Mogroside, an ingredient found in monk fruit, has a number of health advantages. As an antioxidant, mogroside aids in lowering the body's exposure to free radical damage. Ingredients in monk fruit aid in the prevention of diabetes and obesity.
Future Market Insights' research indicates that over the estimated time frame, the monk fruit ingredient market is expected to grow at a CAGR of 4.7%. The industry's estimated value is expected to increase from US$ 169.1 Mn in 2022 to US$ 267.8 Mn in 2032. The market for monk fruit ingredients was worth US$162.8 million at the end of 2021.
Mogroside, an ingredient found in monk fruit, has a number of health advantages. As an antioxidant, mogroside aids in lowering the body's exposure to free radical damage. Ingredients in monk fruit aid in the prevention of diabetes and obesity. Ingredients from monk fruit also have anti-inflammatory and anti-carcinogenic actions, which means they aid in the treatment and prevention of cancer. Ingredients from monk fruit include antibacterial and antimicrobial qualities that aid in preventing the growth of bacteria, particularly oral bacteria that cause oral illnesses.
Monk fruit is thought to have received its name from the Buddhist monks who first grew it about eight hundred years ago. Monk fruit is not only healthy but also has a significant cultural importance in China. The monk fruit, as well as the use of its genetic material, have been outlawed in China.
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Hence, it is cultivated only in China. Owing to the growing awareness regarding the nutritional benefits of monk fruit ingredients, it is expected that the market will have a positive outlook during the forecast period.
Global Monk Fruit Ingredient Market: Market Segmentation
The global monk fruit ingredient market is segmented on the basis of application, product type, and region. Based on product type, monk fruit ingredients market is segmented into monk fruit sweeteners and monk fruit extracts. Owing to the wide applications of monk fruit sweeteners in the food and beverages industry, it is expected to hold relatively high share during the forecast period. High demand for monk fruit sweeteners can also be attributed to its high medicinal value.
On the basis of form, monk fruit market is segmented into dry and liquid form. Liquid form of monk fruit ingredient is expected to grow at relatively high CAGR during the forecast period. On the basis of application, global monk fruit ingredient market is segmented into bakery and confectionery, beverages, dairy food products, packaged food products, dietary supplements, and others such as sauces and condiments. Beverages are expected to occupy high share in the global monk fruit ingredient market over the forecast period.
Global Monk Fruit Ingredient Market: Regional Outlook
Geographically, the global monk fruit ingredient market is segmented into major regions including North America, Latin America, Europe, Asia Pacific, Middle East and Africa. Globally, among all regions, North America is projected to hold relatively high share in the global monk fruit ingredients market. Rising health consciousness coupled with the shift in demand from synthetic to natural ingredients are some of the major factors contributing significantly to the growth of monk fruit ingredients in North America. Asia Pacific region is projected to expand at relatively high CAGR during the reviewed period.
Global Monk Fruit Ingredient Market: Growth Drivers
Monk fruit ingredient market is expected to be driven by its health benefits, antioxidants and anti-inflammatory properties, high nutritional value, and better taste. Growing trend of consumers preferring clean labelled food and beverages is expected to provide a significant boost to the growth of monk fruit ingredients market.
In addition, the rapid growth of monk fruit ingredients can also be credited to the high demand for natural sweeteners in the food & beverages. Rapid urbanization coupled with the changing life-style, change in taste and preferences, change in dietary habits, along with the growing awareness level regarding health benefits of monk fruit ingredients is fueling the growth of global monk fruit market. However, increased prices of monk fruit ingredients is expected to limit the volume growth of the market. Continuous new product launches are expected to fuel the growth of monk fruit ingredient market over the forecast period.
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Global Monk Fruit Ingredients Market: Players
Some of the global key players in the monk fruit ingredients market includes Monk Fruit Corp., Guilin LAYN Natural Ingredients Corp., Archer Daniels Midland Co., Tate & Lyle, GLG Life Tech Corp., among others.Companies in the monk fruit ingredient market are focusing upon expanding their product portfolio through new product launches.
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The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
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Monk Fruit Ingredient Market
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Jan 27, 2023
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