The Global Allulose Market Size is predicted to be valued at $308,182.9 thousand by 2032, surging from $95,400.0 thousand in 2021, at a CAGR of 11.7%.
Impact Analysis of COVID-19 on the Allulose Market
Major industries such as food and beverage faced unexpected challenges during the COVID-19 pandemic. Government-imposed restrictions, such as lockdowns, production shutdowns, travel bans, and border restrictions, have disrupted the global supply chain. This resulted in a scarcity of raw materials and labor, hampering the production of various small-scale and large-scale food and beverage manufacturing. However, the COVID-19 pandemic changed health and wellness trends dramatically. People have become more concerned about their health and immunity and have begun to consume healthier foods and beverages. To reduce the potential health risks associated with sugar, they are replacing sugar-dense products with low-calorie alternatives. Allulose has gained popularity among health-conscious consumers as it is a low-intensity sweetener. This factor created significant opportunities for the key players operating in the global market. Furthermore, the market is expanding as manufacturers are permitted to operate at full capacity and the population across several countries is fully vaccinated.
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Major companies operating in the market implemented contingency plans to mitigate the impact of the COVID-19 pandemic in the first half of 2020. 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 shop, cook, and eat healthily.
Global Allulose Market Analysis
Allulose is a monosaccharide that has 90% fewer calories than sucrose. Allulose is ‘generally recognized as safe’ (GRAS). Allulose is a powerful ingredient that can help in managing diabetes as it helps in lowering blood sugar thereby decreasing the risk of type 2 diabetes. Allulose has a similar taste and texture as that of table sugar and it is 70% as sweet as sugar. As 70% of allulose consumed by an individual is absorbed by the blood via the digestive tract and it leaves the body via urine. The early research study suggests that allulose has anti-inflammatory properties that help in preventing obesity and minimizing the risk of chronic diseases. Allulose is available in certain snack brands such as SOBAR and Quest Nutrition which offers various health benefits. These factors are anticipated to boost the allulose market size in the upcoming years.
Some research studies have stated that consumption of allulose in large quantities can lead to stomach discomfort and bloating which may hamper the product demand in the upcoming years. The high cost of allulose compared to other sugar alternatives available in the market is estimated to hinder the market growth during the forecast period. This is because allulose is present only in small quantities in food such as figs, corn, wheat, and others.
Food preferences among consumers have changed dramatically over time which is paving way for healthier lifestyles. Manufacturers need to spend money on developing new products to offer unique flavors. To create new flavors, ingredients, and textures that can give consumers a fresh taste experience, they need to spend on R&D. In addition, they must spend money on researching new market trends, brands, and items. Businesses need to purchase brands that have a great chance of fostering future growth. Therefore, product development can give allulose producers more growth opportunities in the upcoming years.
Global Allulose Market, Segmentation
The allulose market is segmented on the basis of nature, type, application, and region.
The nature segment is further classified into organic, and conventional. Among these, the organic sub-segment accounted for a dominant market share in 2021. Organic allulose is made from grains sourced organically. Organic raw materials are made from natural resources and do not contain any harmful chemicals. Organic allulose does not contain any synthetic pesticides, colors, or preservatives. Although not gluten-free, these grains are a good source of iron and plant-based protein. An increase in awareness of the various advantages of organic products over their conventional counterparts has resulted in an increase in demand. Products free of harsh chemicals, petrochemicals, and preservatives have gained popularity in recent years. The rise in consumer demand for organic food products, primarily due to an increase in health consciousness, has resulted in significant demand for organic allulose.
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The type of segment is further classified into powder, liquid, and crystal. Among these, the powder sub-segment accounted for a dominant market share in 2021. Powdered allulose products are expected to dominate the market, followed by liquid and crystal allulose products. Allulose is a natural powdered sugar and is becoming more popular among the population owing to an increase in awareness about maintaining health. Powdered allulose is a dried version of allulose that finds its primary application in the food industry due to its superior handling properties in food applications.
The application segment is further classified into food, bakery and confectionery, dairy and frozen desserts, sauces and dressings, beverages, and others. Among these, the bakery and confectionery sub-segment accounted for a dominant market share in 2021. Bakery and confections are food products made from sugar, which is high in carbohydrates. Candied nuts, chewing gums, sweet toffees, jellies, cotton candies, icing, frostings, glazes, lollipops, and others are some of the majorly consumed and manufactured products. These food products are used to reduce stress, alleviate boredom, and satisfy cravings. Health awareness & consciousness among customers and changes in consumer eating habits & tastes drive innovation in the confectionery industry which further expands the confectionery allulose market share.
The allulose market in Asia-Pacific is projected to show the fastest growth during the forecast period. Asia-Pacific is the largest contributor to the allulose market due to major shifts in dietary patterns, diversified diets, an increase in healthcare awareness, and nutritional transition. Since the last two decades, the Japanese starch and dietary fiber organization, also known as Matsutani Chemical Industry Co. Ltd., has been primarily focused on the advancement of allulose and its use as a low-calorie sweetener. China is a major importer and retail market for frozen ready-to-eat and frozen meat products. All these factors are projected to drive the regional all-a-loose market growth during the forecast period.
Key Players in the Global Allulose Market
Some of the leading allulose market players are
· Matsutani Chemical Industry Co. Ltd
· Tate & Lyle PLC
· CJ Cheil Jedang
· Bonumose LLC
· Cargill Inc
· Ingredion Incorporated
· Samyang Corporation
· Anderson Global Group
· Quest Nutrition
· Apura Ingredients
For instance, in December 2019, Ingredion, the leading allulose manufacturer, opened its new manufacturing facility in Mexico to boost the production of allulose in Latin America. The company manufactures ASTRAEA Allulose, a sweetener, which will be marketed and sold across the Americas.
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