Summary

The global market for sugar substitutes is estimated to be valued at USD 23.56 billion in 2024 and is projected to reach USD 29.90 billion by 2029, at a CAGR of 4.9% during the forecast period. The demand for sugar substitutes is gaining significant importance in food & beverages, health & personal care products, and pharmaceutical industries. Some of the factors, such as changing consumer preferences regarding healthy lifestyle habits, increasing obesity and diabetes prevalence, and enhanced awareness of the risks of excessive sugar consumption to health, are encouraging the manufacturers to provide low-calorie and zero-calorie sweeteners in the production of food & beverages, health & personal care products, and pharmaceutical products as consumers are more inclined towards the demand for sweetness without adding calories to the diet.
Additionally, regulatory support, government initiatives, and implementation of taxes on sugary products are positively influencing reducing sugar intake further and promoting healthy food consumption. This is expected to generate a significant opportunity for sugar substitute manufacturers to enter the market with the introduction of natural & novel sweeteners and new generations of sweeteners with improved flavor profiles and blends of various sweeteners for optimal taste to use in a wide range of applications. For instance, according to the Global Report on the use of sugar-sweetened beverage taxes published by WHO in 2023, national level excise taxes applied to sugar-sweetened beverages, as these beverages include significant sources of free sugars, and it is associated with several non-communicable diseases (NCDs). This would also help in maintaining public health concerns.
Furthermore, the inclusion of sugar substitutes in various functional food & beverage products is enabling manufacturers to develop new lines of products that are aligned with current trends, such as keto-friendly products, low-calorie or no-sugar-added products, natural & clean-label products, among others. These consumer trends and innovations in product labeling are expected to generate a significant opportunity for the functional food & beverage and health supplement product manufacturers.
Disruption in the sugar substitutes market: the disruption in the sugar substitutes market is expected to create both challenges and opportunities for the key players in the market. For instance, changes in product labeling laws for transparency in product packaging will create opportunities for natural sweetener products. However, this may pose a challenge for the manufacturers producing artificial sweeteners as consumers are focusing on ingredients that are naturally sourced and clean labelled. Furthermore, blending sugar substitutes with other functional ingredients in the final products could provide superior taste and flavors. Thus, technological innovation for ingredient management to optimize the sweetener profile could create better substitutes.

“The high-intensity sweeteners is growing at a significant CAGR among the type of sugar substitutes market.”
The high-intensity sweeteners such as stevia, monk fruits, aspartame, sucralose, ace-K, and other sweeteners are significantly sweetener than sucrose, and they are used in very small quantities to meet the desired sweetness. Consumer shift towards their dietary habits, such as the keto diet, low-carb regimes, among others, are minimizing sugar consumption, hence driving the usage of various high-intensity sweeteners in products such as snacks & cereals, beverages, and processed foods. Furthermore, the opportunity for reformulation of existing products with the usage of various high-intensity sweeteners with reduced-sugar options without compromising the taste of the products is also expected to generate significant demand for high-intensity sweeteners.
“The artificial high-intensity sweeteners segment is projected to hold a significant market share in the source segment during the forecast period.”
The FDA is actively monitoring and regulating sweeteners in food, reaffirming its commitment to public health, particularly after the International Agency for Research on Cancer (IARC) classified aspartame as “possibly carcinogenic to humans” in July 2023. The FDA disagrees with this conclusion, emphasizing that aspartame is one of the most extensively studied food additives, with over 100 studies confirming its safety and can be consumed under the approved conditions. Furthermore, the FDA still maintains its acceptable daily intake for aspartame and thus allows the additive in low-calorie or sugar-free products. It is largely used as a tabletop sweetener and in chewing gum, cold breakfast cereals, and dry bases for certain foods (for example, beverages, instant coffee & tea, gelatins, puddings & fillings, and dairy products & toppings). Furthermore, artificial sweeteners such as acesulfame potassium, sucralose, neotame, and saccharin can be used as a food ingredient, ensuring the regulatory status and safety of the ingredients in the product before marketing. Thus, acceptance of numerous sweeteners in food & beverage applications is expected to drive demand for artificial sweeteners, given increased requirements for lower-calorie and sugar-free options by the consuming public.
