Soaring Demand for Allulose Products from Health Conscious Consumers to Propel Allulose Market
At present, consumers are increasingly more conscious about health and wellness worldwide. The significant rise in the number of health-conscious consumers has played an imperative role in increasing the demand for low-calorie and low-sugar food ingredients and products. At the back of growing interest in low-calorie products, consumers are increasingly swaying toward the use of allulose. The demand for allulose is on the rise, as it has emerged as a promising alternative for natural sugar. In addition, several studies have also revealed that apart from containing around one-tenth of the total calories of that in sugar, consumers are leaning toward the use of allulose, as it does not cause dental decay and is relatively safer than sugar.
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Although a broad range of artificial sweeteners has hit the market in the past couple of decades, consumer demand for allulose is on the rise, thus driving the allulose market. Consumer trends suggest a growing interest in science-based data and transparency from food and beverages manufacturers. The labeling guidance released by the Food and Drug Administration (FDA) has shown the green signal to the use of allulose as a substitute for specific sugars– a factor that is expected to propel the demand for allulose during the forecast period. At the back of these factors, the global allulose market is expected to attain a market value of ~US$ 450 Mn by the end of 2030.
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Consumers Shy Away from Processed and Refined Food Products, Minimize Sugar Intake
Due to the growing awareness regarding drawbacks of high uptake of natural sugar, a range of sugar alternatives have gained popularity. Despite the higher price range compared to other sugar alternatives, allulose continues to gain popularity among health-conscious consumers. Current observable consumer trends suggest a major shift away from refined and processed food products. In addition, the high prevalence of diabetes across the world is another factor that has accelerated the pursuit of effective sugar alternatives due to which, the demand for allulose is anticipated to grow at a healthy pace in the forthcoming years. Over the next few years, research and activities within the allulose market are projected to gain momentum as dieticians and experts continue to advocate the potential of including allulose in health and weight management programs. Manufacturers operating in the current allulose market landscape are expected to comply with the labeling guidance released by the FDA.
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Companies Aim to Maximize Production, Gain FDA Approval
Companies operating in the allulose market are expected to rely on both, organic as well as inorganic growth strategies to gain a competitive edge. Product launches, FDA approval, research and development, and maximizing production capacity and efficiency are likely to remain a priority for market players. For instance, in November 2019, Ingredion announced the opening of a new allulose facility– a move that will enable the company to cater to the markets in Asia Pacific and the Americas. As companies continue to push for the Generally Recognized as Safe (GRAS) certification, particularly in the U.S., the production of allulose is likely to grow at a healthy pace over the next few years. Companies are also expected to focus on the commercialization of allulose sweetener. For instance, in September 2019, Blue California, announced that the company would scale up production of allulose and aims to attain the GRAS status for its allulose products.
Companies Turn to Contingency Strategies amidst COVID-19 Pandemic
The onset of the novel COVID-19 pandemic is expected to affect the growth of the global allulose market, particularly in 2020 and the first half of 2021. As governments across the world continue to combat the pandemic by imposing lockdowns, trade restrictions and disruption in the supply chain within the allulose market are expected to impact the expansion of the market in the next few months. Market players are likely to adopt to contingency strategies in the first half of 2020 to mitigate the impact of the COVID-19 pandemic. Moreover, in the current scenario, as consumers are highly in favor of purchasing only ‘essential goods & services’, the demand for allulose is expected to dip.
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