INTHEBLACK October/November 2024 - Magazine - Page 49
Stevia plant
The ideal scenario for growers, according to
Gilligan, would be for a sustainable aviation
fuel industry to complement existing sugar
production for use in foods and beverages.
FORTUNE FAVOURS THE BOLD
Although question marks exist around
the health impacts of sugar alternatives, it
remains a huge and growing market, with
market intelligence company Future Market
Insights predicting that the sugar substitutes
market is likely to be valued at US$28.57
billion (A$42.52 billion) by 2033, up from
US$17.13 billion (A$25.50 billion) in 2023.
Such numbers up the ante on sugar
producers to seek out new markets. Cook
says canegrowers and millers are typically
split about their embrace of innovation, but
they resist change at their peril.
“There’s a whole group of growers or
millers who want this change to happen
yesterday. At the other extreme, you’ve got
a group who are saying, ‘No, let's just keep
doing what we're doing. We are good at
what we do. Why would we want to change?’”
Cook says such an approach could leave
the industry exposed, whether it is at the
hands of an ambitious macadamia farmer,
a major solar farm operator or a long-time
market player.
Innovators such as MycoTechnology prove
Cook’s point as companies queue up to offer
new and hopefully healthier alternatives
to sugar and artificial sweeteners, with the
latest trends including liquid grape sugar
and date-based syrups and pastes.
In 2023, Coca-Cola launched tests of a
Diet Coke variant that replaces artificial
sweeteners with a blend of monk fruit and
stevia – putting a new spin on the beverage
giant’s famous slogan “You can’t beat the
real thing”. ■
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