Neotame Market by Application (Food & Beverages, Pharmaceutical, Cosmetics, Agriculture/Animal Feed), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2021 to 2028
Newark, NJ, Feb. 18, 2021 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, the global neotame market is expected to grow from USD 14.26 million in 2020 to USD 19.97 million by 2028, at a CAGR of 4.3% during the forecast period 2021-2028.
Neotame is a non-caloric artificial sweetener and an analog of aspartame from NutraSweet. It is 8000 times sweeter than sucrose by mass. When compared to sucrose, it has no notable off-flavors. It enhances the original flavors of foods. It is moderately heat-stable, highly potent, metabolized quickly, completely eliminated and does not appear to accumulate in the body.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world’s economy and has negatively impacted all kinds of markets, including the neotame market. With less disposable income and broken supply chains, the market’s growth is expected to slow down. Moreover, stringent government approval process and higher cost of the research and development are the key restraints for neotame market.
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The demand for low-calorie beverages and low-calorie sweeteners, such as low-calorie drinks and diet coke, as well as low-calorie foods, such as ice cream, yogurt, and sweets based on grain, has increased globally. Sugar substitute with low-calorie sweeteners such as aspartame, neotame, and sucralose can decrease calorie consumption, thus helping to regulate weight and blood sugar level. In the food and beverage market, Neotame has a growing preference. Another driving force for the growth of the global neotame market is the properties of neotame that have the potential to get eliminated and quickly metabolized from the body. Neotame has wide acceptance in processed foods such as jams & jellies, dairy products, baked goods and confectionary which is another factor for the growth of the neotame market.
Key players operating in the global neotame market include HuwSweet Co Ltd., Benenovo International Co Ltd., Prinova Group LLC, Hainan Zhongxin Wanguo Chemical Co Ltd., H & A Cannada Inc., Foodchem International Corporation and Fooding Group Limited, among others. To gain a significant market share in the global neotame market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
For instance, in June 2019, Prinova Group, LLC and Nagase Holdings America announced they have entered into a definitive agreement under which Prinova will be acquired by Nagase & Co., Ltd.
The food & beverages segment held the largest market share of around 34.5% in 2020
On the basis of application, the global market has been segmented into food & beverages, pharmaceutical, cosmetics and agriculture/animal feed. The food & beverages segment held the largest market share of around 34.5% in 2020 due to increasing adoption of neotame as artificial sweetener in manufacturing of various food products.
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Regional Segment Analysis of the Neotame Market
North America (U.S., Canada, Mexico)
Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, Rest of APAC)
South America (Brazil and Rest of South America)
Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global neotame market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. Asia Pacific is anticipated to grow at the fastest CAGR of around 4.8% over the forecast period because of the rising demand from the agricultural and pharmaceutical sectors and the presence of major players operating in emerging economies in this region. On the other hand, the Europe region accounted for the major market share of 28.2% in the year 2020 and is anticipated to grow throughout the projected period due to the rising need for neotame in the food and beverage industry, the prevalence of regulatory bodies and product safety promotion.
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About the report:
The global neotame market is analyzed on the basis of value (USD Million). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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