DUBLIN, Aug. 9, 2023 /PRNewswire/ -- The "Global Aspartame Market 2023-2029" report has been added to ResearchAndMarkets.com's offering.
The global aspartame market is expected to grow at a CAGR of 3.5% and reach $476.4 million by 2029. Several factors are contributing to the market's growth, including the approval of aspartame usage across various sectors by prominent food ingredient regulatory agencies like the US Food and Drug Administration (FDA).
However, the COVID-19 pandemic had a severe impact on the aspartame sector initially due to the non-essential nature of sweeteners during the lockdowns. Nevertheless, as people turned to functional foods and sugar-free products, the demand for aspartame is expected to rise during the forecast period.
Market Growth Factors
- Growing knowledge of sugar's harmful impacts on health: The harmful effects of added sugar on health, such as diabetes and cardiovascular diseases, have led governments worldwide to reduce sugar consumption. As a result, the demand for aspartame, a low-calorie alternative, is increasing as people seek healthier options.
- Growing pharmaceutical sector to drive aspartame consumption: The increasing health consciousness among consumers is driving the demand for nutraceutical products and supplements. Major manufacturers are incorporating aspartame into supplements to improve taste and capitalize on the emerging health trends.
Market Restraining Factors
- The rising availability of natural sweeteners and other products: With the demand for organic and natural food products, consumers have access to various natural sweeteners. This has led to concerns about artificial sweeteners and may reduce the demand for aspartame.
Key Companies
Key companies in the aspartame market which are profiled in the report include:
- Ingredion Incorporated
- Changmao Biochemical Engineering Company Limited
- Whole Earth Brands, Inc.
- Foodchem International Corporation
- Taj Pharmaceuticals Limited
- Global Calcium Pvt. Ltd.
- Geleriya Products
- Nantong Changbai Food Additive Co. Ltd. (Guangye L&P Ingredient Co. Group)
- Prakash Chemicals Agencies Pvt. Ltd.
- Hermes Sweeteners Ltd.
Scope of the Study
By Product Form
- Powder
- Granular
The granular form of aspartame is witnessing considerable growth in the market. Aspartame granular is a nutritive sweetener made from amino acids and is used in various food products to enhance taste and extend shelf life.
By End-user
- Food & Beverages
- Beverages
- Bakery & Confectionery
- Dietary
- Dairy
- Pharmaceuticals
- Table-Top Sweetener
The food and beverages segment dominates the aspartame market due to its widespread use in different food products, including sweets, candies, diet beverages, and carbonated drinks. The beverages segment is leading the way in the aspartame market due to increased demand for low-sugar and no-sugar variants in drinks.
By Sales Channel
- Offline
- Online
The offline sales channel is currently the primary distribution channel for aspartame, with conventional and organic food products readily available in physical stores.
By Geography
- North America
- Europe
- Asia Pacific
- LAMEA
The Asia Pacific region holds the largest revenue share in the aspartame market, driven by regulatory approvals and increasing demand for sweeteners in countries like New Zealand and Australia.
For more information about this report visit https://www.researchandmarkets.com/r/edszzx
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SOURCE Research and Markets
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