North America is expected to have a significant share in the sugar substitutes market.
North America is the largest market for bakery items, candies, and confectioneries. An upsurge in snacking culture and gourmet/artisanal products is further pushing this market in a positive direction. As health-consciousness increases among consumers, they are looking for alternatives to traditional sugary food, which is thereby promoting a tremendous shift towards healthy food.
Concurrently with this demand, the North American market for sugar substitutes is increasing. According to the article published by the US CENTERS FOR DISEASE CONTROL AND PREVENTION (CDC), over one in three Americans is at increased risk for type 2 diabetes in November 2023. An increased prevalence of prediabetes and a growing awareness toward healthier lifestyles have acted as an impetus for consumers to seek reduced amounts of sugar in the food products they consume, thereby increasing the use of sugar substitutes. ADM (US), Ingredion (US), and Cargill, Incorporated (US) are some of the major players in the North American sugar substitutes market. They specialize in new and innovative sweeteners with novel functions that support consumers in developing healthy eating habits, helping them in a better way to capture this new trend.
In-depth interviews have been conducted with chief executive officers (CEOs), Directors, and other executives from various key organizations operating in the sugar substitutes market:
• By Company Type: Tier 1 – 25%, Tier 2 – 45%, and Tier 3 – 30%
• By Designation: CXO’s – 20%, Managers – 50%, Executives- 30%
• By Region: North America – 25%, Europe – 30%, Asia Pacific – 20%, South America – 15% and Rest of the World –10%
Prominent companies in the market Cargill, Incorporated (US), ADM (US), Ingredion (US), International Flavors & Fragrances Inc (US), Tate & Lyle (UK), Ajinomoto Co. Inc (Japan), GLG Life Tech Corp (Canada), Celanese Corporation (US), Roquette Frères (France), PCIPL (India), Mane SA. (France), Döhler GmbH (Germany), Morita Kagaku Kogyo Co., Ltd (Japan), zuChem (US), and Van Wankum Ingredients (Netherlands).
Other players include Tag Ingredients India Pvt Ltd (India), Sweetly SteviaUSA (UK), Foodchem International Corporation (China), JK Sucralose Inc. (China), The Real Stevia Company AB (Sweden), Stevia Hub India (India), Pyure Brands (US), XiliNat (Mexico), Savanna Ingredients (Germany) and Bonumose, Inc (US).
Research Coverage:
This research report categorizes the Sugar Substitutes Market by Type (HFCS, High-intensity Sweeteners, Low-Intensity Sweeteners), Manufacturing Technology (Precision Fermentation, Enzymatic Conversion, Chemical Synthesis), Application, Form, Source, and Region - Global Forecast to 2029. The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of sugar substitutes. A detailed analysis of the key industry players has been done to provide insights into their business overview, services, key strategies, contracts, partnerships, agreements, new service launches, mergers and acquisitions, and recent developments associated with the sugar substitutes market. Competitive analysis of upcoming startups in the sugar substitutes market ecosystem is covered in this report. Furthermore, industry-specific trends such as technology analysis, ecosystem and market mapping, patent, regulatory landscape, among others, are also covered in the study.
Reasons to buy this report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall sugar substitutes and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
• Analysis of key drivers (Increase in health consciousness), restraints (Health concerns associated with consumption of sugar substitutes), opportunities (Rising investments in sugar substitute production), and challenges (Product labeling and claims issues) influencing the growth of the sugar substitutes market.
• New product launch/Innovation: Detailed insights on research & development activities and new product launches in the sugar substitutes market.
• Market Development: Comprehensive information about lucrative markets – the report analyzes the sugar substitutes across varied regions.
• Market Diversification: Exhaustive information about new services, untapped geographies, recent developments, and investments in the sugar substitutes market.
• Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, brand/product comparison, and product food prints of leading players such as Cargill, Incorporated (US), ADM (US), Ingredion (US), International Flavors & Fragrances Inc (US), Tate & Lyle (UK) and other players in the sugar substitutes market.

