November 08, 2022 09:04 ET | Source: Research Dive Research Dive
New York, USA, Nov. 08, 2022 (GLOBE NEWSWIRE) — According to the latest report published by Research Dive, the global allulose market is expected to gather a revenue of $387.8 million by 2030, growing at a healthy CAGR of 10.1% in the 2022-2030 timeframe. This holistic report puts forward a brief overview of the allulose market’s current framework including cardinal aspects of the market such as growth drivers, growth opportunities, and restraints and hindrances during the forecasted period of 2022-2030. All the necessary and essential market figures are also provided in this report to help new entrants analyze the market with ease.
Dynamics of the Market
Drivers: Since the last few years, there has been a growing incidence of chronic diseases, such as diabetes, obesity, heart disease, etc. which is anticipated to be the primary growth driver of the allulose market. Moreover, increasing awareness among the general populace regarding the need to have better and healthy products is further expected to help in boosting the growth rate of the market in the forecast period.
Opportunities: Ease in governmental regulations across the world including approval for use of allulose as sweetener is expected to provide huge growth opportunities to the market in the forecast period. Additionally, increase in incidence of chronic diseases is expected to augment the growth rate of the market.
Restraints: Inappropriate storage and transport facilities in small retail stores is, however, expected to become a restraint in the full-fledged growth of the allulose market.
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Impact of COVID-19 on the Market
The allulose market faced a positive impact due to the COVID-19 pandemic as it led to an increase in the demand for allulose as people across the globe became more health conscious and started maintaining a healthy diet. The growing importance of having a good immunity led to increase in the demand for allulose which helped the market during the pandemic years.
Segments of the Market
The report has divided the allulose market into certain segments based on type, nature, application, and region.
Type: Powdered Allulose Sub-Segment to Have the Highest Market Share
By type, the powdered allulose sub-segment accounted for $74.7 million in 2021 and is predicted to have a dominating market share during the forecast period. Powdered allulose is used in various food products, such as yogurts, smoothies, etc. which is predicted to help in the growth of this sub-segment.
Nature: Organic Sub-segment to be the Most Dominant
By nature, the organic sub-segment is predicted to be the most profitable and surpass $323.1 million in the forecast period. The growth of this sub-segment is mainly on account of the growing awareness among people about consuming organic foods as compared to conventional food products.
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Application: Bakery and Confectionery Sub-segment to be the Most Profitable
By application, the bakery and confectionery sub-segment accounted for $48.9 million in 2021 and is predicted to be the most dominant by 2030. The growth in the food processing industry, especially the bakery and confectionary sector is predicted to be the leading growth factor of this sub-segment.
Region: Market in North America Region to be the Most Lucrative
By regional analysis, the allulose market in the North America region is anticipated to be the most lucrative sub-segment and surge with a CAGR of 9.3% in the forecast timeframe. The growing problem of obesity is predicted to be the main factor behind the growth of the market in this region.
Prominent Market Players
Some of the prominent players in the allulose market are
These players are adopting numerous business strategies like mergers, acquisitions, and collaborations to gain a leading position in the global market.
For instance, in July 2020, Whole Earth Brands, Inc., a leading global food company, announced the launch of ‘Whole Earth Allulose Baking Blends’ which provides for calorie-free and sugar-free baking solutions. This product is becoming hugely popular across the globe and will help the company to capture the market in the next few years.
Finally, the report also summarizes many crucial aspects of the allulose market including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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