The global neotame market is projected to register a CAGR of 3.45% during the forecast period of 2020-2025.
- The food and beverage industry is increasingly using neotame for manufacturing a variety of products, due to its low cost and high efficiency, as well as the approval of food authorities (such as the US FDA). This factor is expected to boost the demand for neotame during the forecast period.
- The European market is also projected to generate significant demand for neotame, owing to the increasing applications in the bakery industry in Europe. Additionally, as it is a low-calorie sweetener, it is increasingly being preferred by the health-conscious consumers of the region.
Key Market Trends
Increasing preference for neotame as Non-caloric Sweetener
The demand for low-calorie sweetener and low-calorie beverages, such as diet coke and low-calorie drinks, as well as low-calorie foods, such as yogurt, ice cream, and grain-based desserts, increased worldwide. The replacement of sugar with low-calorie sweeteners, such as neotame, aspartame, and sucralose, can reduce the calorie intake, and thus, help in the management of weight and blood sugar level. The application of the zero-calorie sweeteners in food and beverages is related to formulation stability, flavor issues, pricing, and consumers' taste and preferences. The trends in the global market indicate that the consumers are moving toward healthy, natural, and zero-calorie sweeteners, as the high-calorie sweeteners have deteriorating effects on health, the long-term impact of which is lethal.
Asia-Pacific is the fastest growing region
The increasing awareness about neotame and its different applications are the factors projected to boost the demand for neotame in the Asia-Pacific region during the forecast period. The expansion of the food and beverage industry, owing to an increase in consumer affordability and the focus on a healthy lifestyle, is expected to drive the market in Asia-Pacific. The product also qualified all the regulatory checks in the sweetener market in Australia and New Zealand, and Middle-East and Africa. The sweetener market is expected to be driven by the increasing number of restaurants and cafés in the United Arab Emirates, Qatar, and the Asian countries (particularly India). The Europen market is also projected to witness significant growth, owing to regulatory policies to product safety. The prominent bakery market in Europe, which is regarded as the staple food market, accounts for a significant demand for additives.
These companies are focusing on the expansion of facilities and product portfolio, due to the growing demand for aspartic acid in the food and beverage industry. Companies are actively involved in developing innovative products. This factor is encouraging the food and beverage manufacturers to use neotame, in order to enhance the quality of the products. Some of the major players in the global neotame market include Foodchem International Corporation, Fooding Group Limited, Sweetner Holdings Inc. Prinova Group LLC, JJD Enterprises, H&A Canada Inc., etc.
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