The rising inclination towards maintaining physical fitness and having low-sugar diet is driving the global aspartame market, predicts Fortune Business Insights in their new study. The study is titled, “Aspartame Market Size, Share and Global Trend by Raw Material (Aspartic Acid, Phenylalanine), Application Type (Food, Beverages) and Geography Forecast till 2025.”
Fortune Business Insights projects food production segment to dominate the global aspartame market. This is because of its taste enhancement properties that it is used widely in a variety of food products such as jellies, candies, specific desserts, and others. In addition to this, the beverage segment is estimated to grow significantly in the next years owing. The increasing application of beverage in dietary drinks such as carbonated drinks, coffee, and sugar-free ice creams, yogurt, reduced-calorie fruit juices, diet soda, and others.
Key market players operating in the Aspartame Market are;
- Niutang Chemical Ltd.
- Hermes Sweetener Ltd.
- Ajinomoto Group
- Foodchem International Corporation, and Vitasweet.
Rising Health Concerns Are Increasing Aspartame Use in Various Food Products
The global aspartame market is boosted by various factors. A key factor boosting the market is the rising awareness about chronic diseases such as diabetes, which ultimately made people switch to less sweet alternatives. Furthermore, the rising prevalence of obesity is creating lucrative growth opportunities for the aspartame market.
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Besides these, the global market will benefit from the recent approvals by the Food and Drugs Administration (FDA). However, the rising adoption of natural sweeteners namely honey, fruit juices, and others may pose threat to the overall market. In addition, consumption of too much aspartame may cause health hazards, the rising awareness regarding which is likely to hinder the market.
Presence of Leading Market Players Catapults North America to the Fore
Geographically, the market for aspartame is dominated by North America. This is because of the increasing intake of aspartame as an alternative for sugar in the developed countries such as Canada and the U.S. In addition to this, the high use of aspartame in the production of various beverages, confectionaries, and other food products is also enabling growth in the market.
Furthermore, the presence of some of the leading market players in the region is boosting the North America. Spurred by these factors, growth in the North America will impressive through the forecast period.
On the other side, the market in Asia Pacific is anticipated to witness faster growth due to the rising use of aspartame as alternative for sweeteners in food products in countries namely Australia and New Zealand. This coupled with authorized permissions to use aspartame is making major players invest more in the market, earning huge revenues from Asia Pacific in the future.
Innovative Product Launches by Leading Companies Bolsters Scope for Growth
Companies operating in the market are ploughing in increased funds to support research and development initiatives. Such initiatives subsequently are paving way for the launch of innovative products. For instance, the Coca-Cola Company launched their new product diet coke with different flavors where aspartame is used as the sweetener and blended with Acesulfame potassium (ace-K).
Such innovations in products will help the market grow exponentially in the near future. Besides Coca-Cola, some of the leading players operating in the global aspartame market are Hermes Sweetener Ltd., Foodchem International Corporation, Vitasweet, Niutang Chemical Ltd., and Ajinomoto Group.
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