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.
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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.
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