Monk fruit contains extract named mogroside that possess several health benefits. Mogroside, being an anti-oxidant, helps in reducing the free radical damage in the body. Monk fruit ingredients helps in preventing diabetes and obesity. Monk fruit ingredients also possess anti-inflammatory properties and have anti-carcinogenic effects i.e. it helps in treating and preventing cancer. Anti-bacterial and anti-microbial properties of monk fruit ingredients help in inhibiting the growth of bacteria, particularly, oral bacteria that causes oral diseases. It is believed that monk fruit is named after the Buddhist monks who cultivated the fruit nearly eight hundred years ago. In addition to nutritional benefits, monk fruit has a great cultural significance in China. Chinese government has imposed ban on the monk fruit and its genetic material to be cultivated in any other country. 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.
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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.