Sugar Substitute Market Key Findings by 2031
The sugar substitute market is expected to register a CAGR of 5% during 2023–2031. Consumers' increasingly health-conscious and rising preference for healthier options in their food and beverage choices is likely to remain a key trend in the market.
Sugar Substitute Market Analysis
- The flourishing of the global sugar substitutes market is being driven by increasing health awareness along with rising levels of diabetes and obesity as well as increasing demand for low-calorie food and beverages.
- Consumers are asking food and beverage manufacturers to substitute the sugar in products with healthier alternatives. This has led to the acceptance and further launch of a plethora of sugar substitutes – artificial sweeteners, natural sweeteners, and novel sweetening solutions.
- The market is dominated by high competitiveness among the major players in the industry, who are concentrated on the development of new products, joint ventures, and mergers and acquisitions in order to compete in the global market.
Sugar Substitute Market Overview
- Increasing health awareness among consumers regarding obesity, cardiovascular diseases, and diabetes is prompting substitution with low-calorie and sugar-free artificial sweeteners. This trend is driven by increasing disposable incomes and changing lifestyle patterns, especially in the developing economies. Favorable regulatory policies encouraging sugar substitution in order to address health concerns, along with innovative product launches by the manufacturers, are expected to drive this market.
- Demand for cleaner sweeteners will only grow as obesity and diabetes continue to rise. The global rise in diabetes and obesity has created a strong demand for sweeteners that can provide a better alternative to sugar, enabling consumers to make weight and blood sugar management part of their daily routine.
- Food and beverage companies are reformulating with such sugar substitutes to cater to this demand so that they can broaden their product range to attract health-conscious consumers. New technologies are making it possible to produce sugar substitutes with improved taste profiles and cost-effectiveness, thus making alternatives to sugar more appealing to manufacturers and consumers alike.
- The use of sugar substitutes has boost as it provides a wide variety of applications in bakery, confectionery, beverages, and dairy products, which in turn increases the use of sugar substitutes in food and beverage applications. Moreover, an increase in the e-commerce platform providing a variety of products to a large consumer base has heartily aided the growth of the sugar substitutes market.
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Sugar Substitute Market: Strategic Insights
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Sugar Substitute Market Drivers and Opportunities
Rising Awareness About Negative Health Impacts Due to Over Consumption of Sugar Drives Sugar Substitutes Market
- Dissatisfaction with the negative health consequences of consuming excess sugar is the most salient market factor driving the growing demand for sugar substitutes. As awareness increases, consumers demand sweet flavors that are devoid of the negative health consequences associated with added sugars.
- Consuming too much sugar has been identified as a risk factor for many chronic health conditions, particularly two that continue to afflict the population at increasingly financially unsustainable rates for the healthcare system: obesity and type 2 diabetes.
- Sugar is believed to contribute to weight gain because added sugar calories are often stored as fat, which is linked to not only obesity but also such complications as cardiovascular disease, certain cancers, and musculoskeletal disorders.
- For people who already have the condition, reducing sugar intake is essential to help maintain blood glucose at stable levels and thus avoid further complications. As they know from experience, sugar substitutes can have an important role to play in food and drink if they can add sweetness but avoid spiking blood glucose.
Rising Demand for Natural and Organic Products
- Natural and organic products are increasingly crucial in the increasingly important sugar substitute market. Health- and environment-conscious consumers are shifting their sweetener preferences away from synthetic sweeteners and refined sugars while seeking out more natural and organic substitutes. Just as the dedicated sugar substitutes market grows, so does the innovation and introduction to the market of natural and organic forms.
- Those sweeteners that are 'natural'– such as stevia, monk fruit extract, and allulose – are selling briskly, with sales climbing and market share accelerating. They offer the low‑calorie sweetness a 'diet' product craves and the easy candy vibe of a clean-label healthseeker.
- The naturalness of such all-natural sweeteners is further enhanced by their organic certification, which will please consumers who are also interested in 'good, well-sourced, good for the environment' type of products. This will prompt manufacturers of food and beverage products to reformulate their existing ranges and develop new products with such all-natural sweeteners. Interestingly, this will indicate new market segments pairing the two product attributes' natural' and 'functional'.
Sugar Substitute Market Report Segmentation Analysis
Key segments that contributed to the derivation of the sugar substitute market analysis are type, category, and application.
- Based on type, the market is segmented into stevia, xylitol, erythritol, saccharin, allulose, and others.