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Table of Contents

1 INTRODUCTION 33
1.1 STUDY OBJECTIVES 33
1.2 MARKET DEFINITION 33
1.3 STUDY SCOPE 33
1.3.1 MARKET SEGMENTATION 34
1.3.2 INCLUSIONS AND EXCLUSIONS 35
1.3.3 YEARS CONSIDERED 36
1.4 UNIT CONSIDERED 36
1.4.1 CURRENCY CONSIDERED 36
1.4.2 VOLUME CONSIDERED 37
1.5 STAKEHOLDERS 37
1.6 SUMMARY OF CHANGES 38
2 RESEARCH METHODOLOGY 39
2.1 RESEARCH DATA 39
2.1.1 SECONDARY DATA 39
2.1.1.1 Key data from secondary sources 40
2.1.2 PRIMARY DATA 40
2.1.2.1 Key data from primary sources 40
2.1.2.2 Breakdown of primary profiles 41
2.1.2.3 Key insights from industry experts 42
2.2 MARKET SIZE ESTIMATION 42
2.2.1 TOP-DOWN APPROACH 43
2.2.2 SUPPLY-SIDE ANALYSIS 43
2.2.3 BOTTOM-UP APPROACH (DEMAND SIDE) 44
2.3 DATA TRIANGULATION 46
2.4 RESEARCH ASSUMPTIONS 47
2.5 RESEARCH LIMITATIONS AND RISK ASSESSMENT 48
3 EXECUTIVE SUMMARY 49
4 PREMIUM INSIGHTS 54
4.1 SUGAR SUBSTITUTES MARKET OVERVIEW 54
4.2 NORTH AMERICA: SUGAR SUBSTITUTES MARKET, BY TYPE AND COUNTRY 55
4.3 HIGH-INTENSITY SUGAR SUBSTITUTES MARKET, BY SOURCE 55
4.4 SUGAR SUBSTITUTES MARKET, BY FORM 56
4.5 SUGAR SUBSTITUTES MARKET, BY APPLICATION 56
4.6 SUGAR SUBSTITUTES MARKET, BY TYPE AND REGION 57
4.7 SUGAR SUBSTITUTES MARKET: REGIONAL SNAPSHOT 58
5 MARKET OVERVIEW 59
5.1 INTRODUCTION 59
5.2 MACROECONOMIC INDICATORS 60
5.2.1 FLUCTUATIONS IN PRICES AND SUPPLY OF CONVENTIONAL SUGAR 60
5.2.2 GLOBAL INCREASE IN POPULATION AND GDP 60
5.3 MARKET DYNAMICS 61
5.3.1 DRIVERS 62
5.3.1.1 Increase in health consciousness 62
5.3.1.2 Partnerships established between sweetener manufacturers and food & beverage entities 63
5.3.1.3 Advances in technology leading to development of new and improved sweeteners 63
5.3.1.4 Government support for sugar substitute consumption 63
5.3.2 RESTRAINTS 64
5.3.2.1 Adherence to international quality standards and regulations for alternative sweeteners and sweetener-based products 64
5.3.2.2 Side effects associated with consumption of sugar substitutes 64
5.3.3 OPPORTUNITIES 65
5.3.3.1 Advancement in research & development in sweetener technology for diabetic wellness 65
5.3.3.2 Rising investments in sugar substitute production 65
5.3.3.3 Potential for diversification into other application sectors 65
5.3.4 CHALLENGES 66
5.3.4.1 Product labeling and claims issues 66
5.3.4.2 Premium pricing of natural sweeteners owing to higher costs of production 67
5.4 IMPACT OF GEN AI ON FOOD & BEVERAGE INGREDIENTS/ADDITIVES 67
5.4.1 INTRODUCTION 67
5.4.2 USE OF GEN AI IN FOOD & BEVERAGE INGREDIENTS/ADDITIVES 68
5.4.3 CASE STUDY ANALYSIS 69
5.4.3.1 Kerry Trendspotter enabled precise identification and prediction of emerging ingredients and flavor trends by analyzing real-time social media data 69
