Indian Saccharin Market Outlook to 2024: A Big Billion Opportunity
The latest report by IMARC Group, entitled “Indian Saccharin Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, estimates that the Indian saccharin market reached a volume of 4,653 Tons in 2018. At present, India represents both the largest producer as well as consumer of sugar across the globe. Increasingly inactive lifestyle of the population, particularly in the urban regions of the country, has consequently given a rise to the prevalence of obesity, diabetes, hypertension and other lifestyle diseases. Owing to this, a large section of the society is favouring healthier sugar substitutes such as saccharin. Saccharin is a sweetening agent which is 200-700 times sweeter than sugar. As saccharin does not break down during the process of digestion and passes through the body unchanged without contributing to the calories, it is widely used amongst the Indian consumers.
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On account of altering food patterns as well as escalating health consciousness, consumers are increasingly preferring artificial sweeteners, especially for controlling a spike in their sugar levels, which is augmenting the demand for saccharin in the region. Moreover, saccharin is used in the food and beverage sector for manufacturing baked goods, canned fruits, salad dressings, chewing gums, carbonated drinks and confectionery food items. As the food and beverage industry is witnessing a strong growth, it is therefore offering lucrative opportunities to the investors of the saccharin market. Apart from being used in the food and beverage industry, saccharin is also employed in other industries like pharmaceutical, cosmetics, personal care, and electroplating industry. Within the pharmaceutical industry, saccharin is most commonly utilised in the formulation of oral care products like cough syrup and mouthwash. Other factors which are contributing to the market growth include population growth, escalating working population, inflating disposables incomes and hectic work schedules which have increased the dependence on ready-to-eat (RTE) food products. Looking forward, the market volume is projected to exceed 5,341 Tons by 2024, expanding at a CAGR of 2.3% during 2019-2024.
Market Summary:
- Based on type, the market has been segmented as sodium saccharin, insoluble saccharin and calcium saccharin. Currently, sodium saccharin accounts for the majority of the market share, representing the most popular product type.
- On the basis of application, food and beverages represent the leading segment with the biggest market share. Other applications of saccharin in India include table top sweeteners, personal care products, pharmaceutical and others.
- The competitive landscape of the market has also been examined with some of the key players being Blue Circle Organics Pvt. Ltd., Vishnu Chemicals Limited, Organic Industries Pvt. Ltd., Aviditya Chemicals and Pharmaceuticals, and Salvi Chemicals.
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