Monk Fruit Sweetener Market size in 2019 is estimated to be $720 million, growing at a CAGR of 4.8% during the forecast period 2020-2025. Monk fruit sweetener are made from fruit extract and it is blended with dextrose or other ingredients to balance sweetness. It is multiple times sweeter than sugar and also has zero calories. It has functional properties such as anti-microbial, anti-inflammatory, and anti-carcinogenic properties. Increasing awareness about health and growing adoption of natural sweeteners are the major factors driving the growth of the market. Moreover, rising awareness about negative effect of sugar further enhance the overall market demand for Monk Fruit Sweetener during the forecast period 2020-2025.
Monk Fruit Sweetener Market Segment Analysis - By Form
Based on the Product Type, Monk Fruit Sweetener Market is segmented into Liquid, Dry. Dry Segment dominated the market with highest share in 2019. This is owing to its usage in various application and increasing preference of consumers. The Liquid segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 3.9% during the forecast period 2020-2025. This is mainly owing to growing demand for ready to drink beverages.
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Monk Fruit Sweetener Market Segment Analysis - By Category
Based on the Functionality, Monk Fruit Sweetener Market is segmented into Organic, Conventional. In 2019, Organic segment held the largest share in the Monk Fruit Sweetener market. Organic Segment is also set to be the fastest growing segment during the forecast period 2020-2025. This is owing to high demand for naturally derived sweeteners. Moreover, rising purchasing power of people is also contributing to the growth of this segment.
Monk Fruit Sweetener Market Segment Analysis - Geography
North America dominated the Monk Fruit Sweetener market share accounting for 43% of the market in 2019. This is mainly owing to increasing prevalence of obesity in this region. 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.
However, the Asia-Pacific region is projected to be the fastest-growing during the forecast period 2020-2025. This is owing to increasing awareness among people about health and changing food habits.
Monk Fruit Sweetener Market Drivers
Increasing Prevalence of Diabetes
Increasing awareness about negative health effect of sugar and growing prevalence of diabetes across the globe are some factors driving the growth of Monk Fruit Sweetener market as an alternative to traditional sugars and sweeteners. According to World Health Organization (WHO), around 422 million people in worldwide living with diabetes and 1.6 million death are directly attributed to diabetes each year.
Changing preference of consumer
Shift in consumer preference for low calorie and zero calorie food products is driving the growth of the market. Moreover fast-paced life and busy lifestyle coupled with rising purchasing power of consumer are further contributing to the growth of Instant Beverage Premix market.
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Monk Fruit Sweetener Market Challenges
High cost of monk fruit sweetener are challenging the growth of the market. Moreover, availability of alternative sweeteners are also further restraining the market growth during the forecast period 2020-2025.
Monk Fruit Sweetener Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Monk Fruit Sweetener Market. Monk Fruit Sweetener 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, Whole Earth Sweetener Co.
Acquisitions/Product Launches:
In June 2020, Lakanto has launched a certified organic monk fruit sweetener. Lakanto’s monk fruit is grown in the remote mountains of Guilin, China.
In March 2017, ADM Company has launched brand for Monk fruit sweetener called as VerySweet monk fruit. The sweeteners are sourced through ADM’s partnership with GLG Life Tech Corp., Richmond, B.C.
Key Takeaways
In 2019, North America dominates the Monk Fruit Sweetener Market owing to increasing prevalence of obesity and diabetes in this region.
Increasing Prevalence of obesity and diabetes is driving the market growth of Monk Fruit Sweetener.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Monk Fruit Sweetener Market report.
High cost of product and availability of alternative product such as artificial sweetener are challenging the growth of the market.
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