While providing actionable insights about the global plant derived and synthetic sugar market
, Transparency Market Research predicts that the market will exhibit a CAGR of more than 6% for the given period of forecast of 2019 to 2029. With this steady rate of growth, the research report further projects that the valuation of the global plant derived and synthetic sugar market will cross the mark of US$70,000 mn in 2019.
Increasing Average Individual Food Consumption Levels to Help Market Growth
According to a research report published by the United Nations’ Department of Economic and Social Affairs (population division), the global population was around 7.6 billion in mid-2017. That number is expected to rise to 8.6 billion by 2030, and rise further to 9.8 billion by 2050. Such estimations are creating a great business opportunities for the growth of the plant derived and synthetic sugar market as along with the rising population numbers, the individual consumption rates are also projected to rise up considerably. People will consume more food that will reflect on the development of the global plant derived and synthetic sugar market. Moreover, with such projected population explosion, and most of it confined to the specific regions across the world in Asia Pacific and Africa, there will be an increasing demand for the upscale of the agricultural production. This is also expected to have a considerable impact on the overall development of the global plant derived and synthetic sugar market.
Plant derived and synthetic sugar is gaining demand owing to changing lifestyles, which lead to consumption of convenient and ready-to-eat food and beverages while also providing impetus to plant derived and synthetic sugar market growth. In the global plant derived and synthetic sugar market, North America holds a major value share of 28.1% in the consumption of plant derived and synthetic sugar owing to the presence of major global players in the region. In addition, unique marketing and promotional strategies by the players in the region are also propelling customers to consume products containing plant derived and synthetic sugar. With the increasing demand for plant derived and synthetic sugar among food and beverage manufacturers, it can be anticipated that the demand for plant derived and synthetic sugar will increase in the coming years.
North America to Remain as Strongest Regional Segment
In terms of geographical segmentation, the regional segment of North America currently dominates the global plant derived and synthetic sugar market. It accounts for the largest share of the market in 28.1% in terms of overall consumption. This domination of the North America segment is largely because of the presence of several established companies in the region. In addition to this, aggressive marketing strategies and promotion campaigns to lure more customers has also worked in favor of developing the plant derived and synthetic sugar market in North America. With the growing demand for such plant derived and synthetic sugar among the manufacturers of food and beverage products, it is projected that the region will continue to dominate the global market during the aforementioned forecast period.
The competitive landscape of the global plant derived and synthetic sugar market is a fragmented one due to the presence of numerous well-established companies. These companies are constantly trying to beat each other and upscale their brand value in the global market. Some of the leading companies in the global plant derived and synthetic sugar market include names such as Toyota Tsusho Corporation, Sigma Aldrich Pte. Ltd., Qingdao Qingmei Biotech Co. Ltd., Profood International Inc., JnJ Consumer Nutritionals, and Merisant Worldwide Inc. among others.