Portland, OR, April 11, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global aspartame market garnered $375.5 million in 2021, and is estimated to generate $561.7 million by 2031, manifesting a CAGR of 3.9% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.
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Report coverage & details:
| Report coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $375.5 million |
| Market Size in 2031 | $561.7 million |
| CAGR | 3.9% |
| No. of Pages in Report | 247 |
| Segments covered | Product Form, End User, Sales Channel, and Region |
| Drivers | An increased awareness of aspartame’s health benefits |
| A rise in the number of people suffering from diabetes and obesity | |
| The surging demand for low-calorie sweeteners in food and beverage products | |
| Opportunities | Rising supplement intake |
| Restraints | Consumer shift towards organic, plant-based low-calorie sweeteners for their food and beverages |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global aspartame market as many countries considered sweeteners as a non-essential item during the pandemic.
- The customers were unable to purchase products, owing to the government-mandated closure and strict lockdown norms. Furthermore, due to limits on the functioning of restaurants, bars, and geographically specialized sales channels, government-enacted stay-at-home directives were significantly limited end-consumer's ability to buy certain food or beverage commodities in the U.S. and other markets.
- However, the introduction of vaccines for the coronavirus disease and the re-initiation of production facilities helped the market to recover. Industries gradually resumed their regular manufacturing and services, leading to the re-initiation of companies at their full-scale capacities.
The research provides detailed segmentation of the global aspartame market based on product form, end user, sales channel, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
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Based on product form, the powder segment held the highest share in 2021, accounting for nearly three-fifths of the global aspartame market and is expected to continue its leadership status during the forecast period. Moreover, the same segment is expected to register the highest CAGR of 4.1% from 2022 to 2031.
On the basis of end-user, the food and beverages segment accounted for the highest share in 2021, contributing to nearly three-fourths of the global aspartame market and is expected to maintain its lead in terms of revenue during the forecast period. This segment is expected to manifest the highest CAGR of 4.1% from 2022 to 2031.
Based on sales channel, the offline segment contributed nearly three-fourths of the global aspartame market revenue and is projected to retain its dominance by 2031. However, the online segment would showcase the fastest CAGR of 4.6% throughout the forecast period.
By region, Asia-Pacific held the largest share in 2021, contributing to nearly three-fifths of the global aspartame market share and is projected to maintain its dominant share in terms of revenue in 2031. Also, the same region is expected to manifest the fastest CAGR of 4.4% during the forecast period.
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Leading market players of the global aspartame market analyzed in the research include Taj Pharmaceuticals Limited, Global Calcium Pvt. Ltd., Whole Earth Brands, Nantong Changhai Food Additive Co. Ltd., Yogi Dye Chem Industries, Anant Pharmaceuticals, Vitasweet Co. Ltd., Ingredion Incorporated, Changmao Biochemical Engineering Company Limited, GELERIYA PRODUCTS, HSWT, Prakash Chemicals Agencies, Foodchem International Corporation, Ajinomoto Co., Inc., and Hermes Sweeteners Ltd.
The report provides a detailed analysis of these key players of the global aspartame market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