5.4.3.2 Givaudan (Switzerland) developed advanced digital tools to translate vast amounts of consumer data into actionable insights 69
5.4.3.3 International Flavors & Fragrances Inc. (US) partnered with Salus Optima (UK) to create a personalized nutrition platform 70
5.4.3.4 AI and cloud technology to address challenges in the food and beverage industry 71
5.4.4 IMPACT ON SUGAR SUBSTITUTE MARKET 71
5.4.5 ADJACENT ECOSYSTEM WORKING ON GEN AI 71
 
6 INDUSTRY TRENDS 72
6.1 INTRODUCTION 72
6.2 SUPPLY CHAIN ANALYSIS 72
6.3 VALUE CHAIN ANALYSIS 73
6.3.1 RESEARCH & PRODUCT DEVELOPMENT 74
6.3.2 RAW MATERIAL SOURCING 74
6.3.3 PROCESSING & EXTRACTION 75
6.3.4 QUALITY CONTROL AND COMPLIANCE 75
6.3.5 DISTRIBUTION AND SALES 75
6.3.6 END USERS 75
6.4 TRADE ANALYSIS 75
6.4.1 IMPORT SCENARIO OF SUCRALOSE 75
6.4.2 EXPORT SCENARIO OF SUCRALOSE, BY KEY COUNTRY 77
6.5 TECHNOLOGY ANALYSIS 78
6.5.1 KEY TECHNOLOGIES 78
6.5.1.1 Ultrasound-assisted fermentation 78
6.5.2 COMPLEMENTARY TECHNOLOGIES 78
6.5.2.1 Liquid-liquid extraction 78
6.5.3 ADJACENT TECHNOLOGIES 79
6.5.3.1 HPLC-DAD 79
6.6 PRICING ANALYSIS 79
6.6.1 AVERAGE SELLING PRICE TREND OF SUGAR SUBSTITUTES AMONG KEY PLAYERS, BY LOW-INTENSITY SWEETENERS 79
6.6.2 AVERAGE SELLING PRICE TREND, BY REGION 80
6.6.3 AVERAGE SELLING PRICE TREND, BY TYPE 81
6.7 ECOSYSTEM ANALYSIS 82
6.7.1 DEMAND SIDE 82
6.7.2 SUPPLY SIDE 82
6.8 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 85
6.8.1 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 85
6.9 PATENT ANALYSIS 86
6.10 KEY CONFERENCES & EVENTS DURING 2024–2025 88
6.11 REGULATORY LANDSCAPE 89
6.11.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 89
6.11.2 REGULATORY FRAMEWORK 92
6.11.2.1 Introduction 92
6.11.2.2 North America 92
6.11.2.2.1 US 92
6.11.2.2.2 Canada 94
6.11.2.3 Europe 95
6.11.2.4 Asia Pacific 103
6.11.2.4.1 China 103
6.11.2.4.2 India 104
6.11.2.4.3 Japan 105
6.11.2.4.4 Australia & New Zealand 105
6.11.2.5 Latin America 106
6.11.2.5.1 Brazil 106
6.11.2.5.2 Argentina 107
6.11.2.5.3 Mexico 107
6.11.2.6 Middle East & Africa 107
6.12 PORTER’S FIVE FORCES ANALYSIS 107
6.12.1 THREAT OF NEW ENTRANTS 109
6.12.2 THREAT OF SUBSTITUTES 109
6.12.3 BARGAINING POWER OF BUYERS 109
6.12.4 BARGAINING POWER OF SUPPLIERS 109
6.12.5 INTENSITY OF COMPETITIVE RIVALRY 110
6.13 KEY STAKEHOLDERS & BUYING CRITERIA 110
6.13.1 KEY STAKEHOLDERS IN BUYING PROCESS 110
6.13.2 BUYING CRITERIA 111
6.14 CASE STUDY ANALYSIS 112
6.14.1 CARGILL, INCORPORATED: LAUNCH OF PRODUCTS TO LOWER SUGAR INTAKE 112
6.14.2 INCREASE IN INITIATIVES TO ENCOURAGE REDUCED CONSUMPTION OF SUGAR 112
6.15 INVESTMENT AND FUNDING SCENARIO 113