- On the basis of category, the market is divided into natural and synthetic.
- On the basis of application, the market is segmented into food and beverages, pharmaceutical and nutraceuticals, and personal care.
Sugar Substitute Market Share Analysis by Geography
- Sugar Substitute Market Report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
- Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering sugar substitute market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
- Also, the report covers Porter's analysis, which involves the study of major factors that influence the sugar substitute market in these regions.
Sugar Substitute Market Report Scope
Sugar Substitute Market News and Recent Development
The sugar substitute market is evaluated by gathering the qualitative and quantitative data post primary and secondary research, which include important corporate publication, association data, and database. The few developments in the sugar substitute market are listed below:
- Tate & Lyle PLC (Tate & Lyle), a world leader in ingredient solutions for healthier food and beverages, unveils its new stevia composition, OPTIMIZER STEVIA® 8.10. This innovative ingredient delivers the highly desired premium taste profile closest to sugar, even at high sugar replacement levels, while offering a more cost-effective solution than other premium sweeteners. (Tate & Lyle PLC, News, July 2024)
- Ingredion Incorporated (NYSE: INGR), a global provider of specialty ingredients and innovation leader in plant-based sugar reduction, today announced the launch of PURECIRCLE™ Clean Taste Solubility Solution (CTSS). This breakthrough clean label stevia innovation is more than 100 times more soluble than Reb M stevia and carries unparalleled taste performance compared to artificial sweeteners and other stevia ingredients according to a global consumer panel and extensive sensory testing*. (Ingredion Incorporated, News, April 2024)
Sugar Substitute Market Report Coverage and Deliverables
The " Sugar Substitute Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Sugar substitute market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Sugar substitute market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter's Five Forces and SWOT analysis
- Sugar substitute market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the sugar substitute market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The global sugar substitute market is expected to grow at a CAGR of 5% during the forecast period 2023 - 2031.
The increasing awareness about the negative impact of sugar on health is one of the major factors driving the sugar substitute market.
Growing preference for natural and organic products is anticipated to play a significant role in the global sugar substitute market in the coming years.
The leading players operating in the sugar substitute market are Cargill, Incorporated; Archer Daniels Midland Company; Tate and Lyle PLC; Ingredion Incorporated; Roquette Frères; Ajinomoto Co., Inc.; JK Sucralose Inc.; Südzucker AG; Dupont Nutrition and Biosciences; Amalgamated Sugar Company; Whole Earth Brands; Stevia Corp; Pyure Brands LLC; Heartland Food Products Group; and Foodchem International Corporation.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
Some of the customization options available based on request are additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Sugar Substitutes Market - By Type
1.3.2 Sugar Substitutes Market - By Nature
1.3.3 Sugar Substitutes Market - By End User Industry
1.3.4 Sugar Substitutes Market - By Region
1.3.4.1 By Country
2. KEY TAKEWAYS
3. RESEARCH METHODOLOGY
4. SUGAR SUBSTITUTES MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. SUGAR SUBSTITUTES MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. SUGAR SUBSTITUTES MARKET - GLOBAL MARKET ANALYSIS
6.1. SUGAR SUBSTITUTES - GLOBAL MARKET OVERVIEW
