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The global food & beverages industry witnessed a tectonic shift in consumer preferences, which eventually forced the engaged companies to amend their predefined strategic axis. Over the past decade global F&B ecosystem experience rapid rise in health conscious customers who prefer non-sugar content products over conventional food products.
Non-sugar sweeteners are an alternative to sugar with some variations in properties. Nutritionist also recommend people with body conditions such as reactive hyperglycemia and diabetes to replace their sugar-containing food with non-sugar sweeteners.
The global non-sugar sweetener experienced an impressive growth of over 7% between 2015 and 2019, with a sizable amount of demand reported from western markets. Non-sugar sweeteners forayed western markets earlier than the Asian and Latin American market, yet these market to experience maturity. Over a thirty companies based out of Europe and North America engaged in production and supply of non-sugar sweetens.
In terms of end user, processed and packaged food brands rely on supply from local players. Since, a large chunk of non-sugar sweetener is routed or consumed in B2B food ecosystem, both suppliers and procurers continue to invest in new product formulation containing non-sugar sweetener.
Till December 2019, only a one third of all food & beverage manufacturers, processors or brands were using non-sugar sweetener as a substitute for conventional sweetener. However, three out of ten consumers in Europe prefer to choose food product with non-sugar sweetener in comparison to products that contain conventional sweetener, if option is available to them.
Comparing both the trend clearly reflects a disconnect between the consumer trend or preference and food products supplied to the market. This analogy also unfolds a plethora of latent opportunity yet to be capitalized in the developed markets.
Contrary to the developed market, high potential Asian and Latin American market are at very embryonic stages of market development. Consumers in these economic clusters that resonate to non-sugar sweetener based product are affluent class.
The non-sugar sweetener label in these countries are yet to find space in retail shelves. Thus, big brands in non-sugar sweetener market have not played all of their strategic shots in these consumer markets.
Among all food product types beverage brands dominate the consumption of sweetener, and the case of non-sugar sweetener is no different. Close to half of global non-sugar sweetener is consumed by beverages manufactures. The trend was started by global leaders in carbonated drinks business, and is being gradually adopted by the followers.
Despite having processing facilities and key markets in Europe and North America, a majority of the companies having production facility in these countries source raw material from Latin America and Asia.
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Some of the key players of global Non Sugar Sweetener market are Cargill, Zydus Wellness Ltd. Naturex, Roquette, Ajinomoto Co. Inc., A&Z Food Additives Co. Ltd, Purecircle, Beckmann-Kenko GmbH, Imperial Sugar Co, Danisco A/S and others.
The non-sugar sweetener market had witnessed robust growth past five years owing to increased heath consciousness of the consumers across the globe. COVID -19 pandemic has shifted the consumer preference towards more health benefitting products. Despite the pandemic affecting the economies, the consumers have increased spending on high value products.
By the end of 2020, the demand for non-sugar sweetener is expected to normalize equaling December 2019 demand. It is anticipated that prices might reflect a stabilize trend in 2021 resulting in increased market volume with stable market revenue.
Growing urbanization is driving the growth of the global demand for non-sugar sweeteners, along with increasing consumer health concerns. Another growth factor for the industry is the growing numbers of diabetic patients worldwide.
The other factors responsible for the growing acceptance and affordability of such sweeteners are macro-economic factors, such as increased disposable income. The growing focus of the food and beverage industry towards diabetic patients is expected to drive market growth.
All these factors is expected to create opportunities for the market player of non-sugar Sweetener market to expand product portfolio in new emerging markets
