As per the report Zion Market Research, 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 2022-2028.
Neotame is a non-caloric artificial sweetener from NutraSweet that is similar to aspartame. By mass, it is 8000 times sweeter than sucrose. It has no noticeable off-flavors when compared to sucrose. It brings out the natural flavours of meals. It’s moderately heat stable, highly potent, fast digested, entirely removed, and doesn’t seem to build up in the body.
Many people have lost their jobs and had their salaries lowered as a result of the global pandemic. Covid-19 has become a global economic danger and has had a negative influence on a variety of businesses, including the neotame industry. The market’s growth is predicted to decline due to lower discretionary income and fractured supply chains. Furthermore, the market for neotame is hampered by a lengthy government clearance process and increased research and development costs.
Low-calorie beverages and sweeteners, such as diet drinks and diet coke, as well as low-calorie foods, such as ice cream, yoghurt, and grain-based desserts, have grown in popularity around the world. Sugar substitutes with low-calorie sweeteners like aspartame, neotame, and sucralose can help regulate weight and blood sugar levels by reducing calorie consumption. Neotame is gaining popularity in the food and beverage industry. The qualities of neotame that have the ability to be eliminated and swiftly metabolised from the body are another driving cause for the global neotame market’s expansion. Another element driving the neotame business is its widespread adoption in processed foods such as jams and jellies, dairy products, baked goods, and confectionary.
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 example, in June 2019, Prinova Group, LLC and Nagase Holdings America announced that they had reached a definitive agreement for Nagase & Co., Ltd. to buy Prinova.
Global Neotame Market: Segment Analysis
Segmentation by Product type
● Food Grade
● Pharmaceutical Grade
Segmentation by application
● Carbonated Soft Drinks
● Fermented Milk Products
● Baked Products
Neotame Market Analysis by Region
In terms of revenue, North America is likely to dominate the global market, and this dominance is expected to continue over the projection period. This dominance can be due to rising cosmetic industry demand and the presence of big players in the region’s countries.
Due to increased demand from the agriculture and pharmaceutical sectors, as well as the presence of major players operating in the region’s growing economies, the market in Asia Pacific is expected to grow quicker. The European market is likely to contribute a considerable revenue share to the global market, owing to rising demand in the food and beverage sector. Furthermore, key companies’ strategic expansion activities are projected to boost the target market’s growth in this region.
Description of Report:
• The study’s base year is 2020, with historic years 2018 and 2019 as historical years, and the prediction period is 2022 through 2028.
• The report examines the global neotame market in terms of technologies, treatments, applications, and regions. For acquiring essential market information, the research provides in-depth analysis of driving drivers, opportunities, constraints, and challenges. The study focuses on all of the major aspects that will influence market expansion from 2022 to 2028.
• In order to recognise the competitive scenario in the global neotame market, Porter’s Five Forces model is employed. This research includes an industry study that aims to provide a comprehensive picture of the neotame market.
• The study also includes a market attractiveness analysis of technologies, treatments, applications, and geographies, which are benchmarked based on their market size, growth rate, and attractiveness in terms of current and future opportunity for predicting market growth.
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