According to a new report published by Allied Market Research, titled, “sugar alcohol market by type, form, and application: opportunity analysis and industry forecast, 2021–2027,” the global sugar alcohol market was valued at $3.3 billion in 2019, and is projected to reach $4.8 billion by 2027, registering a CAGR of 5.9% from 2021 to 2027. The market is expected to exhibit an incremental revenue opportunity of $1.3 billion from 2021 to 2027. Rise in demand for health consciousness and low-calorie food & beverage products propel the market growth. Moreover, rise in demand for sugar substitutes or alternatives due to consumer preferences shifting toward a healthier lifestyle is expected to drive growth of the global sugar alcohol market.
Consumer consciousness regarding health impact of artificial sugar substitutes have led to rise in demand for sustainable and low-calorie alternative sweeteners. Biomass derived sugar alcohols have numerous applications including oral hygiene, pharmaceutical industries, and food containing sugar alcohols, hence these products are increasingly available on supermarket shelves. Expansion of applications of sugar alcohols across industries also propels the market for sugar alcohol. In addition, applications of polyols (sugar alcohols) in the pharmaceutical & nutraceutical industry have increased exponentially. Rise in consumption of nutraceuticals among consumers in the form of functional foods, dietary supplements, and functional beverages has gained momentum for the market.
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COVID-19 was declared a pandemic by the WHO in the earlier half of 2020. The coronavirus outbreak has significantly impacted not only various food & beverages industries but also all stages of the supply chain and value chain of various industries. It has affected the supply chain ecosystem, raw material suppliers, logistics partners, and several others. Therefore, the COVID-19 pandemic had a partial negative impact on the sugar alcohol industry. Moreover, demand for low-calorie healthy food products and nutraceuticals is anticipated to grow exponentially in the short term. Hence, gradual relaxation of restrictions on social distancing and free movement is anticipated to generate positive avenues for the market. Furthermore, the sugar alcohol market is expected to be optimistic for gradual recovery.
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According to the global sugar alcohol market report, the market is segmented on the basis of type, form, application, and region. On the basis of type, the market is categorized into sorbitol, xylitol, mannitol, maltitol, isomalt, and others. By form, it is classified into powder & crystal and liquid & syrup. Depending on application, it is distributed into food & beverages, pharmaceuticals, cosmetics & personal care, and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of form, the powder & crystal segment was dominant in 2019 with 61.4% share in the sugar alcohol market. Powder & crystal form of sugar alcohol provides a longer shelf-life and enables easy handling, transportation, and storage.
On the basis of application, the food & beverages category was the dominant segment in 2019, with 40.2% global sugar alcohol market share. Sugar alcohols are mainly used to produce food and beverage products, owing to their sweetness and texturing properties.
On the basis of region, Europe was the prominent sugar alcohol market in 2019, with 38.9% of the market share. This was attributed to tremendous popularity and substantial consumption of low-calorie food & beverages in the region.
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Key findings of the study
By type, the sorbitol segment was the highest contributor to the market, with $1,691.70 million in 2019, and is estimated to reach $2,350.4 million by 2027, at a CAGR of 5.50% during the forecast period.
By form, the powder & crystal segment was the highest contributor to the market, with $2,063.7 million in 2019, and is estimated to reach $2,870.8 million by 2027, at a CAGR of 5.50% during the forecast period.
By application, the food & beverages segment was the highest contributor to the market, with $1,350.9 million in 2019, and is estimated to reach $1,855.2 million by 2027, at a CAGR of 5.40% during the forecast period.
In 2019, Europe region was the most prominent market however the Asia-Pacific region is expected to grow at a significant CAGR throughout the forecast period.
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According to the global sugar alcohol market analysis, the key players operating include Cargill Incorporated, Spectrum Chemical Manufacturing Corp., Ingredion Incorporated, Archer Daniels Midland Company, Roquette Freres SA, Mitsubishi Shoji Foodtech Co. Ltd, Tate & Lyle PLC¸ Atlantic Chemicals Trading GmbH, Associated British Foods plc (SPI Pharma), and DuPont.
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