The global sweet protein market value is projected to increase from US$ 12.1 million in 2023 to US$ 19.7 million by 2033. It will exhibit robust growth, with sweet protein demand rising at a CAGR of 8.1% throughout the forecast period.
Demand remains particularly high for thaumatin, with the target segment expected to account for a revenue share of 43% in 2023. This is due to its high sweetness intensity, long-lasting effect, and other benefits.
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There is a growing consumer desire for natural substitutes for food additives, including sweeteners, that have undergone little processing. This is putting sweet protein into the limelight and boosting their sales.
Companies are adding sweet proteins to improve the flavor of a variety of functional food and drinks, such as protein bars, shakes, and snacks, without disturbing the nutritional content. This will boost the growth of the sweet protein market during the assessment period.
The movement towards plant-based and vegan diets is also impacting sales of sweet proteins. Also, there is a growing market for sweet proteins and other substitute sweeteners with national initiatives for reducing sugar consumption.
Key sweet protein manufacturers are looking to extract their products from natural sources like stevia and monk fruits. This will help them to walk with the plant-based trend. Several companies are also focusing on using advanced extraction and processing technologies to solidify their positions.
“Consumers are becoming picky about ingredients added to food, and they are searching for products with clean labels, which is creating growth prospects for the sweet protein industry. Also, new developments in food processing have made it possible to create products with better flavor profiles, which appeals to customers more,” – says Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience.
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Key Takeaways from the Global Sweet Protein Market Study Report
- The global market for sweet proteins is set to attain a valuation of US$ 19.7 million in 2033.
- By product type, the thaumatin category is expected to account for a value share of 43% in 2023.
- Based on end-use application, the confectionery segment is projected to hold a revenue share of 24% in 2023.
- The United States held around 17% share of the global market in 2022.
- Demand for sweet proteins in the United Kingdom is set to rise at 5.6% CAGR through 2033.
- China is anticipated to register a CAGR of 5.6% between 2023 and 2033.
- Sales of sweet proteins in India are projected to soar at 6.7% CAGR through 2033.
Who is Winning?
The market competition for sweet proteins is still consolidated and sparsely distributed. To satisfy the precise taste and functional needs of consumers as well as food and beverage firms, market players are providing customized sweet protein blends. They are utilizing novel technologies to reduce costs and improve the quality of their products.
Recent Developments by the Sweet Protein Market Players:
- Sweegen, a global leader in sweetness and flavor innovations, introduced its Sweetensify Flavors product line, its newest sweet protein solution, in April 2023.
- Oobli chocolate bars, the first-ever sweet protein-powered confection to hit the market, were introduced by Oobli in December 2022.
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Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global sweet protein market, presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study incorporates compelling insights on the sweet protein industry based on product type (brazzein, thaumatin, monellin, mabinlin, curculin, and other types) and end-use application (bakery goods, sweet spreads, confectionery, sauces, jams, and dressing, syrups, chocolate, ice cream, yogurt, dairy product, carbonated drinks, and other applications) across several regions.
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