Monk Fruit Sugar Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2352
Global Monk Fruit Sugar Market Size is likely to grow with a moderate CAGR by 2024. The market growth is primarily driven by the increasing demand for healthy & natural alternative sweeteners and the growing health concern among the consumers.
The alternative sweeteners have grabbed the attention of the health-conscious consumers for limiting the regular sugar intake. However, the artificial sweeteners involve ingredients and chemicals which are likely to have higher contents of calories as well as detrimental side effects. Monk fruit sugar is being broadly recognized as an innovative means for sweetening food products free of any side-effect of conventional sugar and sugar substitutes. Monk Fruit (also known as Luo Han Guo) is up to 300 times sweeter than sugar, bears a zero-glycemic index, zero calorie content and essential antioxidants. It does not cause dental cavities, consumable by diabetic patients and also bears significant healing attributes. The aforementioned factors are likely to increase the acceptance for the product among the consumers in the near future.
Monk fruit sugar is also treated as a cooling agent for human body and bears medicinal attributes such as treatment of heat strokes, sore throats and fever. It can also be used to cure diseases such as high blood pressure, asthma, whooping cough, trachealis, and chronic & acute tonsillitis. Globally rising awareness among the consumers regarding the low-calorie food intake, the natural sugar derived from monk fruit is treated to be a healthy choice. To meet the demand for low-calorie, healthy and delicious food by consumer monk fruit sugar is used in food products for instance, health drinks, desserts, jams, sauces, jellies and more. Monk fruit sugar finds a significant usage in pharmaceutical industry for diabetic treatment, cough, respiratory ailments, and constipation. Owing to the health benefits offered by the monk fruit, the product market is likely to witness a cumulative demand in the forecast timespan.
The monk fruit sugar has a long shelf life due to its high antioxidant levels. Yet, the market bears the only growth restraint of resourcing. Monk fruit is a rare and an expensive fruit. Monk fruits importing is a costly difficult affair at times. The challenging accessibility to monk fruit in comparison with synthetic fruit sweeteners can hamper the market growth by 2024.
Monk fruit sugar market is segmented based on its type and application. Type based division includes purelo, monk fruit in raw, nectresse and lakanto. Monk fruit sugar market can be segmented according to its application as food & beverage and pharmaceuticals. The food & beverage segment is further divided into sub types as: dairy products, bakery products, confectionery, nutrition drinks, frozen desserts, fruit & vegetable juices and several other applications like salads, tea, flavor enhancers, fruit spreads, table-top sweeteners, processed fruit, dry-mix products, chewing gum, etc. The pharmaceuticals segment has sub-types: diabetics treatment, cancer treatment, cough remedy and others.
The regional segmentation of the market is done as: North America, Europe, Latin America, Asia Pacific and Middle East & Africa. North America is likely to have a substantial share in the monk fruit sugar market in the forecast period because of the growing demand from the healthcare and the food & beverage sectors. The health issues such as diabetic and high blood pressure to a great proportion among the consumers will drive the regional market. Europe had emerged as the third largest market for zero-calorie sweeteners in 2015. There is growing preference estimated among European consumers in consuming zero-calorie natural sweeteners.
Key players in the market are Monk Fruit Corp, Archer Daniels Midland Company, Tate & Lyle Co., BioVittoria Co., and Lakanto. With an intensive research and development, the market players can achieve significant product innovation, thereby propelling the product market in the forecast period.
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