The demand for aspartame is expected to grow at an exponential growth rate, owing to its plethora of applications in various industries. It's novel properties of low-calories, along with high sweetening power,are expected to fuel the market growth. North America is expected to grab the lion's share in the aspartame market. More than 60% of the consumers present in the region use artificial sweeteners and low-calorie products. The use of aspartame is widely seen in tabletop sweeteners, chewing gums, puddings, tea, and other desserts. The approval from the FDA for the use of aspartame for multiple uses in the food & beverage sector boosts the market growth.
As per the U.S. Department of Agriculture, Americans on average consume 156 pounds of sugar each year. The region is seeing a higher number of people having diabetes and obesity. People in the U.S. are adopting a healthy lifestyle and preferring dietary foods and drinks to maintain weight and blood sugar levels. Moreover, aspartame does not have a bitter taste as compared to other substitutes, making it an ideal choice for a wide variety of sweet foods and drinks.
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Impact of COVID-19
The outbreak is expected to restrict the growth of the aspartame market in the future. It is observed that the pandemic is likely to have severe effects on the elderly with low immunity. The need for medicines and nutritional products globally is expected to improve the overall demand for aspartame. However, the social distancing norms and lockdowns imposed by governments have caused uncertainties in the global economy. Moreover, the novel coronavirus has disrupted the global supply chain, further creating a shortage of rawmaterials. The lower production levels and higher sourcing of rawmaterials are expected to dampen the market growth in the short-run.
Aspartame Market: Segmentation
By Distribution Channel
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