The global aspartame market is projected to grow at a CAGR of 5.30% over the forecast period of 2018-2024. Aspartame is a high-intensity low-calorie sweetener that is approximately 200 times sweeter than sugar. The demand for aspartame will grow on account of raising awareness towards the adoption of a healthier lifestyle and a balanced diet. In addition, raising awareness regarding the negative effects of sugar coupled with the increasing prevalence of diabetes will further boost the demand for this sweetener.
The North American and the European regions held a high share in the market on account of high consumption of beverages, confectionaries, nutritional and dairy products, which are some of the most notable areas where aspartame is used. The Asia Pacific region will witness substantial growth during the forecasted period owing to the rapid urbanization and rise in the average disposable incomes. However, long-term health concerns related to the use of artificial sweeteners will restrict the growth potential of aspartame over the forecast period.
Growing demand for a natural sugar alternative
Rising awareness towards adoption of a healthier lifestyle
Long-term health concerns
Availability of natural substitutes
In February 2018, PepsiCo announced it will be adding aspartame back to its flagship diet Pepsi product after pulling the ingredient in 2015.
The major players profiled in the Aspartame market include Ajinomoto Group, Foodchem International Corporation, Niutang Chemical Ltd., HYET Sweets, Vitasweet, Shaoxing Marina Biotechnology Co., Ltd., Daesang Corporation, Hermes Sweetener Ltd., and Changmao Biochemical Engineering.
The Aspartame market has been analyzed through the following segments:
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