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Aspartame Market
The aspartame market was valued at $375.50 million in 2021, and is estimated to reach $561.7 million by 2031, growing at a CAGR of 3.9% from 2022 to 2031.
WILMINGTON, DELAWARE, UNITED STATES, February 7, 2024 /EINPresswire / -- The market's expansion is attributed to factors such as rising demand for low-calorie sweeteners in food and beverage products, increased awareness of aspartame's health benefits, and an increase in the number of people suffering from diabetes and obesity. The food and beverage industry is the largest aspartame end-user segment, accounting for the majority of market share. Aspartame is widely used in a variety of products, including carbonated soft drinks, powdered soft drinks, dairy products, confectionery, and pharmaceuticals
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The key players profiled in this report include Ajinomoto Co., Inc., Anant Pharmaceuticals, Changmao Biochemical Engineering Company Limited, Foodchem International Corporation, GELERIYA PRODUCTS, Global Calcium Pvt. Ltd., Hermes Sweeteners Ltd., HSWT, Ingredion Incorporated, Nantong Changhai Food Additive Co. Ltd., Prakash Chemicals Agencies, Taj Pharmaceuticals Limited, Vitasweet Co. Ltd., Whole Earth Brands, and Yogi Dye Chem Industries.
Aspartame is a type of high-intensity sweetener that is approximately 200 times sweeter than sugar and is used to increase the experience of sweetness during consumption. It is used in many foods and beverages because it is much sweeter than sugar, so much less of it can be used to give the same level of sweetness. Aspartame is commonly used as a tabletop sweetener, as a sweetener in prepared foods and beverages, and in recipes that don't require too much heating (since heat breaks down aspartame). It can also be found as a flavoring in some medicines.
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The inactive lifestyle of people and rising consumer income are some of the major factors that contribute to the rising cases of weight gain and obesity, which have attracted consumers toward their sugar intake and sugar levels. According to the World Health Organization (WHO), more than 1 billion people worldwide are obese – 650 million adults, 340 million adolescents, and 39 million children. This number is still increasing. WHO estimates that by 2025, approximately 167 million people – adults and children – will become less healthy because they are overweight or obese. Most of the world's population is concentrated in countries where obesity is the reason for premature deaths. As per the ADA standards, the use of aspartame helps in significantly reduce calorie intake and plays a vital role in weight loss. Additionally, when compared to its counterpart, aspartame has higher sweetening power, so it can be consumed in small quantities.
Food that has been processed is consumed on the go and has a longer shelf life. These prepared meals are also becoming more and more popular because of how convenient they are; some of them don't even need to be heated up before eating, thus saving time. Additionally, the availability of processed food has grown over time, which has changed how people eat. UNICEF reports that in 2019–2020, processed food consumption among school-aged teenagers was 42% daily carbonated sugary drink consumption and 46% weekly fast-food consumption. In addition, 77% of the distribution of processed foods worldwide is controlled by about 100 large businesses. Packaged processed food/ready-to-eat processed foods are extremely convenient, less time-consuming, and cost-efficient, and fewer efforts are required for meal preparation. These benefits have increased the demand for processed food, particularly among the working population and students. The increased demand for processed packaged foods is driving the need for aspartame by food manufacturing companies to carry on the production of processed food. The rising preference for processed food is expected to fuel the growth of the global aspartame market .
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The primary aspartame market consumers have access to a variety of artificial sweeteners. The players have been inspired to research and create natural stevia and leaves-based sweeteners as a result of the growing demand for natural and organic food products. These days, consumers prefer low-calorie sweeteners made from organic plants for their food and beverages. This aspect is anticipated to reduce the aspartame market's revenue potential. Concerns about artificial sweeteners and the health issues they may create have been voiced over time. According to experts, aspartame may eventually harm genes and result in cancer. However, a lot of regulatory organizations, including the WHO and the U.S. Food and Drug Administration (FDA), among others, support the proportionate use of aspartame.
Globally, consumers are becoming more health-conscious and moving toward healthier lifestyles. Today, people are spending more on products with more advantages due to greater purchasing power and an emphasis on aesthetics. For people to reach the required nutritional level and stay healthy, there is a high need for supplements and nutraceutical products. Important manufacturers are attempting to profit from the new health fads by putting aspartame in supplements to give them a better flavor. The demand for aspartame is anticipated to rise in the near future due to rising supplement intake. For instance, according to the Ministry of Finance India, Indian pharmaceutical exports achieved 24% growth in FY21. Cumulative FDI in the pharma sector crossed the $20 billion mark by September 2022. Such a rise in the pharmaceutical industry is expected to boost the aspartame market growth.
The aspartame market is segmented into product form, end-user, sales channel, and region. Depending on the form, the market is bifurcated into powder and granular. As per the end-user, it is segregated into food & beverages, pharmaceuticals, and tabletop sweeteners. Based on sales channels, it is categorized into offline and online sales channels. Region-wise, the aspartame market analysis is done across North America (the U.S., Canada, and Mexico), Europe (France, Germany, UK, Spain, Italy, and the rest of Europe), Asia-Pacific (India, China, Japan, Australia, New Zealand, and the rest of Asia-Pacific), and LAMEA (Brazil, Argentina, Saudi Arabia, South Africa, and rest of LAMEA).
Players operating in the global aspartame market have adopted various developmental strategies to expand their aspartame market share, increase profitability, and remain competitive in the market.
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Key findings of the study
According to the aspartame market trends, on the basis of product form, the powder segment dominated the aspartame industry in 2021 and is expected to retain its dominance throughout the forecast period.
On the basis of end-user, the food and beverages industry segment dominated the aspartame industry in 2021 and is expected to retain its dominance during the aspartame market forecast period.
According to aspartame market opportunities, on the basis of sales channels, the online segment dominated the global market in 2021 and is expected to retain its dominance throughout the forecast period.
Region-wise, Asia-Pacific accounted for the highest market share in 2021 and is expected to grow at a CAGR of 4.4%.
David Correa
Allied Market Research
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