7 SUGAR SUBSTITUTES MARKET, BY MANUFACTURING TECHNOLOGY 114
7.1 INTRODUCTION 114
7.2 PRECISION FERMENTATION 114
7.3 ENZYMATIC CONVERSION 115
7.4 CHEMICAL SYNTHESIS 115
7.5 OTHER MANUFACTURING TECHNOLOGIES 115
8 SUGAR SUBSTITUTES MARKET, BY TYPE 116
8.1 INTRODUCTION 117
8.2 HIGH-FRUCTOSE CORN SYRUP 118
8.2.1 USED IN SEVERAL WELL-KNOWN BRANDS IN FOOD & BEVERAGE INDUSTRY 118
8.3 HIGH-INTENSITY SWEETENERS 120
8.3.1 USE IN ZERO-CALORIE AND SUGAR-FREE FOOD AND BEVERAGES DESPITE SOME METABOLIC CHALLENGES 120
8.3.2 NATURAL HIGH-INTENSITY SWEETENERS 122
8.3.2.1 Stevia 123
8.3.2.1.1 Evolution of Stevia 123
8.3.2.2 Monk Fruit 126
8.3.2.3 Other natural high intensity sweeteners 127
8.3.3 ARTIFICIAL HIGH-INTENSITY SWEETENERS 128
8.3.3.1 Aspartame 131
8.3.3.2 Cyclamate 132
8.3.3.3 Sucralose 133
8.3.3.4 Saccharin 134
8.3.3.5 Ace-K 135
8.3.3.6 Other artificial high-intensity sweeteners 136
8.4 LOW-INTENSITY SWEETENERS 137
8.4.1 PREFERRED FOR SWEETNESS COMPARABLE WITH THAT OF SUGAR WITHOUT RISK OF SIDE-EFFECTS 137
8.4.2 D-TAGATOSE 140
8.4.3 SORBITOL 141
8.4.4 MALTITOL 142
8.4.5 XYLITOL 143
8.4.6 MANNITOL 144
8.4.7 ERYTHRITOL 145
8.4.8 ALLULOSE 146
8.4.9 OTHER LOW-INTENSITY SWEETENERS 147
9 SUGAR SUBSTITUTES MARKET, BY APPLICATION 149
9.1 INTRODUCTION 150
9.2 FOOD PRODUCTS 151
9.2.1 WIDE DEMAND FOR LOW-CALORIE SUBSTITUTES IN FOOD APPLICATIONS 151
9.2.2 CONFECTIONERY PRODUCTS 153
9.2.2.1 Chocolate confectionery 154
9.2.2.2 Sweet confectionery 155
9.2.2.3 Gums 155
9.2.2.4 Hard candies 155
9.2.2.5 Other confectionery products 155
9.2.3 BAKERY PRODUCTS 155
9.2.4 DAIRY PRODUCTS 157
9.2.5 TABLETOP SWEETENERS 158
9.2.6 SWEET SPREADS 158
9.2.7 OTHER FOOD APPLICATIONS 159
9.3 BEVERAGES 160
9.3.1 EXPANSION OF CONSUMER BASE FOR SUGAR-FREE BEVERAGES 160
9.3.2 CARBONATED DRINKS 162
9.3.3 FRUIT DRINKS & JUICES 163
9.3.4 POWDERED DRINKS 164
9.3.5 ALCOHOLIC BEVERAGES 165
9.3.6 FLAVORED ALCOHOLIC BEVERAGES 166
9.3.7 PLANT-BASED BEVERAGES 167
9.3.8 OTHER BEVERAGES 168
9.4 HEALTH & PERSONAL CARE PRODUCTS 169
9.4.1 NATURAL SWEETENERS DRIVEN BY CONVERGENCE OF SKINCARE INNOVATION AND DESIRE FOR NATURAL SOLUTIONS 169
9.5 PHARMACEUTICALS 171
9.5.1 INVESTMENTS IN INNOVATIVE FORMULATIONS FOR SWEETENERS IN PHARMACEUTICALS 171
9.5.2 COATING 172
9.5.3 FILLERS 172
9.5.4 BINDERS 172
9.5.5 HUMECTANTS 173
9.5.6 SWEETENERS 173
9.6 OTHER APPLICATIONS 173
10 SUGAR SUBSTITUTES MARKET, BY FORM 175
10.1 INTRODUCTION 176
10.2 DRY 177
10.2.1 OFTEN USED FOR BAKING AND BEVERAGE MIXES 177
10.2.2 POWDER 178
10.2.3 GRANULES 178
10.2.4 OTHER DRY FORMS 178
10.3 LIQUID 179
10.3.1 RISE IN DEMAND FOR EASY SOLUBILITY AND LONG SHELF LIFE 179
10.3.2 SYRUP 180
10.3.3 GEL 181
11 HIGH-INTENSITY SUGAR SUBSTITUTES MARKET, BY SOURCE 182
11.1 INTRODUCTION 183
