Global Monk Fruit Sweetener Market size is estimated at $825 million in 2020, projected to grow at a CAGR of 4.8% during the forecast period 2021-2026. Monk fruit is a natural sweetener that has 200-250 times more sugar than sugar in its derivatives. It is a melon that is frequently grown in South-East Asian subtropical nations. The antibacterial, antioxidants, and anti-carcinogenic properties of monk fruit sweeteners are expected to influence monk fruit sweetener market growth over the projection period. Monk fruit has been used in Eastern medicine for hundreds of years to treat colds and digestive problems. It is currently used to sweeten foods and beverages. Monk fruit sweeteners are made by removing the fruit's seeds and skin, breaking the fruit, and collecting the juice. One serving of the resulting fruit juice has low calorie foods. Monk fruit sweeteners are allowed to be used in foods and beverages by the US Food and Drug Administration (FDA). Moreover, rising awareness about negative effect of sugar further enhance the overall market demand for Global Monk Fruit Sweetener during the forecast period 2021-2026. Consumers have begun to spend exorbitantly on food products manufactured from health-beneficial substances, therefore the onset of COVID-19 is predicted to modestly raise demand for Global Monk Fruit Sweetener market.
Global Monk Fruit Sweetener Market Segment Analysis – By Nature:
Based on Nature, Organic/Natural Sweeteners Global Monk Fruit Sweetener Segment accounted for the largest revenue market share in 2020 and is also anticipated to grow with the fastest CAGR of 5.4% in the forecast period 2021-2026 owing to high demand for naturally derived sweeteners. The fruitful research and development efforts in the antioxidants sweetener for the manufacture of secure and better commodities to satisfy the rising demand of customers for secure and healthy commodities is set to create a gigantic development opportunity for the sweeteners as a whole and the organic sweetener space in particular in the future. Some vertical experts like Amazon, Walmart and Carrefour have therefore been interested and are focused on boosting their e-retailing progress, competing for an important portion in the online organic sweeteners thereby, driving the industry growth. Conventional/ Artificial Sweeteners Global Monk Fruit Sweetener segment is anticipated to grow with the second fastest CAGR of 3.3% in the forecast period 2021-2026 is expected to be driven by an increase in the number of chocolate and confectionery producers, as well as an increase in the baking industry and a growing awareness of the need of eating ready-to-eat foods.
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Global Monk Fruit Sweetener Market Segment Analysis – By Distribution Channel:
Based on Distribution Channel, Online accounted for the largest revenue market share in 2020. This is owing towards ease of availability of a wide selection of products in various forms and uses as in various flavouring ingredient given by all brands at reasonable discounts. The growing number of smartphone and internet users is the primary driver of sector growth. These businesses give cash back and home delivery services, which contribute to the market's growth. Customers frequently purchase Global Monk Fruit Sweetener with various flavors like artificial sweeteners with antioxidants properties from online websites in order to save time due to the increasingly hectic lifestyle. Furthermore, the online retail segment is expected to account for the largest share of the market, owing to the fact that online retailing offers more discounts and purchase options, and the online platform has grown in popularity as a result of its ability to deliver products to customers' doorsteps. Major corporations, such as Big Basket, are collaborating with internet shops to broaden their customer base. They also create their online portals and websites to promote the growth of the market in order to increase product sales, providing potential for the Global Monk Fruit Sweetener Industry to flourish. Offline is projected to witness the fastest CAGR of 4.9% during the forecast period 2021-2026 as it provides the convenience and variety of options that consumer seeks like natural or artificial sweeteners with antioxidants properties. Specialty merchants are launching several varieties of Global Monk Fruit Sweetener, hence enhancing the market's growth.
