Global Monk Fruit Sweetener Market - Segmented by Form, Application and Geography (2018 - 2023)
Monk fruit is a natural source of sweetener and provides extracts that are 200-250 times sweeter than sugar. It is a member of the melon family, which is extensively cultivated in subtropical Southeast Asian countries.
Growing Applications across the Functional Food & Beverage Industry
The functional properties of monk fruit sweeteners, such as anti-microbial, anti-inflammatory, and anti-carcinogenic properties, are likely to influence the growth of the monk fruit sweetener market over the forecast period. The health benefits derived from monk fruit sweetener or mongroside V, are expected to augment the medicinal value and help reduce the chances of obesity, diabetes, respiratory diseases, and cough. The elevated prices of monk fruit sweeteners, in contrast to artificial source of sweeteners, are likely to restrict the expansion of the monk fruit sweeteners’ market size. Rise in consumer preferences for naturally derived sweetener is likely to create new types of monk fruit sweeteners, blended with a scope of innovation, for health-conscious consumers. Lo han guo or monk fruit sweetener is an emerging natural sweetener, as it has a wide scope for growth in functional food & beverage products.
By form, the global market has been segmented into dry and liquid forms. By application, the monk fruit sweetener market has been bifurcated into food & beverage and pharmaceuticals. The food & beverage segment has been further sub-segmented into beverages, bakery & confectionary, dairy products, dietary supplements, and other food and beverages.
North America is an Emerging Market
The North American segment of the market studied has been gaining importance, in line with the shift of consumer preference from artificial to natural sources of sweeteners. Monk fruit sweetener is the second most popular ingredient after stevia, and is widely popular across the food & beverage industry. The incorporation of monk fruit sweetener in sports and nutrition-based supplements is anticipated to influence the development of the market in this region. The monk fruit sweetener market is expected to record robust growth in Asia-Pacific, due to the rapid expansion of the food & beverage industry. China and Thailand are the two countries where monk fruit sweeteners are majorly produced.
June 2016: Archer Daniels Midland Company partnered with GLG Life Tech Corporation, and announced a new partnership to manufacture, market, and sell low-calorie monk fruit sweeteners to customers across the globe.
June 2015: Guilin GFS Bio-Tech Co and Biovittoria doubled up their capacity for monk fruit supply, which, in turn, has significantly boosted the production capacity of Monk Fruit Corp.
The major players include - ARCHER DANIELS MIDLAND COMPANY, MONK FRUIT CORP., GUILIN LAYN NATURAL INGREDIENTS CORP., TATE AND LYLE, HUNAN HUACHENG BIOTECH INC., GLOMEX, ORGANIC HERB INC., ACETAR BIO-TECH INC., XIAN TONKING BIOTECH CO. LTD, NIUTANG EUROPE BV, amongst others.
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