A recent study published by Transparency Market Research on the maltitol market includes global industry analysis and opportunity assessment for 2019-2029. Revenue generated from the global maltitol market has been estimated to be valued at ~US$ 189.9 Mn in 2019, which is projected to expand at a CAGR of ~6%, to reach US$ 346 Mn by 2029.
Rising Demand for Confectionery Products to Propel Growth of Maltitol Market
Globally, the demand for confectionery products is rising, especially among millennials. Malatitol is widely used in the food & beverages industry, as it has wide array of applications and is commonly used in making chewing gums, bakery goods, breads, cookies, and carbonated drinks. Moreover, maltitol is used in end products without added sugar, as it is a good substitute for sugar. It also has several other functional properties, such as it helps in sugar reduction and calorie reduction. Demand for chocolates that are low in sugar or even sugar-free and low calorie will continue to grow, which in turn is anticipated to contribute to the growth of the maltitol market.
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Increasing Healthcare Spending Supports Market Growth
The cost of healthcare has risen twice as fast as general inflation, primarily due to extensive research and development activities carried out in the pharmaceutical industry.
According to the European Federation of Pharmaceutical industries and Association (EFPIA), expenditure in the pharmaceutical industry in Europe increased from US$ 37,030.6 Mn in 2011 to US$ 38,055.6 Mn in 2012.
Increasing cost of healthcare has compelled people to opt for vegan products, as these plant-based products provide several health benefits and higher nutritive value such as weight management, lower blood sugar levels, protect against certain cancers, lower risk of heart attacks, and reduce pain caused due to arthritis. Therefore, increasing healthcare expenditure is a key factor driving the demand for low-calorie and zero sugar sweeteners. This in turn will propel the growth of the global maltitol market.
Offer Maltitol for Use in Low-calorie Drinks
Changing lifestyles and increasing pace of urbanization are influencing prevailing trends, as consumers prefer either ready-to-use or finished products. As a result of this, an increase in the consumption of carbonated drinks and other functional products is noticed. Meanwhile, consumers are also aware that the products, which they are consuming should be beneficial. As maltitol has numerous functional properties such as low glycemic index, along with being tooth friendly, it is gaining traction. The rising demand and acceptability of low-calorie sweeteners in different application in beverages is anticipated to influence the existing sweeteners manufacturers to offer low-calorie or carbohydrate sweeteners specially manufactured for beverage applications.
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Leading Manufacturers Offer Superior Quality Sugar-free Products
Consumers prefer excellence in quality and service. Companies are, therefore investing in research and development to produce high quality and innovative products. Furthermore, they are focusing on adopting the latest technologies that will enable consumers maintain high-quality standards. Consumers primarily favor brands that have the best quality products and offer a wide range of options to choose from. Hence, competition is increasing in the food ingredients market, and consumers are ready to pay a higher price for high-quality products. For instance, consumers prefer food products that sugar-free as well as low in calorie. Players offering maltitol can identify manufacturers that are recognized for their high quality offerings and enter into collaborations, with an aim to improve their share in the global maltitol market.