6.2. SUGAR SUBSTITUTES - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. SUGAR SUBSTITUTES MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. HIGH INTENSITY SWEETENERS
7.3.1. Overview
7.3.2. High Intensity Sweeteners Market Forecast and Analysis
7.4. LOW INTENSITY SWEETENERS
7.4.1. Overview
7.4.2. Low Intensity Sweeteners Market Forecast and Analysis
7.5. HIGH FRUCTOSE CORN SYRUP
7.5.1. Overview
7.5.2. High Fructose Corn Syrup Market Forecast and Analysis
8. SUGAR SUBSTITUTES MARKET - REVENUE AND FORECASTS TO 2028 - NATURE
8.1. OVERVIEW
8.2. NATURE MARKET FORECASTS AND ANALYSIS
8.3. ORGANIC
8.3.1. Overview
8.3.2. Organic Market Forecast and Analysis
8.4. CONVENTIONAL
8.4.1. Overview
8.4.2. Conventional Market Forecast and Analysis
9. SUGAR SUBSTITUTES MARKET - REVENUE AND FORECASTS TO 2028 - END USER INDUSTRY
9.1. OVERVIEW
9.2. END USER INDUSTRY MARKET FORECASTS AND ANALYSIS
9.3. FOOD AND BEVERAGE
9.3.1. Overview
9.3.2. Food and Beverage Market Forecast and Analysis
9.3.3. Bakery Market
9.3.3.1. Overview
9.3.3.2. Bakery Market Forecast and Analysis
9.3.4. Confectionery Market
9.3.4.1. Overview
9.3.4.2. Confectionery Market Forecast and Analysis
9.3.5. Dairy Market
9.3.5.1. Overview
9.3.5.2. Dairy Market Forecast and Analysis
9.3.6. Ready-to-Eat Market
9.3.6.1. Overview
9.3.6.2. Ready-to-Eat Market Forecast and Analysis
9.3.7. Snacks Market
9.3.7.1. Overview
9.3.7.2. Snacks Market Forecast and Analysis
9.3.8. Soft drinks Market
9.3.8.1. Overview
9.3.8.2. Soft drinks Market Forecast and Analysis
9.3.9. Others Market
9.3.9.1. Overview
9.3.9.2. Others Market Forecast and Analysis
9.4. COSMETICS AND PERSONAL CARE
9.4.1. Overview
9.4.2. Cosmetics and Personal Care Market Forecast and Analysis
9.5. PHARMACEUTICALS
9.5.1. Overview
9.5.2. Pharmaceuticals Market Forecast and Analysis
10. SUGAR SUBSTITUTES MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Sugar Substitutes Market Overview
10.1.2 North America Sugar Substitutes Market Forecasts and Analysis
10.1.3 North America Sugar Substitutes Market Forecasts and Analysis - By Type
10.1.4 North America Sugar Substitutes Market Forecasts and Analysis - By Nature
10.1.5 North America Sugar Substitutes Market Forecasts and Analysis - By End User Industry
10.1.6 North America Sugar Substitutes Market Forecasts and Analysis - By Countries
10.1.6.1 United States Sugar Substitutes Market
10.1.6.1.1 United States Sugar Substitutes Market by Type
10.1.6.1.2 United States Sugar Substitutes Market by Nature
10.1.6.1.3 United States Sugar Substitutes Market by End User Industry
10.1.6.2 Canada Sugar Substitutes Market
10.1.6.2.1 Canada Sugar Substitutes Market by Type
10.1.6.2.2 Canada Sugar Substitutes Market by Nature
10.1.6.2.3 Canada Sugar Substitutes Market by End User Industry
10.1.6.3 Mexico Sugar Substitutes Market
10.1.6.3.1 Mexico Sugar Substitutes Market by Type
10.1.6.3.2 Mexico Sugar Substitutes Market by Nature
10.1.6.3.3 Mexico Sugar Substitutes Market by End User Industry
10.2. EUROPE
10.2.1 Europe Sugar Substitutes Market Overview
10.2.2 Europe Sugar Substitutes Market Forecasts and Analysis
10.2.3 Europe Sugar Substitutes Market Forecasts and Analysis - By Type
10.2.4 Europe Sugar Substitutes Market Forecasts and Analysis - By Nature
10.2.5 Europe Sugar Substitutes Market Forecasts and Analysis - By End User Industry
10.2.6 Europe Sugar Substitutes Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Sugar Substitutes Market
10.2.6.1.1 Germany Sugar Substitutes Market by Type
10.2.6.1.2 Germany Sugar Substitutes Market by Nature
10.2.6.1.3 Germany Sugar Substitutes Market by End User Industry
10.2.6.2 France Sugar Substitutes Market
10.2.6.2.1 France Sugar Substitutes Market by Type
10.2.6.2.2 France Sugar Substitutes Market by Nature
10.2.6.2.3 France Sugar Substitutes Market by End User Industry
10.2.6.3 Italy Sugar Substitutes Market
10.2.6.3.1 Italy Sugar Substitutes Market by Type