11.2 ARTIFICIAL 184
11.2.1 GROWING USE UNDER RIGOROUS REGULATORY PURVIEW 184
11.3 NATURAL 186
11.3.1 SURGE IN DEMAND FOR PLANT-BASED FOOD AND BEVERAGES 186
12 SUGAR SUBSTITUTES MARKET, BY REGION 189
12.1 INTRODUCTION 190
12.2 NORTH AMERICA 193
12.2.1 US 201
12.2.1.1 Presence of key players and rise in prediabetic and diabetic population 201
12.2.2 CANADA 203
12.2.2.1 Government approval for several sugar alternatives 203
12.2.3 MEXICO 205
12.2.3.1 Surge in national campaigns to create health awareness 205
12.3 EUROPE 206
12.3.1 GERMANY 214
12.3.1.1 Presence of several manufacturers of products with stevia to capitalize on demand for low-sugar options 214
12.3.2 UK 216
12.3.2.1 Prominent food industry supported by government push to integrate clean-label sweeteners into products 216
12.3.3 FRANCE 218
12.3.3.1 Aging population and increase in investor-friendly policies 218
12.3.4 ITALY 219
12.3.4.1 Demand for functional food due to changing consumer lifestyles and aging population 219
12.3.5 SPAIN 221
12.3.5.1 High sugar consumption to be combated with government policies 221
12.3.6 REST OF EUROPE 222
12.4 ASIA PACIFIC 224
12.4.1 CHINA 233
12.4.1.1 Manufacturer investments in China, along with dynamic convenience store channels in tier-1 and -2 cities 233
12.4.2 INDIA 235
12.4.2.1 Rise in cases of diabetes and other associated ailments 235
12.4.3 JAPAN 237
12.4.3.1 Growth in government initiatives to promote healthy living 237
12.4.4 AUSTRALIA & NEW ZEALAND 239
12.4.4.1 Rise in diabetic population to drive demand for healthier alternatives 239
12.4.5 REST OF ASIA PACIFIC 241
12.5 SOUTH AMERICA 242
12.5.1 BRAZIL 250
12.5.1.1 Rise in incidences of various health conditions that require low-sugar options to be managed 250
12.5.2 ARGENTINA 252
12.5.2.1 Increase in urbanization and demand for healthy food products 252
12.5.3 REST OF SOUTH AMERICA 254
12.6 REST OF THE WORLD (ROW) 255
12.6.1 MIDDLE EAST 263
12.6.1.1 Greater spending capacity and higher consumption of RTD teas 263
12.6.2 AFRICA 265
12.6.2.1 Rise in adoption of low-calorie consumable products 265
 
13 COMPETITIVE LANDSCAPE 267
13.1 OVERVIEW 267
13.2 KEY PLAYER STRATEGIES/RIGHT TO WIN 267
13.3 REVENUE ANALYSIS, 2021–2023 270
13.4 MARKET SHARE ANALYSIS, 2023 271
13.4.1 MARKET RANKING ANALYSIS 272
13.5 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023 274
13.5.1 STARS 274
13.5.2 EMERGING LEADERS 274
13.5.3 PERVASIVE PLAYERS 274
13.5.4 PARTICIPANTS 275
13.5.5 COMPANY FOOTPRINT: KEY PLAYERS, 2023 276
13.5.5.1 Company footprint 276
13.5.5.2 Region footprint 277
13.5.5.3 Type footprint 278
13.5.5.4 High-intensity sweetener source footprint 279
13.5.5.5 Application footprint 280