Global Monk Fruit Sweetener Market Segment Analysis – By Geography:
Based on Geography, North America Global Monk Fruit Sweetener Market accounted for the 39% revenue share in 2020 owing to their hectic work schedules, millennials, a big demand group in the region, are primarily focused on consuming bakery and confectionery food products. North America has been observed to be the biggest market worldwide owing to the rise in demand for artificial sweeteners with antioxidants properties and its utility as a flavoring agent in many kinds of food products like baked products and confectionaries, making it a big potential market for Global Monk Fruit Sweetener producers. According to U.S. Department of Health and Human service, about 78 million U.S. adults and about 12.5 million children and adolescents suffer from obesity acting as a market opportunity in the region. Asia-Pacific is predicted to be the fastest growing region during the forecast period 2021- 2026 owing to increased convenience food products demand over the projection period which propel the Global Monk Fruit Sweetener Market. The region's bakery business is predicted to grow at a faster rate than the rest of the world, due to growing middle class, economic marketization, urbanisation, and increased social media influence.
Global Monk Fruit Sweetener Market Drivers
Increasing Demand Of Monk Fruit Sweetener In Various Applications:
Global Monk Fruit Sweetener is commonly used in the formulation of pharmaceutical products including cough syrups and tablets. Global Monk Fruit Sweetener's artificial sweeteners is beneficial for a variety of food and beverage products. Consumers growing health concerns, particularly in North America and Europe, have resulted in a trend toward safer, healthier, and higher-quality antioxidants ready-to-eat Monk Fruit Sweetener products aiding growth to the market development. The growing awareness and consumption of fruit sweetener is also aiding to the market developments owing to increase in the obesity population globally. As per the survey by Organization for Economic Co-operation and Development (OECD) in 2015, the predominance of over-weightiness consisting of obesity amidst adults has been noticed to be decidedly high in Europe and North America in comparison with Asian countries. These regions have therefore primarily moved towards sugar substitutes like monk fruit sweeteners that are better and healthier organic choices to opt for, thereby, aiding expansion to the Global Monk Fruit Sweetener Industry.
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Global Monk Fruit Sweetener Market Challenges
Stringent Government Regulations:
The Global Monk Fruit Sweetener Market's growth is hampered by the stringent government regulations globally. In most nations in North America and Europe, legislation has been enacted to safeguard food items against deterioration and contamination caused by poor manufacturing and refrigerated storage practices. The existence of artificial sweeteners on the market, combined with the high cost of Monk fruit sweeteners, offer barriers to the market's growth. In comparison to organic sweeteners, the basic resources required for the creation of artificial sweeteners are easily obtained. The cost of the raw materials used to make organic sweeteners is higher than the cost of the chemicals used to make artificial sweeteners. Artificial sweeteners also need less time and effort to process than natural sweeteners which further restrains the Global Monk Fruit Sweetener Market growth.
Global Monk Fruit Sweetener Market Landscape:
The Global Monk Fruit Sweetener Market's main strategies include product launches, mergers and acquisitions, joint ventures, and regional expansion. Global Monk Fruit Sweetener Market top 10 companies are The ADM company, Tate & Lyle Plc., GLG Life Tech Corp., Monk Fruit Corp., Steviva Brands, Inc., Layn Corp., Firmenich SA., NOW Health Group, Inc., Apura Ingredients and Whole Earth Sweetener Co.
Acquisitions/Product Launches:
In July 2020, Tate & Lyle Plc., launched SWEETENER-VANTAGE™ Expert Systems a set of new and innovative sweetener solution design tools, as well as an education programme, to assist formulators in creating sugar-reduced food and drink using low calorie sweeteners. SWEETENER-VANTAGE™ Expert Systems were created in response to customer demand for more predictive tools to boost product performance and decrease development time. They allowed formulators to address their formulation difficulties more quickly.
Key Takeaways
As customer preferences for low calorie foods in diets and higher standards develop, demand for Monk Fruit Sweetener increases.
Geographically, North America Global Monk Fruit Sweetener Market held the largest revenue share of 39% in 2020 to higher consumption and production of artificial and natural sweetener and its products in the region. The scope of the Global Monk Fruit Sweetener Market for various regions will be provided in the final report.
The Global Monk Fruit Sweetener Industry is expanding owing to emerging applications of bakery and confectionery in food and beverage industry.
The market's growth will also be fuelled by ongoing research and advancements in end use is pushing the Global Monk Fruit Sweetener industry forward during the forecast period 2021-2026.
Fluctuating cost of raw material and changes in tariff policies results in variation in demand needs which is poised to create hurdles for the Global Monk Fruit Sweetener Market.
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