The market size of the global Plant Based Sweeteners market in the year 2021 is valued at 2.66 billion and is predicted to reach 4.40 billion by the year 2030 at 5.99% CAGR during the forecast period.
A natural sweetener called a "plant-based sweetener" is typically made from the leaves or fruits of plants. There are many different natural sweeteners available on the market due to the incredible diversity of plants around the globe. Various organically derived sweeteners enable consumers and formulators to increase flavour while minimizing sugar consumption. One of the key reasons driving the expansion of the global plant-based sweetener market is the rising demand for low- or zero-calorie organically derived ingredients used in foods and beverages, as well as the concern for leading a healthy lifestyle among the global population. People are turning toward easily recognizable, naturally derived foods in their diets rather than foods with intricate names or concoctions made in a lab as better alternatives to sugar.
In addition, there is a rising demand for plant-based sweeteners due to continuous global food trends, product developments in the food and beverage industry, and an increase in the usage of natural goods made from plants. The certification of various sweeteners by regulatory authorities worldwide verifying that they are safe for human consumption, as well as the increased demand for low-calorie sweeteners, are other reasons why the market for plant-based sweeteners is anticipated to expand rapidly.
Market Segmentation:
The Plant-Based Sweeteners market is segmented on type, form, distribution channel, application and end-use. Based on type, the market is segmented into Stevia, Monk Fruit Sugar, Sorbitol, Xylitol, Yacon, Molasses, Agave, Lucuma fruit Sugar and Others. Based on form, the Plant Based Sweeteners are segmented into Crystal, Liquid and Powder. Based on distribution channels, the market is segmented into E-Commerce Stores and Retail Stores. Based on application, the market is segmented into Beverages, Bakery, Confectionary, Ice-creams, Desserts, Fruit Processing and Others. Based on end-use, the market is segmented into Food & Beverage, Pharmaceutical and Others.
Based on type, the stevia segment is accounted as a major contributor to the Plant Based Sweeteners market.
The stevia category dominated the market over the forecast period. The stevia plant's leaves create powdered and liquid stevia, a natural sweetener that represents natural sweetening globally. In addition, stevia, one of the most popular alternative sweeteners available, is up to 300 times sweeter than regular sugar while containing neither carbohydrates nor calories nor artificial additives. Another great benefit of stevia is that it is sweeter than monk fruit and table sugar. Additionally, stevia is employed in small amounts in formulations and produces the same outcomes, which has a good effect on the market presence of stevia and propels the expansion of this industry's revenue.
The powder segment witnessed growth at a rapid rate.
The powder segment is anticipated to post a swift revenue growth rate during the projection period. Natural sweetener powder provides a high level of sweetness and is simple to use and store. It is often used in the beverage industry as a natural sweetener and offers benefits, including managing diabetes and a person's weight. It is also a herbal supplement and non-nutritive sweetener because it has extremely few or no calories, which helps with weight loss.
The North America Plant Based Sweeteners market holds a significant revenue share in the region.
The North America Plant Based Sweeteners market is expected to register the highest market share in revenue in the near future due to developments in the technology of plant-based sweeteners. Due to the sweet tooth of Americans, obesity and other health issues are now more common. Artificial sweeteners might lower calories to address these issues, but studies have unambiguously demonstrated that they can cause weight gain, brain tumors, bladder cancer, and other health hazards. This is causing the market in this region to develop in terms of revenue while raising consumer knowledge of artificial sweeteners. In addition, Europe is projected to grow rapidly in the global Plant Based Sweeteners market because of the increase in popularity of sugar-free Ready-To-Drink (RTD) protein drinks, carbonated soft drinks, energy drinks, flavoured waters, water boosters, sports nutrition, recovery drinks, hard seltzers, coffee drinks, and nutritional supplements. For companies delivering cutting-edge solutions, this is generating significant income prospects. The market in this region is also experiencing revenue growth due to the growing demand for natural sweeteners with clean labels.
Competitive Landscape
Some major key players in the Plant Based Sweeteners market are Cargill Incorporated, Archer Daniels Midland Company (ADM), Ingredion, DuPont, Roquetee Freres, Pyure Brands LLC., Steviahubindia, Fooditive Group, Foodchem International Corporation, Evolva, Wisdom Natural Brands, GLG Life Tech Corp., and MacAndrews & Forbes Incorporated.
