Sugar Free Cubes Market Outlook:
Sugar is heart of beverages such as tea and coffee, however, the number of health-conscious and diabetic population is rising globally due to which consumers prefer sugar free cubes as a replacement of sugar. According to the Food Editorial, more than 2.25 billion cups of coffee being consumed on an average each day, coffee is the most widely consumed beverage on the planet and is even more popular than tea. The high consumption of coffee is beneficial for sugar free cubes market.
Key players of sugar free cubes are focusing on using natural and plant based sweeteners in sugar free cubes. The awareness of health and wellness is growing across the globe because of which key players are launching sugar free cubes using natural and plant based sweeteners. The increasing use of natural and plant based sweeteners is expected to boost the growth rate of sugar free cubes in forecast period.
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Sugar Reduction in Beverages & Processed Food
Powerful market trends have continued to gather pace, such as the global fight to combat diabetes and obesity through sugar taxes and increased regulations on sugar. As per WHO data, in 2018, the number of obese people reached 650 million, and this number is increasing over time. Moreover, the number of diabetic population is anticipated to reach 642 million by 2040. This factor is expected to boost demand for sugar free cubes from the global food and beverage industry.
Sugar Free Cubes Market Segmentation:
On the basis of sweetener type, the sugar free cubes market is segmented into:
- Natural Sweeteners
- Stevia
- Palm Sugar
- Coconut Sugar
- Honey
- Maple Syrup
- Monk Fruit Sugar
- Agave Syrup
- Lucuma Fruit Sugar
- Others
- Artificial sweeteners
- Acesulfame Potassium
- Aspartame
- Neotame
- Advantame
- Saccharin
- Sucralose
- Others
On the basis of application, the sugar free cubes market is segmented into:
- Food Industry
- Bakery Goods
- Dairy Products
- Confectionery Products
- Others
- Beverage Industry
- Tea & Coffee
- Carbonated Drinks
- Fruit Drinks & Juice
- Sports & Energy Drinks
- Powdered Drinks and Mixes
- Others
On the basis of sales channel, the sugar free cubes market is segmented into:
- Direct/B2B
- Indirect/B2C
- Hypermarkets/Supermarkets
- Convenience stores
- Specialty Retail Stores
- Traditional Grocery Stores
- Online Retail
- Other Retail Channels
Global Sugar Free Cubes: Key Players
Some of the key players operating their business in the global sugar free cubes market are Zydus Wellness, Lowkal Healthcare Pvt Ltd, The Hershey Company, Health Garden, Totlar, Whole Earth, Equal classic and other players.
The key players of sugar free cubes are focusing on acquisition, mergers and joint venture to increase the production capacity and to expand the product portfolio. Recently, in June 2019, Zydus Wellness acquired Heinz India.
The key players are focusing on selling their products through online retail channel as it is convenient for consumers as well as they can select the right product and brand after comparing the quality and price with other brands.
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Sugar Free Cubes Market: Regional Analysis
Europe is leading in sugar free cubes market and expected to continue its leading position in forecast period. North America is at second position in sugar free cubes market.
Europe is the biggest market of coffee drinkers in the world, representing around 30% of the global coffee market.Per-capita coffee consumption in Europe is 3.3 kg annually which is highest among the all regions. The consumption of coffee is expected to rise in Europe in near future. The health-conscious consumers are increasing in Europe, due to which they prefer sugar free cubes with coffee. High consumption of coffee in Europe is beneficial for sugar free cubes market.
In Asia Pacific, sugar free cubes market is expected to show significant growth in forecast period. The awareness of healthy lifestyle and nutritious food is rising rapidly due to which demand for sugar free cubes is high in Asia Pacific. The countries in Asia Pacific such as India, the number diabetic population is growing rapidly because of use of sugar free cubes is expected to increase in this region.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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