Dry Monk Fruit Sweeteners Market Size (2023 - 2030)

As per our research report, the Global Dry Monk Fruit Sweeteners Market was valued at $400 million, and is projected to reach a market capitalization of $560.19 million by 2030, growing at a forecasted CAGR of 4.3% from 2023 - 2030. Growing consumer demand for processed food and beverage products made with natural and organic ingredients, rising consumer interest in low-calorie substitutes for sugar in a variety of foods and beverages, and rising demand for pharmaceutical applications and treatments are some of the factors propelling the market's expansion.

Industry Overview:

A little, green gourd that resembles a melon is referred to as a "monk fruit." It's also referred to as Luo Han Guo. The fruit was first used by Buddhist monks in the 13th century and is primarily found in Southeast Asia. These fruits are dried and used to prepare therapeutic teas.  Monk fruit sweeteners are produced using the fruit's extract and may be combined with dextrose or other substances to get the desired level of sweetness. These fruit extracts are thought to be 150–200 times sweeter than sugar and are free of calories, fat, salt, and carbs. Pure monk fruit sweeteners only have the juice of the fruit in them. There are liquid and powder versions of it available. Monk fruit extract-based sweeteners with a bulking agent are more frequently available to customers. Erythritol, dextrose, and allulose are all considered bulking agents. The use of monk fruit sweeteners is facilitated by the use of these substances. These monk fruit sweeteners are available for consumers to use in baking as well as beverages. At high temperatures, monk fruit sweeteners are still stable. The texture, appearance, and flavor of baked items may change when monk fruit sweetener is used instead of sugar, though.

One of the key factors propelling the monk fruit sweetener market is the rising demand for low-calorie products such as monk fruit sweetener as a sugar substitute. The global increase in diabetes prevalence increased consumer health consciousness, and increasing demand for naturally derived sweetener substitutes all contribute to the market expansion of monk fruit sweeteners. The market for monk fruit sweeteners is being influenced by factors such as consumer preference for organic and natural products, growing awareness of the harmful health effects of sugar, such as obesity and diabetes, and the growing popularity of the sweetener owing to its unique properties that include being anti-inflammatory, anti-microbial, and anti-carcinogenic. Additionally, changing customer preferences, increased public awareness of the product's health benefits, and a rise in disposable income all favorably impact the market for monk fruit sweeteners. As a result, food brands now place a high priority on reducing sugar content and switching to low-calorie sweeteners in place of traditional sugar. Additionally, the profit potential for the companies in the monk fruit sweetener market is expanded by innovations with new product compositions. Key growth drivers for the Monk Fruit Sweetener market are technological advancements that enable effective operational maintenance, efficient production, an expanded product portfolio, sophisticated design and packaging, and sales monitoring.  The Monk Fruit Sweetener market is likely to be constrained by strict rules and various standards around the world, increasing competition, and fluctuating raw material prices.

COVID-19 pandemic impact on Dry Monk Fruit Sweeteners Market

The demand for low-calorie, organic, naturally produced sweeteners increased among consumers during the COVID-19 pandemic. This can be attributed to growing customers' concern about their health. Customers' immune systems are boosted by the antioxidants in monk fruit sweeteners. COVID-19 spread over the world causing several plants, industries, and sites to close their doors, as well as a reduction in production capacity. Manufacturers in the monk fruit sweetener sector faced difficulties as a result of lockdowns occurring all around the world in 2020 and continuing limitations in 2021, which disrupted the supply chain. Numerous social and behavioral changes caused by the COVID-19 pandemic affect how people eat and drink.  A considerable increase in the use of comfort foods was observed among consumers during the pandemic. According to Archer Daniels Midland Company (AMD), the focus on health and immunity will influence food and beverage trends in the upcoming years, with more than 50% of consumers searching out goods with naturally beneficial components.

MARKET DRIVERS:

The shift in consumer inclination toward the consumption of low-calorie alternatives to sugar in various foods and beverages is a significant element influencing the market's expansion

The market is primarily driven by consumer health consciousness as a result of increased demand for organically derived sweetener substitutes, awareness regarding the harmful health effects of sugar, and growing demand from diabetic patients. Additionally, the addition of functional qualities like anti-inflammatory, anti-microbial, and anti-carcinogenic characteristics to monk fruit sweeteners is anticipated to increase their medical value and support the market's expansion. Additionally, market expansion has been aided by breakthroughs in new product formulations. The chemicals found in artificial sweeteners are harmful to human health. The dry monk fruit sweetener has few calories and is good for the health of the consumer. Sugar consumption causes a rise in weight as it rapidly raises blood sugar. Mogrosides, a class of organic chemicals, give monk fruit its sweetness. The fruit's mogrosides are thought to have anti-inflammatory properties and may help prevent cancer and maintain stable blood sugar levels.

The dried monk fruit sugar market is anticipated to grow in response to the rising demand for pharmaceutical applications and treatments.

To address the need for low-calorie, healthy, and delectable food, monk fruit sugar is utilized in food products such as health drinks, jams, sauces, sweets, jellies, and more. It is widely used in the pharmaceutical sector for the treatment of cough, respiratory conditions, constipation, and diabetes. As a result, the market for the product is projected to experience an increase in demand throughout the forecast period.