10.2.6.3.2 Italy Sugar Substitutes Market by Nature
10.2.6.3.3 Italy Sugar Substitutes Market by End User Industry
10.2.6.4 United Kingdom Sugar Substitutes Market
10.2.6.4.1 United Kingdom Sugar Substitutes Market by Type
10.2.6.4.2 United Kingdom Sugar Substitutes Market by Nature
10.2.6.4.3 United Kingdom Sugar Substitutes Market by End User Industry
10.2.6.5 Russia Sugar Substitutes Market
10.2.6.5.1 Russia Sugar Substitutes Market by Type
10.2.6.5.2 Russia Sugar Substitutes Market by Nature
10.2.6.5.3 Russia Sugar Substitutes Market by End User Industry
10.2.6.6 Rest of Europe Sugar Substitutes Market
10.2.6.6.1 Rest of Europe Sugar Substitutes Market by Type
10.2.6.6.2 Rest of Europe Sugar Substitutes Market by Nature
10.2.6.6.3 Rest of Europe Sugar Substitutes Market by End User Industry
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Sugar Substitutes Market Overview
10.3.2 Asia-Pacific Sugar Substitutes Market Forecasts and Analysis
10.3.3 Asia-Pacific Sugar Substitutes Market Forecasts and Analysis - By Type
10.3.4 Asia-Pacific Sugar Substitutes Market Forecasts and Analysis - By Nature
10.3.5 Asia-Pacific Sugar Substitutes Market Forecasts and Analysis - By End User Industry
10.3.6 Asia-Pacific Sugar Substitutes Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Sugar Substitutes Market
10.3.6.1.1 Australia Sugar Substitutes Market by Type
10.3.6.1.2 Australia Sugar Substitutes Market by Nature
10.3.6.1.3 Australia Sugar Substitutes Market by End User Industry
10.3.6.2 China Sugar Substitutes Market
10.3.6.2.1 China Sugar Substitutes Market by Type
10.3.6.2.2 China Sugar Substitutes Market by Nature
10.3.6.2.3 China Sugar Substitutes Market by End User Industry
10.3.6.3 India Sugar Substitutes Market
10.3.6.3.1 India Sugar Substitutes Market by Type
10.3.6.3.2 India Sugar Substitutes Market by Nature
10.3.6.3.3 India Sugar Substitutes Market by End User Industry
10.3.6.4 Japan Sugar Substitutes Market
10.3.6.4.1 Japan Sugar Substitutes Market by Type
10.3.6.4.2 Japan Sugar Substitutes Market by Nature
10.3.6.4.3 Japan Sugar Substitutes Market by End User Industry
10.3.6.5 South Korea Sugar Substitutes Market
10.3.6.5.1 South Korea Sugar Substitutes Market by Type
10.3.6.5.2 South Korea Sugar Substitutes Market by Nature
10.3.6.5.3 South Korea Sugar Substitutes Market by End User Industry
10.3.6.6 Rest of Asia-Pacific Sugar Substitutes Market
10.3.6.6.1 Rest of Asia-Pacific Sugar Substitutes Market by Type
10.3.6.6.2 Rest of Asia-Pacific Sugar Substitutes Market by Nature
10.3.6.6.3 Rest of Asia-Pacific Sugar Substitutes Market by End User Industry
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Sugar Substitutes Market Overview
10.4.2 Middle East and Africa Sugar Substitutes Market Forecasts and Analysis
10.4.3 Middle East and Africa Sugar Substitutes Market Forecasts and Analysis - By Type
10.4.4 Middle East and Africa Sugar Substitutes Market Forecasts and Analysis - By Nature
10.4.5 Middle East and Africa Sugar Substitutes Market Forecasts and Analysis - By End User Industry
10.4.6 Middle East and Africa Sugar Substitutes Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Sugar Substitutes Market
10.4.6.1.1 South Africa Sugar Substitutes Market by Type
10.4.6.1.2 South Africa Sugar Substitutes Market by Nature
10.4.6.1.3 South Africa Sugar Substitutes Market by End User Industry
10.4.6.2 Saudi Arabia Sugar Substitutes Market
10.4.6.2.1 Saudi Arabia Sugar Substitutes Market by Type
10.4.6.2.2 Saudi Arabia Sugar Substitutes Market by Nature
10.4.6.2.3 Saudi Arabia Sugar Substitutes Market by End User Industry
10.4.6.3 U.A.E Sugar Substitutes Market
10.4.6.3.1 U.A.E Sugar Substitutes Market by Type
10.4.6.3.2 U.A.E Sugar Substitutes Market by Nature
10.4.6.3.3 U.A.E Sugar Substitutes Market by End User Industry
10.4.6.4 Rest of Middle East and Africa Sugar Substitutes Market
10.4.6.4.1 Rest of Middle East and Africa Sugar Substitutes Market by Type
