NEW YORK, Nov. 8, 2021 /PRNewswire/ -- As per a new study by Persistence Market Research, the global fermented sweeteners market is currently valued at just over US$ 1 Bn, and is set to witness expansion at a CAGR of 6.8% over the forecast period of 2021 to 2031.
Major fermented sweetener producers are concentrating on launching innovative products that give customers extra functional and nutritional advantages. Manufacturers are also boosting their manufacturing of sugar-reduction-related products as well as their R&D efforts and distribution networks. With increased manufacturing capacity, cost per unit of the product falls, bringing the cost of fermented sweeteners closer to that of sucrose. This lower price will entice end users to view it as a profitable alternative.
Consumers are increasingly experimenting with innovative culinary products to please their taste buds. Manufacturers in the food business are focused on product innovation and development to launch new food items with functional and nutritional characteristics to fulfill the ever-increasing expectations of customers.
Manufacturers are stepping up their marketing efforts to raise customer knowledge about the advantages of fermented sweeteners. A few market players also participate in food expos, which provides them with an excellent platform to meet new consumers and display their products.
Mergers and acquisitions are a common corporate strategy for companies looking to expand into new markets or areas, obtain a competitive edge, or acquire new technologies and expertise. In the fermented sweetener industry, firms are focused on collaborative ventures to create new and competitive products that will benefit both parties involved.
· In 2018, Cargill and DSM formed a joint venture named Avansya, to bring zero-calorie great-tasting sweeteners to the market. The joint venture produces Eversweet Stevia sweeteners by fermentation. The companies are offering affordable sweeteners produced with the help of DSM's fermentation technology, sweetener application expertise, and large-scale fermentation capacity.
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Key Takeaways from Market Study
- The market for fermented sweeteners is expected to expand at CAGRs of 6.3% and 5.9% in countries of Europe and Oceania, respectively, through 2031.
- South Asia and East Asia dominate the global market with a share of 23.51% and 25.78%, respectively.
- The European market is currently pegged at 51,952.4 tons, and is expected to reach 87,748.0 tons by the end of 2031.
- Growing consumer preference for healthy food ingredients is driving sales of fermented sweeteners across the globe. Based on product type, demand for neotame is expected to increase at a CAGR of 7.7%.
- Although liquid fermented sweeteners have a higher market share, sales of powder fermented sweeteners are set to rise at a CAGR of 6.3%.
- The outbreak of COVID-19 had a profound impact on the market due to the closure of many businesses, restaurants, and hotels. However, the market is expected to witness significant growth with increasing consumer demand for healthy food products.
"Fermented sweeteners are widely used in bakery and confectionery products, processed foods & beverages, dairy products for sugar reduction, and as an alternative source for sugar. Rising popularity of sugar-free food products among consumers will provide growth opportunities for manufacturers of fermented sweeteners," says a Persistence Market Research analyst.
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Manufacturers are expected to continue to invest in the advancement of technology and equipment to improve production to cater to growing demand.
- In 2021, Ingredion entered into an agreement with Amyris and became an exclusive global commercialization partner for Amyris' sugar reduction technology, including the fermented sweetener - Rebaidioside M.
- Nantong Changhai Food Additive Co., Ltd. conducts and participates in multiple exhibitions in China to improve sales opportunities by promoting its products. In 2020, the company participated in the Convention on Pharmaceutical Ingredients (CPHI) world pharmaceutical raw materials exhibition in China, which was attended by numerous pharmaceutical and food enterprises.
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Explore More Valuable Insights
Persistence Market Research, in its new report, offers an impartial analysis of the global fermented sweeteners market, presenting historical data (2016-2020) and estimation statistics for the forecast period of 2021-2031.
The study offers compelling insights based on form (powder, liquid), product type (stevia, erythritol, aspartame, neotame, brown rice syrup, and others) and end use (Food & beverages, personal care and cosmetics, pharmaceuticals, and nutraceuticals), across seven major regions of the world.
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