MARKET RESTRAINTS:

The high cost of dry monk fruit sweeteners can restrain the market's expansion

Monk fruit is rarely consumed raw since, soon after being harvested, it swiftly ferments and goes bad. Monk fruit extract is used to make just a small number of sweeteners, possibly because it is expensive to grow and challenging to harvest. In addition to being pricey, the fruit's genetic material cannot currently be transported from China due to Chinese law. This restricts monk fruit's ability to become widely popular. As a result, there are fewer options for monk fruit sweeteners available on supermarket shelves. Imported dried monk fruit is available in some Asian markets. The price and availability of monk fruit and stevia are their key distinctions. As monk fruit is challenging to harvest, stevia sweeteners are often easier to get and less expensive than monk fruit sweeteners.

The availability of numerous artificial sweeteners and limited research and studies on the risks of monk fruit consumption may have an impact on the market growth

Monk fruit is difficult to cultivate, gather, harvest and dry. Additionally, processing and import are expensive. Monk fruit sweetener is hence more expensive than other artificial sweeteners. As a substitute for sugar, artificial sweeteners are becoming more and more common. Artificial sweetener sales are rising as a result of aggressive marketing by manufacturers. The availability of various artificial sweeteners has shifted consumer preferences towards artificial sweeteners and can restrain the growth of the dry monk fruit sweetener market. Additionally, Monk fruit may carry a small risk of allergic response, just like other meals. Although monk fruit is natural and the FDA has not yet received any reports of any adverse effects from consuming it, there haven't been many tests done on it. It will take further research to demonstrate that its use is secure in the long run. Nevertheless, it has no known negative effects, and the FDA has classified it as GRAS Generally Recognized as Safe) since 2010.

DRY MONK FRUIT SWEETENERS MARKET REPORT COVERAGE:

Dry Monk Fruit Sweeteners Market – By Nature

• Organic

• Conventional

Based on Nature, the Dry Monk Fruit Sweeteners Market is bifurcated into Organic and Conventional. The Organic monk fruit sweetener segment is predicted to grow significantly during the forecast period. More people are consuming fruit juices, more nutritious beverages, and dairy products made with organic components as a result of an increased focus on personal health, well-being, and immunity. Global demand is rising for frozen desserts, bakery goods, and confectionery items with low-calorie sweeteners

Dry Monk Fruit Sweeteners Market – By Distribution Channel

• Supermarket/ Hypermarket

• Convenience Stores

• Online Channels

• Others

Based on Distribution Channel, the Dry Monk Fruit Sweeteners Market is bifurcated into Supermarkets/hypermarkets, Online Channels, Convenience Stores, and Others. As more people have access to the internet, the global online market for the purchase of such food products has seen rapid growth in recent years. As a result, a few vertical specialists, such as Amazon, Walmart, Carrefour, etc., have emerged to compete for a sizeable share of the online dry monk fruit sweeteners market.

Dry Monk Fruit Sweeteners Market - By Region:

• North America

• Europe

• Asia-Pacific

• Rest of the World

The market for dried monk fruit sweeteners in North America is anticipated to expand significantly over the projected period, driven by the demand for organically derived sweeteners and flavorings in baked goods, dairy products, and confectionery. Numerous diabetic and obese individuals in the area are looking for sugar substitutes with no calories that won't affect their blood glucose levels. The regional industry prospects are likely to be improved by continued efforts by the food and beverage businesses to achieve these standards. Additionally, it is projected that the use of dry monk fruit sweeteners in sports and nutritional supplements would have an impact on the growth of the market in this area. The monk fruit sweetener market is dominated by North America and Europe owing to the growing online food industry, rising demand for naturally derived sweeteners, and extensive use of monk fruit as a flavoring ingredient in various food products. The market for dry monk fruit sweeteners is predicted to rise strongly over the forecast period in the Asia Pacific region. Consumers are also swiftly shifting their spending priorities away from necessities, which will help the Asia Pacific Monk Fruit Sweetener market grow. The use of natural sugar substitutes is being driven by end-user desires for natural and safe ingredients as well as "clean-label" solutions.

Major Key Players in the Market

Prominent players operating in the dry monk fruit sweeteners market are

1. Archer Daniels Midland Company

2. Monk Fruit Corp

3. Tate & Lyle, GLG LIFE TECH CORP

4. Layn Corp

5. Firmenich SA

6. Steviva Brands, Inc.

7. NOW Foods

8. LAKANTO

9. Whole Earth Sweetener Co., LLC.

10. BioVittoria Co.

11. Matakana Superfoods

12. Apura Ingredients

13. Imperial Sugar,

14. Bulk Barn Foods Limited

15. GroupKrisda Stevia Canada Inc .

16. Health Garden USA

Some of the most well-known firms in the dry monk fruit sweeteners market include Archer Daniels Midland Company, Tate & Lyle Co., Monk Fruit Corp., Lakanto, and BioVittoria Co. To capitalize on monk fruit's rising market popularity, these companies are launching new types of sweeteners. For instance, Lokanto provides a variety of monk fruit sugar products with a 1:1 sugar replacement ratio and zero glycemic indexes for diabetic patients. The company sells a variety of goods, such as chocolate bars, sweeteners, and other things.

Notable happenings in the Dry Monk Fruit Sweeteners Market in the recent past:

• Partnership-  In October 2021, Apura Ingredients announced cooperation with EPC Natural Products Company, which offers complete sensation optimization through its array of taste and flavor modulators. EPC Natural Products Company is the market leader in high-quality, low- and no-calorie sweeteners. The collaboration will give food, beverage, and nutrition makers around the world a new toolkit for creating sugar-reduced products that nonetheless have exceptional taste and texture.

• Partnership-  In October 2021, Tate & Lyle PLC, the top provider of ingredients and solutions for the food and beverage industry, announced extending its productive partnership with distributor Azelis in Europe to three new nations: Greece, Bulgaria, and the Republic of North Macedonia beginning in early 2022.