13.6 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023 281
13.6.1 PROGRESSIVE COMPANIES 281
13.6.2 RESPONSIVE COMPANIES 281
13.6.3 DYNAMIC COMPANIES 281
13.6.4 STARTING BLOCKS 281
13.6.5 COMPETITIVE BENCHMARKING, STARTUPS/SMES, 2023 283
13.6.5.1 Detailed list of key startups/SMEs 283
13.6.5.2 Competitive benchmarking of startups/SMEs 284
13.7 COMPANY VALUATION AND FINANCIAL METRICS 285
13.7.1 COMPANY VALUATION 285
13.7.2 FINANCIAL METRICS 285
13.8 BRAND/PRODUCT COMPARISON 286
13.9 COMPETITIVE SCENARIO AND TRENDS 287
13.9.1 PRODUCT LAUNCHES 287
13.9.2 DEALS 288
13.9.3 EXPANSIONS 292
14 COMPANY PROFILES 294
14.1 KEY PLAYERS 294
14.1.1 CARGILL, INCORPORATED 294
14.1.1.1 Business overview 294
14.1.1.2 Products/Solutions/Services offered 295
14.1.1.3 Recent developments 297
14.1.1.3.1 Deals 297
14.1.1.3.2 Expansions 298
14.1.1.4 MnM view 299
14.1.1.4.1 Key strengths 299
14.1.1.4.2 Strategic choices 299
14.1.1.4.3 Weaknesses and competitive threats 299
14.1.2 ADM 300
14.1.2.1 Business overview 300
14.1.2.2 Products/Solutions/Services offered 301
14.1.2.3 Recent developments 303
14.1.2.3.1 Deals 303
14.1.2.4 MnM view 303
14.1.2.4.1 Key strengths 303
14.1.2.4.2 Strategic choices 303
14.1.2.4.3 Weaknesses and competitive threats 303
14.1.3 INTERNATIONAL FLAVORS & FRAGRANCES INC 304
14.1.3.1 Business overview 304
14.1.3.2 Products/Solutions/Services offered 305
14.1.3.3 Recent developments 306
14.1.3.3.1 Deals 306
14.1.3.4 MnM view 306
14.1.3.4.1 Key strengths 306
14.1.3.4.2 Strategic choices 306
14.1.3.4.3 Weaknesses and competitive threats 306
14.1.4 TATE & LYLE 307
14.1.4.1 Business overview 307
14.1.4.2 Products/Solutions/Services offered 308
14.1.4.3 Recent developments 309
14.1.4.3.1 Product launches 309
14.1.4.4 MnM view 310
14.1.4.4.1 Key strengths 310
14.1.4.4.2 Strategic choices 310
14.1.4.4.3 Weaknesses and competitive threats 310
14.1.5 INGREDION 311
14.1.5.1 Business overview 311
14.1.5.2 Products/Solutions/Services offered 312
14.1.5.3 Recent developments 313
14.1.5.3.1 Product launches 313
14.1.5.3.2 Deals 314
14.1.5.3.3 Expansions 316
14.1.5.4 MNM view 316
14.1.5.4.1 Key strengths 316
14.1.5.4.2 Strategic choices 316
14.1.5.4.3 Weaknesses and competitive threats 316
14.1.6 AJINOMOTO CO., INC. 317
14.1.6.1 Business overview 317
14.1.6.2 Products/Solutions/Services offered 318
14.1.6.3 Recent developments 319
14.1.6.4 MnM view 319
14.1.7 GLG LIFE TECH CORP 320
14.1.7.1 Business overview 320
14.1.7.2 Products/Solutions/Services offered 321
14.1.7.3 Recent developments 322
14.1.7.4 MnM view 322
14.1.8 CELANESE CORPORATION 323
14.1.8.1 Business overview 323
14.1.8.2 Products/Solutions/Services offered 324
14.1.8.3 Recent developments 325
14.1.8.3.1 Deals 325
