Aspartame Market

Aspartame Market Size, Growth and Forecast (2023-2028):

Aspartame Market size is anticipated at USD 9 billion in 2023 and is predicted to the extent over of USD 12 billion by 2028, registering a CAGR value of 4.50% during the forecast period 2023-2028.

Aspartame Market Overview:

According to the study, the North American aspartame market is anticipated to have a major market share in the global market, and aspartame market growth in the Asia-Pacific region is expected to record a substantial rise in the upcoming years. Aspartame is an artificial sweetener sold under brand names, for instance, Equal and NutraSweet. It is a low-calorie sweetener that has been used for decades to reduce the intake of added sugars while still offering the satisfaction of enjoying something sweet. As this is much sweeter than sugar, it is used in many foods and beverages and a very small amount is needed to provide the same level of sweetness. It can also be found as a flavoring agent in some medications.

REPORT COVERAGE:

Recent Developments in the Aspartame Industry:

• The Coca-Cola Company introduced new flavors of diet coke in which the company used the mixture of acesulfame potassium (ace-K) and aspartame as a sweetener.

• Last year, PepsiCo discontinued Diet Pepsi's aspartame in the United States after seeing it fall out of favor with some consumers. It has now announced that it will launch an aspartame-sweetened version - "Diet Pepsi Classic Sweetener Blend" - along with Diet Pepsi without aspartame. Diet Pepsi, which has been sweetened with sucralose and Ace K instead of aspartame since August, will continue to be PepsiCo's premier diet cola product in the United States.

• Monsanto Company acquired G.D Searle & Company for the payment of about $ 2.7 billion, the diversified pharmaceutical company that manufactures aspartame, the artificial sweetener. Searle, who is based in Skokie, Ill., Accepted Monsanto's $ 65 stock cash offer just four months after announcing that it would remain independent. Last fall, Searle officials said they were looking to sell some or all of the company, but the company's board of directors ruled last March that the company should remain independent after offers received were lower than what management was looking for.

• In a move that could shake up the market for low-calorie sweeteners, Johnson & Johnson agreed to sell its best-selling Splenda brand to Heartland Food Products Group. Heartland already produces sucralose, Splenda's sweetening agent, in addition to stevia, saccharin, aspartame, and other sweeteners.

Aspartame Market Drivers and Restraints:

The main factor driving the growth of the aspartame market is the increasing adoption of Sugar substitutes in the food, beverage, and health and personal care industries.

This upward trend reflects economic development, increasing consumer purchasing power, and the boom in marketing and branding different varieties of sugar substitutes. Authorization to use aspartame in various industries by major food ingredient regulatory authorities, such as the United States Food and Drug Administration (FDA), is expected to contribute primarily to the growth of the aspartame market in the United States during the forecast period.On the other hand, the presence of regulations and the impacts of the beverage recall are expected to hamper the growth of the Aspartame Market. Concerns about the product's health side effects are expected to challenge the global market during the forecast period 2022 - 2027.

Aspartame Market Segmentation Analysis:

Application:

• Food production

• Beverages

• Pharmaceutical

• Cosmetics

• Animal and Agriculture feed

Among applications, the food products segment is expected to dominate the world market for aspartame due to the wider use of aspartame in many food products due to its flavor-enhancing properties as well as its ability to improve the shelf life of food products.

Distribution Channel:

• Supermarket

• Convenience stores

• Departmental stores

• Others

Depending on the distribution channel, supermarkets are the sole major marketplace for the sale of water enhancers. Supermarkets and hypermarkets have played an important role in the distribution of functional foods and beverages since their inception.

Aspartame Market Geographical Segmentation Analysis:

• North America - the United States and Canada

• Europe - United Kingdom, Spain, Germany, Italy, and France

• The Asia Pacific - India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia

• Latin America  - Brazil, Argentina, Mexico, and Rest of LATAM

• The Middle East and Africa - Africa and Middle East (Saudi Arabia, UAE, Lebanon, Jordan, Cyprus)

North America region is anticipated to have a major market share in the aspartame market, owing to the high consumption of aspartame as a substitute for sugar in the region. The high use of aspartame in the production of various confectionery, beverage, and other food products is accelerating the growth of the aspartame market in North America.

The market in the Asia-Pacific region is anticipated to knowledge a substantial rise in the upcoming years, owing to the approval of the governing authorities on the use of intense sweeteners in Asian countries such as New Zealand, Zealand, Zealand, and Australia.

Europe was third the largest Aspartame Market in 2015. Lower production costs and better economies of scale are also driving the growth of the Aspartame Market.

Latin Americans anticipated making substantial opportunities for companies operating in the aspartame market.

The Middle East and Africa are some of the main emerging regions, which will generate significant opportunities in the aspartame industry during the anticipated period due to its high sweetening power, further influencing the Aspartame Market.

Impact of COVID-19 on Aspartame Market:

The growing demand for less sweet and immunity-boosting products, associated with people's growing interest in improving overall health and well-being, is driving the market growth. Therefore, the growing health awareness and high demand for sugar reduction solutions among the world's population has forced manufacturers and product formulators to switch to sugar substitutes. Sales of dietary supplements have increased during the pandemic, as dietary supplements help strengthen the immune system.

Additionally, according to Glanbia Plc., Point-of-sale purchases of dietary supplements increased in April 2020. Additionally, school and office closures have forced consumers to opt for breakfast at home, functional foods, coffee, and breakfast which has led to a significant increase in demand for sugar-free products. Increased consumer awareness regarding the consumption of food products with natural ingredients, the increasing preference of consumers for healthy and private label products, and the increasing use of stevia and other natural sugar substitutes by major food and beverage companies are some of the main drivers of growth for natural products sweeteners segment.

Aspartame Mark Key Players:

Major Key Players in the Global Aspartame Market are

1. The Holland Sweetener Company

2. Taj Pharmaceuticals Ltd

3. Niutang Chemical Ltd

4. Sinoway International (Jiangsu)

5. The Nutrasweet Company (Monsanto)