Specialty sweeteners are used as food additives to rouse the consciousness of sweetness. Consumers are health conscious and pay attention to food labels to control the calorie content of the product. Consumers are changing their preferences for healthier and safer products. Growing awareness of the health benefits of reducing sugar intake leads especially to the demand for special sweeteners. This is the reason food manufacturers adding low-calorie, sugar-free alternatives to their product lines. New product innovations, especially in the food and confectionery categories, is also set to nurture the growing importance of special sweeteners, with strict regulatory initiatives, under pressure from consumer groups, taking manufacturers to unprecedented levels with special sweeteners formulation.
Recently, in February, 2021, American Sugar Refining, Inc., announced a strategic investment in Bonumos, Inc. with an objective to produce of cheap and alternative sweeteners allulose and tagatose. This move is the part of the ASR Group’s strategy to serve a wide range of customers in a variety of product deliveries. The Series B investment cycle in Bonumose, a start-up focused on innovations in vegetable food ingredients was led by The Hershey Company and American Sugar Refining.
The global specialty sweeteners market is broadly diversified based on product type, application, and region. By type, the global market for specialty sweeteners market is bifurcated into starch sweeteners & sugar alcohols and high intensity sweeteners (HIS). Based on application, the global market is also segmented into dairy, soups, sauces and dressings, confectionery, beverages, and others.
Asia Pacific holds a tight grip over the specialty sweeteners market growth. This rise in demand is owing to increased awareness and use of dietary foods. Another important factor is the increase in overweight, obesity, and diabetes populations, which has led to an increased demand for this category. Other markets such as North America, Europe, Midde-East and Africa are set to show significant growth trends in the coming period. The growing excitement and consumption of sugar-free products is, of course, promoted by special sweeteners. Due to the growing popularity of urbanization and healthy foods, consumers have begun to concentrate more on sugar-free diets.
Some of the leading players operating in the global market are Pure Circle Ltd, Ingredion, and Tate & Lyle, Cargill. Inc, among others. Constant innovation with the introduction of modified specialty sweeteners, with functional benefits, is the most important competitive factor in the market. Thus, global key players have stepped up R&D efforts while spending more money on branding and marketing efforts.
Having a Master’s Degree in Brewing Technology and overall experience of 6 years in the field of writing, Jerri has been one of the most workaholic and dedicated team members of thefoodbeveragenews.com portal. She has been a part of this portal for 4 years now. Jerri started a career in writing with freelancing and the journey has been worth watching and appraising. She handles the Beverage Industry domain of the portal and along with her team provides all the vital and up-to-the-minute news and reports to the readers in a simple and comprehensible manner.