The ‘Global Aspartame Market Share, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global aspartame market, assessing the market on the basis of its segments like raw material, application, end use, distribution channel, and major regions.
Aspartame Market Size, Share, Price Trends, Industry Report, Key Players, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 4.8%
The increasing use of aspartame, as an alternate to sugar, in various food and beverages such as carbonated drinks, juices, diet sodas, sugar-free desserts and puddings, chewing gums, and protein bars, among others, is driving the demand for aspartame. The increasing inclination of youth towards health and fitness, is also leading to a heightened consumption of aspartame. Further, the rising consciousness about calorie intake, among the working population, is escalating the sale of low-calorie, sugar-free products loaded with aspartame, which is in turn boosting the aspartame market.
Aspartame is used various types of seasonings to a slight sweet flavouring to cooked meals without adding on calories or sugar content, which is another market driving factor. It is versatile and is used in various downstream products such as medicines, syrups, condiments, and dairy products. The increasing demand for light yogurt and flavoured milks with no sugar and low-calorie content is further fuelling the aspartame market.
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Furthermore, aspartame is used to provide flavour to some medicines. In this regard, the thriving pharmaceutical industry and growing sale of mild flavoured oral medications are increasing the application of aspartame in the pharmaceutical sector.
Aspartame Industry Definition and Major Segments
Aspartame is a non-saccharide sweetener which is used as an alternative to sugar in carbonated drinks. It is around 150-200 times sweeter than sugar but contains lower calories. It is a white coloured and odourless compound, which is made up of aspartic acid and phenylalanine, two types of amino acids.
Based on raw material, the market can be segmented into:
• Aspartic Acid
On the basis of application, the market can be divided into:
• Dairy Products
• Confectionery Assorts
• Medicine and Nutritional Products
By end use, the market can be segmented into:
• Food and Beverages
On the basis of distribution channel, the market can be divided into:
• Convenience Stores
• Departmental Stores
Based on region, the market can be categorised into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
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Aspartame Market Trends
The key trends in the global aspartame market include the growing innovations and product developments in the personal care industry which is escalating the incorporation of aspartame in various cosmetics. The rising disposable income and increasing brand awareness among the population are fuelling the demand of aspartame.
The growing popularity of aspartame-based carbonated drinks such as Coke Zero Sugar, Fanta Zero, and Diet Coke, among others, is another crucial trend in the market. In addition, the aggressive and unique branding of these no-calorie carbonated drinks is expected to fuel the global aspartame market in the forecast period.
The rising sale of aspartame-based products via online retail channels is another key market trend. Dairy and confectionery products, beverages, desserts, and other food products with sugar alternatives, are witnessing a heightened sale.
In regional terms, North America is expected to offer lucrative opportunities to the market, owing to the high cases of obesity among the population. Increasing awareness and interest by food brands are further improving the market dynamics in the region. Meanwhile, Asia Pacific is expected to witness a steady growth in the forecast period because of the high population base across emerging economies such as India and China.
Key Market Players
The major players in the aspartame market report are Ajinomoto Co., Inc., Nantong changhai food additive Co., ltd., Hermes Sweeteners Ltd., Ingredion Incorporated, Vitasweet Co.,LTD, and Foodchem International Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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