10.4.6.4.2 Rest of Middle East and Africa Sugar Substitutes Market by Nature
10.4.6.4.3 Rest of Middle East and Africa Sugar Substitutes Market by End User Industry
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Sugar Substitutes Market Overview
10.5.2 South and Central America Sugar Substitutes Market Forecasts and Analysis
10.5.3 South and Central America Sugar Substitutes Market Forecasts and Analysis - By Type
10.5.4 South and Central America Sugar Substitutes Market Forecasts and Analysis - By Nature
10.5.5 South and Central America Sugar Substitutes Market Forecasts and Analysis - By End User Industry
10.5.6 South and Central America Sugar Substitutes Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Sugar Substitutes Market
10.5.6.1.1 Brazil Sugar Substitutes Market by Type
10.5.6.1.2 Brazil Sugar Substitutes Market by Nature
10.5.6.1.3 Brazil Sugar Substitutes Market by End User Industry
10.5.6.2 Argentina Sugar Substitutes Market
10.5.6.2.1 Argentina Sugar Substitutes Market by Type
10.5.6.2.2 Argentina Sugar Substitutes Market by Nature
10.5.6.2.3 Argentina Sugar Substitutes Market by End User Industry
10.5.6.3 Rest of South and Central America Sugar Substitutes Market
10.5.6.3.1 Rest of South and Central America Sugar Substitutes Market by Type
10.5.6.3.2 Rest of South and Central America Sugar Substitutes Market by Nature
10.5.6.3.3 Rest of South and Central America Sugar Substitutes Market by End User Industry
11. INDUSTRY LANDSCAPE
11.1. MERGERS AND ACQUISITIONS
11.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
11.3. NEW PRODUCT LAUNCHES
11.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
12. SUGAR SUBSTITUTES MARKET, KEY COMPANY PROFILES
12.1. AJINOMOTO CO. INC.
12.1.1. Key Facts
12.1.2. Business Description
12.1.3. Products and Services
12.1.4. Financial Overview
12.1.5. SWOT Analysis
12.1.6. Key Developments
12.2. ARCHER DANIELS MIDLAND COMPANY
12.2.1. Key Facts
12.2.2. Business Description
12.2.3. Products and Services
12.2.4. Financial Overview
12.2.5. SWOT Analysis
12.2.6. Key Developments
12.3. CARGILL INCORPORATED
12.3.1. Key Facts
12.3.2. Business Description
12.3.3. Products and Services
12.3.4. Financial Overview
12.3.5. SWOT Analysis
12.3.6. Key Developments
12.4. E. I. DUPONT DE NEMOURS
12.4.1. Key Facts
12.4.2. Business Description
12.4.3. Products and Services
12.4.4. Financial Overview
12.4.5. SWOT Analysis
12.4.6. Key Developments
12.5. HYET SWEET S.A.S.
12.5.1. Key Facts
12.5.2. Business Description
12.5.3. Products and Services
12.5.4. Financial Overview
12.5.5. SWOT Analysis
12.5.6. Key Developments
12.6. INGREDION INCORPORATED
12.6.1. Key Facts
12.6.2. Business Description
12.6.3. Products and Services
12.6.4. Financial Overview
12.6.5. SWOT Analysis
12.6.6. Key Developments
12.7. JK SUCRALOSE INC
12.7.1. Key Facts
12.7.2. Business Description
12.7.3. Products and Services
12.7.4. Financial Overview
12.7.5. SWOT Analysis
12.7.6. Key Developments
12.8. PURECIRCLE
12.8.1. Key Facts
12.8.2. Business Description
12.8.3. Products and Services
12.8.4. Financial Overview
12.8.5. SWOT Analysis
12.8.6. Key Developments
12.9. ROQUETTE FRèRES
12.9.1. Key Facts
12.9.2. Business Description
12.9.3. Products and Services
12.9.4. Financial Overview
12.9.5. SWOT Analysis
12.9.6. Key Developments
12.10. TATE AND LYLE PLC,
12.10.1. Key Facts
12.10.2. Business Description
12.10.3. Products and Services
12.10.4. Financial Overview
12.10.5. SWOT Analysis
12.10.6. Key Developments
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
The List of Companies
1. Ajinomoto Co. Inc.
2. Archer Daniels Midland Company
3. Cargill Incorporated
4. E. I. DuPont De Nemours
5. HYET Sweet S.A.S.
6. Ingredion Incorporated
7. JK Sucralose Inc
8. PureCircle
9. Roquette Frères
10. Tate and Lyle PLC,
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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