Knowledge Sourcing Intelligence announces the publication of a new report on “Global Aspartame Market – Forecasts from2018 to 2024" to their offering.
Aspartame is a high-intensity low-calorie sweetener which is approximately 200 times sweeter than sugar. The ingredients of aspartame are phenylalanine and aspartic acid, both of which are naturally occurring amino acids.
According to the report, the Global Aspartame Market is projected to increase at a CAGR of 5.30% in the coming years.
Rising Demand for Low-Calorie Food and Beverages Globally
Rising prevalence of lifestyle-related diseases such as obesity and diabetes has raised concerns regarding the consumption of sugar in food and beverages. With high consumption of convenient food and beverage items, especially in developing economies, the demand for artificial sweeteners such as aspartame is augmenting significantly thereby, driving the market growth. Aspartame is approved as an artificial sweetener by major agencies- the U.S. Food and Drug Administration and the European Food Safety Authority. Furthermore, global organizations such as the World Health Organization (WHO), American Heart Association, and United Nations Food and Agriculture Organization (FAO) also endorse aspartame as a safe artificial sweetener. There has been a growing adoption of aspartame as the artificial sweetener in various food and beverage products such as diet soft drinks, powdered drinks, dried pudding or jello mixes, chewing gum, some cold breakfast cereals, some dairy products, and frozen desserts. Growing focus on weight management is further driving the demand for aspartame across the global food and beverage industry.
However, the easy availability of substitutes of aspartame is restraining the market growth. Substitutes of aspartame as an artificial sweetener include honey, maple syrup, stevia leaves, and agave nectar. Rising consumption of natural sweeteners is thus, hindering the market growth of aspartame which is a type of artificial sweetener. Also, the recent COVID-19 global pandemic outbreak has further affected the demand for aspartame with temporary halt in production at facilities due to nationwide lockdowns and mandatory social distancing measures for controlling the transmission of the coronavirus.
By application, global aspartame market has been segmented into dairy, beverages, confectionary and bakery, processed food, and others. Rising awareness among people regarding the adverse impact of consuming high calorie food items on health is shifting their preference towards food products with low-calorie artificial sweeteners. As such, processed food manufacturers are also using different artificial sweeteners such as aspartame across their wide product portfolio. This is spurring the overall global aspartame market growth. Booming dairy industry is further escalating the demand for aspartame, thus positively impacting the global aspartame market growth during the forecast period.
By geography, the global aspartame market has been segmented as North America, South America, Europe, Middle East and Africa, and Asia Pacific. North America accounted for a considerable market share in 2019. Growing concerns regarding health problems such as obesity and Type 2 diabetes is encouraging people to lower down the consumption of sugar and switch to artificial sweeteners which are low in calorie but sweeter than sugar. The USDA (United States Department of Agriculture) data suggests a declining per capita sugar consumption along with the decline in the high-fructose corn syrup. Asia Pacific (APAC) aspartame regional market is projected to witness a substantial compound annual growth rate during the forecast period. This growth is attributed to the booming demand for convenient food and beverage items with artificial sweeteners such as aspartame. Furthermore, the presence of several food and beverage manufacturing units across this region, with companies continuously expanding their production facilities, will continue to bolster the aspartame market growth in Asia Pacific region during the forecast period.
The major players covered as part of the report are Ajinomoto Group, Foodchem International Corporation, Niutang Chemical Ltd., Shaoxing Marina Biotechnology Co., Ltd., HYET Sweets, Vitasweet, Daesang Corporation, Changmao Biochemical Engineering, and Hermes Sweetener Ltd.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-aspartame-market
This report has segmented the global aspartame marketon the basis following terms:
- Confectionary and Bakery
- Processed Food
- United States
- Middle East and Africa
- South Korea
- North America