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Neotame Market: Approval from International Food Agencies Driving Demand
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Neotame is a form of artificial sweetener, which is considered 7 thousand to 13 thousand times sweeter than sucrose and offers benefits such as high metabolism and low accumulation in the human body. The report observes that the approval of neotame by the U.S. Food and Drug Administration (FDA) as an artificial sweetener and flavor enhancer has propelled its adoption in the recent past. Also, since neotame comes in a white powdered form and offers flexibility to manufacturers of bakery products, an entirely new range of products is now being developed to meet consumer demands.
The report finds that the cost effectiveness of neotame, which is leading to its preference in various cosmetics and pharmaceuticals products, is another factor favoring the growth of the global market for the same. Following its approval by the US FDA, an increasing number countries and food agencies have approved the use of neotame in the recent past and thereby the demand is on the rise.
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The global market for neotame can be segmented on the basis of application and geography. The neotame market, by application, can be segmented into the food and beverages industry, pharmaceutical industry, agriculture or animal feed industry, and cosmetics industry. The report observes that the food and beverage industry serves the most prominent demand for neotame and the segment will continue to lead in terms of volume and value during the forecast period. This segment can be sub-segmented into confectionery, beverages, bakery, and other food products such as candies and chewing gums. The application of neotame in the cosmetics and pharmaceuticals industry is also expected to grow steadily.
Geographically, the report studies the regional markets of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America, followed by Europe, currently dominates the demand for neotame and is expected to grow at a steady rate during the forecast period. China is expected to dominate the Asia Pacific market for neotame in terms of production.
The report finds that the global neotame market is fragmented with several players accounting for a significant share. In addition to this, an increasing number of domestic players have been stiffening the competition. Some of the prominent names in the global market for neotame are Foodchem International Corporation, Prinova Group LLC, Fooding Group Limited, Sweetner Holdings, Inc., JJD Enterprises, Sweetener India., A & Z Food Additives Co., Ltd., H & A Canada Inc., Shaoxing Marina Biotechnology Co.,Ltd., and Jk Sucralose Inc.
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