Global aspartame market is expected to grow at a significant CAGR in the upcoming period as the scope and its applications are rising enormously across the globe. Aspartame is an artificial non-saccharide sweetener that constitutes combination of amino acids, aspartic acid, and phenylalanine. It is 200 times sweeter than sugar and lowers the calories in food and beverage.
The factors that are playing a major role in the growth of the market are the rising demand among health-conscious people, acceptance of healthy lifestyle & balanced diet, and the growing occurrence of diabetes. However, rising use of artificial sweeteners may restrain overall market growth in the years to come. Aspartame market is segmented based on application, distribution channel, and region.
The market may be categorized based on applications like animal and agriculture feed, food production, cosmetics, beverages, pharmaceutical, and others that could be explored in aspartame in the forecast period. Food production sector accounted for the substantial market share of aspartame and is estimated to lead the overall market in the years to come. In addition, the beverage sector is estimated to grow at the fastest pace in the years to come.
Based on the distribution channel, departmental stores, supermarket, convenience stores, and others could classify aspartame in the forecast period. The supermarket sector accounted for the substantial market share of aspartame and is estimated to lead the overall market in the years to come.
Globally, North America accounted for the substantial market share of aspartame and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be the presence of key manufacturers in the region and the high consumption of dairy products, beverages, nutritional products, and confectionaries. The United States and Canada are the major consumers of aspartame in this region.
Europe and the Asia Pacific are also estimated to have a positive influence on future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at the highest CAGR in the forecast period. The aspects that may be ascribed to the growth comprise the rising demand from emerging countries and approval from governing agencies for the use of intense sweetener. The developing countries like India and China are the major consumers of aspartame in the region.
The key players of aspartame market are Changmao Biochemical Engineering, Ajinomoto Group, Daesang, NutraSweet Company, Shaoxing Marina Biotechnology Co., Ltd., Niutang Chemical Ltd., Foodchem International Corporation, HYET Sweet, Vitasweet, Merisant, Cargill Incorporated, Ingredion Incorporated, and Hermes Sweetener Ltd. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
• Beverage & Food
• Dairy Products
• North America
• Asia Pacific
• Middle East and Africa
• South America
• Gsweet Biotech
• Hanguang Group
• HYET Sweet
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Key Questions Answered in this Report
• What will the market size be in 2023?
• What are the key factors driving the global aspartame market?
• What are the challenges to market growth?
• Who are the key players in the aspartame market?
• What are the market opportunities and threats faced by the key players?
Research Support Specialist, USA