The global Allulose Market size is estimated to be valued at $387.8 million by 2030, surging from $162.5 million in 2021, at a CAGR of 10.1%.
COVID-19 Impact on the Allulose Market
Currently, the food beverages industry is facing challenges due to the COVID-19 outbreak, which was declared a pandemic by the World Health Organization (WHO) on 11 March 2020. As governments throughout the world continue to impose lockdowns to combat the pandemic, trade restrictions and supply chain disruptions in the allulose industry are projected to have an influence on the market's expansion in the coming months. In the first half of 2020, market companies implemented contingency plans to limit the impact of the COVID-19 pandemic. Furthermore, given the current environment, where customers choose to buy just "necessary products and services," demand for allulose is likely to fall.
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According to the annual Food Health Survey from the International Food Information Council, four out of five consumers say that the coronavirus pandemic has changed their food habits, driving them to cook, eat, shop, think about food differently.
Global Allulose Market Analysis
Allulose is a low-carb, keto-certified, and calorie-free sweetener that tastes like sugar. Allulose has a mild clean sweetness with no bitterness or aftertaste, found naturally in figs, raisins, and kiwi. Wholesome Allulose is made from non-GMO corn and contains no fillers, preservatives, or flavors making it the perfect low-carb, zero-calorie sweetener.
An increase in demand for allulose, consumer awareness about a healthy diet nutritional food, and innovation in the allulose industry are the major factors that are expected to drive the market growth during the forecast period. The busy lifestyle of consumers has boosted the adoption of the different forms of allulose, which is expected to enable allulose manufacturers to restore their market share in the industry.
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Inappropriate storage and transport facilities in small retail stores are a major challenge for the industry in developing economies. Allulose products require proper deep freezing and storage facilities. Rural areas of huge developing markets including India and China have storage, refrigeration, and electricity problems, which is a challenge for big allulose players. Lack of transport facilities makes the distribution of frozen products including ice creams difficult.
Global Allulose Market, Segmentation
The global Allulose market is segmented based on type, nature, application, and region.
The type sub-segment is further classified into powder, liquid, and crystal of which powder segment is projected to generate the maximum revenue during the forecast period.
In 2021, the global powdered allulose market was worth more than $74.7 million. Powdered allulose products dominate the market, with liquid and crystal allulose products following closely behind. Allulose in powder is immensely popular. Powdered foods are convenient to be used in yogurts, smoothies, and other beverages. The market for crystal allulose products is predicted to skyrocket in the next years. The powdered form is a dried version and finds its major application in the food industry with respect to its better handling properties in food application.
Allulose can also be present in low-calorie foods such as yogurt, ice cream, bakery goods, and other low-calorie items that rely heavily on powdered sugar. As a thickening and stabilizing ingredient, powdered allulose is widely used in bakery items such as biscuits, cakes, rye bread, and meat dishes. Thus, utilization in so many food products is increasing its demand and is gaining traction in the allulose market. As a result, revenue creation for powdered allulose is expected to increase significantly across the globe over the forecast period, enhancing the allulose industry's growth.
The nature segment is further divided into organic and conventional and where conventional segment is projected to grow at a faster CAGR of 13.8% during the forecast period. The organic allulose sub-segment is anticipated to dominate the market during the forecast period and will generate a revenue of $323.1 million by 2030.
The propensity of consumers to spend more on organic products has been a positive change for organic allulose and its products. Consumers expect their product to be manufactured ethically, and they also associate organically certified allulose as a product that has been produced and processed in a chemical-free manner. This is attributed to evolving lifestyle and changing trends in the food industry, which is also predicted to boost the demand for healthy food ingredients.
Consumers now have become immensely conscious about the ingredients that are used to manufacture the foods they consume and read product labels cautiously. Manufacturers have been investing significantly more into research and development to boost production to cater to the changing consumer preferences. For this reason, manufacturers are essentially focused on sourcing organic allulose.
Based on application, the allulose market is classified into food, bakery confectionery, dairy frozen desserts, sauces dressings, beverages, and others. Among these, bakery confectionery sub-segment is anticipated to hold the maximum share of the global market revenue. In 2021, the global allulose market for bakery confectionery applications was worth more than $48.9 million.
Due to the prevalence of diabetes-related disorders among a broader population base, a shift in preference towards healthy sweeteners is expected and enhance the overall market share compared to alternative sweeteners. In 2021, the global allulose market for food applications was worth more than $30.7 million. Additionally, the food sector accounted for the greatest commercial share of the total market, owing to growing allulose sales and rising demand for low-calorie sweeteners in ready-to-eat snacks, confectionery, dairy goods, bread products, sweet spreads, ice creams, and desserts. As a result of the growing number of health-conscious clients, demand for low-calorie and low-sugar food components and products has increased.
The market for Allulose in Europe is anticipated to grow at the second highest CAGR of 10.6% generating a revenue of $61.3 million during the forecast time period.
The allulose market in Europe is dominated by France, Italy, the United Kingdom, and Germany. Manufacturers are putting in a lot of effort to gain access to the European market. European rules demand extra proof of a product's safety and lack of major negative impacts on the human body. Due to the stringent regulatory environment in Europe, the manufacturers have submitted a petition for permission to market the product. The low-calorie food will be available in Europe, but it will take some time because the sweetener must first be approved as a Novel Food by the European Commission. Europe has been home to some of the biggest frozen bakery players. Products like cakes, pastries, muffins are highly popular in European markets and are expected to continue their growth. High-end frozen bakery products too shall occupy a major part of the market.
Key Players in the Global Allulose Market
Some of the leading allulose market players are
- Anderson Global Group
- Apura Ingredients
- Bonumose LLC
- Cargill, Incorporated
- CJ CheilJedang
- Ingredion Incorporated
- Matsutani Chemical Industry Co. Ltd.
- McNeil Nutritionals
- Quest Nutrition and Tate Lyle.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
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