market growth was mainly due to the major impact of the COVID-19 pandemic. Gradually, as the restrictions of the government measures are likely to relax, the market for low intensity sweeteners would witness a slight increment in the upcoming years till 2026.
Key players in this market include Ingredion Incorporated (US), ADM (US), Anderson Advanced Ingredients (US), Tate & Lyle (UK), Roquette Frères (France), Matsutani Chemical Industry Co., Ltd (Japan), Whole Earth Brands (US), CJ CheilJedang (South Korea), Samyang Corporation (South Korea), Daesang Corporation (South Korea), Van Wankum Ingredients (Netherlands), Hylen Co., Ltd (China), Sweeteners Plus (US), Fooding Group Limited (China), Savanna Ingredients (Germany), Foodchem International Corporation (China), Apura Ingredients (US), Shandong Saigo Group Corporation (China), Icon Foods (US), and Bonumose Inc. (US).