Sugar Alcohol Market Synopsis:
According to Market Research Future (MRFR), the global sugar alcohol market is estimated to acquire significant market value, expanding at a notable CAGR by 2030.
The North American Sugar Alcohol Market encompasses the United States, Canada, and Mexico, collectively representing a significant portion of the global market. Sugar alcohols have gained popularity across the region as alternatives to traditional sugar, driven by factors such as increasing health consciousness, rising prevalence of diabetes and obesity, and growing demand for low-calorie and sugar-free products. Manufacturers in North America are responding to consumer demand by incorporating sugar alcohols into a wide range of food and beverage products, contributing to the market's growth and expansion.
Sugar Alcohols Market Size was valued at USD 3.81 billion in 2022. The Sugar Alcohol Market is projected to grow from USD 4.03 billion in 2023 to USD 6.2 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.0% during the forecast period (2022 - 2030).
Rising incidence of diabetes and obesity are anticipated to be key factors driving sugar alcohol market 2020. Furthermore, the increasing awareness about health is likely to hike the need for low-caloric food which is expected to enhance the demand for sugar alcohol and favor the market growth. In addition, the rising preference towards processed food is likely to stimulate the demand for sugar alcohol which can strengthen the market during the review period. The sugar alcohol is anticipated to gain prominence in beverage industry which is likely to develop the market significantly in the coming period.
On the contrary, the long-term usage of sugar alcohol can bring severe harm to health which is likely to impede the market growth during the review period. However, increasing population, along with above-mentioned factors are expected to underpin the market growth.
Regional Analysis:
Based on the region, the global sugar alcohol market is segmented into Europe, North America, Asia-Pacific, and the Rest of the World (RoW).
Based on the region, the global sugar market is expected to be dominated by North America during the forecast period. The region is projected to maintain its position throughout the review period. The growing awareness towards healthy diet in North America is likely to be one of the most significant factors driving the regional market. In North America, the US is anticipated to be the most significant factors developing the regional market.
Europe market is projected to acquire second position during the forecast period from 2018 to 2023. The region is anticipated to grow owing to the change in lifestyle and the increasing R&D conducted. Countries like the UK, Germany, and others are predicted to make notable participation in the coming period.
The APAC region is expected to be the fastest region owing to the changing lifestyle and improving disposable income during the forecast period. The presence of developing countries like India and China are anticipated to make significant contribution. Furthermore, the growing awareness about health is recognized to be another key factor favoring the market growth.
The MEA region is expected to acquire the last position owing to the presence of under-developed economies. However, the presence of untapped markets can produce lucrative opportunities in the coming period.
Key Players:
Some of the global Sugar Alcohol Market Companies are Mitsubishi Shoji Foodtech Co., Ltd. (Japan), A & Z Food Additives Co. Ltd (China), Cargill Inc (U.S.), Atlantic Chemicals Trading GmbH (Germany), Fraken Biochem Co. Ltd. (China), Beckmann-Kenko GmbH (Germany), Roquette Freres (France), Archer Daniels Midland Company (U.S.), Sanxinyuan Food Industry Corp Limited (China), and Ingredion Incorporated (U.S.).
Market Segmentation:
The segment evaluation of the global sugar alcohol market is done by source, type, and application.
The source-based segments of the global sugar alcohol market are wheat, corn, rice, cassava, potato, bagasse, and birch wood. Among source, the corn segment is predicted to acquire significant market share during the evaluation period.
The type-based segments of the global sugar alcohol market are mannitol, sorbitol, isomalt, xylitol, lactitol, maltitol, erythritol, and others. Among type, the sorbitol segment is anticipated to acquire the largest market share during the forecast period.
The application-based segments of the global sugar alcohol market are confectionery, table top sweeteners, bakery foods, dairy products, pharmaceuticals, and others. Among application, the bakery & confectionery segment is anticipated to procure significant market share during the review period.
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