Latin America Sugar Substitutes Market

Latin America Sugar Substitutes Market Growth and Forecast (2023 - 2028):

The Latin America Sugar Substitutes Market has been estimated at USD 1.50 Billion in 2022 and is projected to reach USD 1.95 Billion by 2028, at a CAGR of 5.40% during the forecast period from 2023 to 2028. 

Market Overview:

Food additives that resemble the taste of sugar are known as sugar substitutes.   The food & beverage industry is increasingly replacing sugar or corn syrup with other sugar substitutes in a range of products traditionally containing sugar.

Drivers and Restraints:

The market for sugar substitutes is mainly increasing due to rise in health problems related to sugar consumption, increasing awareness and preference for low-caloric food and beverage products, and increase in population and disposable income. But, the market growth can be constrained due to stringent regulatory framework regarding consumption of sugar substitutes which is triggering health problems.

Latin America Sugar Substitutes Market Segmentation Analysis:

Latin America market for Sugar Substitutes is segmented based on type, composition, and application. By type, the market is further sub-segmented into high-intensity sweeteners, low-intensity sweeteners, high-fructose syrups. By composition, the market is further sub-segmented into Stevia, Aspartame, Cyclamate, Sucralose, Saccharin, AceK, D-Tagarose, Sorbitol, Maltitol, Xylitol. By application, the market is further sub-segmented into heath & personal care, beverages, food (confectionery, bakery, dairy, and frozen foods).  High-intensity sweeteners account for a highest market share and is expected to grow at a CAGR. Its attributes such as cost reduction and appropriate blending with food & beverages to enhance the taste are anticipated to propel the demand in near future. Food segment has the fastest growth, owing to increasing awareness and changing consumer patterns for low-calorie food products.

Region Analysis:

Geographically the Latin America Sugar Substitutes Market is segmented into Brazil, Mexico, Argentina, Chile and Rest of Latin America. The market in Latin America is proceeding with high CAGR due to increasing penetration of globally acclaimed companies to the untapped markets of this region.

Key Players in the Market:

Major Key Players in the Latin America Sugar Substitutes Market are

• Cargill Incorporated
• Tate & Lyle PLC
• E. I. du Pont de Nemours and Company
• Roquette Freres S.A
• PureCircle Ltd
• Ajinomoto Co. Inc
• Archer Daniels Midland Company
• MacAndrews & Forbes Incorporated
• Ingredion Incorporation
• JK Sucralose Incorporation