14.1.8.4 MnM view 325
14.1.9 ROQUETTE FRÈRES 326
14.1.9.1 Business overview 326
14.1.9.2 Products/Solutions/Services offered 326
14.1.9.3 Recent developments 328
14.1.9.3.1 Deals 328
14.1.9.3.1 Expansions 329
14.1.9.4 MnM view 329
14.1.10 PCIPL 330
14.1.10.1 Business overview 330
14.1.10.2 Products/Solutions/Services offered 330
14.1.10.3 Recent developments 331
14.1.10.4 MnM view 331
14.1.11 MANE SA 332
14.1.11.1 Business overview 332
14.1.11.2 Products/Services/Solutions offered 332
14.1.11.3 Recent developments 333
14.1.11.4 MnM view 333
14.1.12 DÖHLER GMBH 334
14.1.12.1 Business overview 334
14.1.12.2 Products/Services/Solutions offered 334
14.1.12.3 Recent developments 335
14.1.12.3.1 Deals 335
14.1.12.4 MnM view 335
14.1.13 MORITA KAGAKU KOGYO CO., LTD 336
14.1.13.1 Business overview 336
14.1.13.2 Products/Solutions/Services offered 336
14.1.13.3 Recent developments 336
14.1.13.4 MnM view 336
14.1.14 ZUCHEM 337
14.1.14.1 Business overview 337
14.1.14.2 Products/Services/Solutions offered 337
14.1.14.3 Recent developments 337
14.1.14.4 MnM view 338
14.1.15 VAN WANKUM INGREDIENTS 339
14.1.15.1 Business overview 339
14.1.15.2 Products offered 339
14.1.15.3 Recent developments 340
14.1.15.4 MnM view 340
14.2 OTHER PLAYERS/STARTUPS/SMES 341
14.2.1 TAG INGREDIENTS INDIA PVT. LTD. 341
14.2.1.1 Business overview 341
14.2.1.2 Products/Services/Solutions offered 341
14.2.1.3 Recent developments 342
14.2.1.4 MnM view 342
14.2.2 SWEETLY STEVIAUSA 343
14.2.2.1 Business overview 343
14.2.2.2 Products/Services/Solutions offered 343
14.2.2.3 Recent developments 343
14.2.2.4 MnM view 344
14.2.3 FOODCHEM INTERNATIONAL CORPORATION 345
14.2.3.1 Business overview 345
14.2.3.2 Products/Services/Solutions offered 345
14.2.3.3 Recent developments 346
14.2.3.4 MnM view 346
14.2.4 JK SUCRALOSE INC. 347
14.2.4.1 Business overview 347
14.2.4.2 Products/Services/Solutions offered 347
14.2.4.3 Recent developments 347
14.2.4.4 MnM view 347
14.2.5 THE REAL STEVIA COMPANY AB 348
14.2.5.1 Business overview 348
14.2.5.2 Products/Services/Solutions offered 348
14.2.5.3 Recent developments 349
14.2.5.4 MnM view 349
14.2.6 STEVIA HUB INDIA 350
14.2.7 PYURE BRANDS 351
14.2.8 XILINAT 352
14.2.9 SAVANNA INGREDIENTS 352
14.2.10 BONUMOSE, INC 353
15 ADJACENT & RELATED MARKETS 354
15.1 INTRODUCTION 354
15.2 STUDY LIMITATIONS 354
15.3 SWEETENERS MARKET 354
15.3.1 MARKET DEFINITION 354
15.3.2 MARKET OVERVIEW 355
15.4 LOW-INTENSITY SWEETENERS MARKET 356
15.4.1 MARKET DEFINITION 356
15.4.2 MARKET OVERVIEW 356
16 APPENDIX 357
16.1 DISCUSSION GUIDE 357
16.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 364
16.3 CUSTOMIZATION OPTIONS 366
16.4 RELATED REPORTS 366
16.5 AUTHOR DETAILS 367