Global
Neotame Market: Overview
Neotame
is a form of artificial sweetener, very similar to aspartame, used by
food manufacturers in place of sucrose or high fructose corn syrup.
Neotame is considered to be seven to thirteen thousand times sweeter
than sucrose, and offer benefits such as high metabolism and low
accumulation in human body. Neotame was introduced by NutraSweet (a
former division of Monsanto), in early 2002 and got approved by the
U.S. Food and Drug Administration (FDA) as an artificial sweetener
and flavor enhancer. It is high intensity sweetener and the only
artificial sweetener which is approved by the U.S. Food and Drug
Administration (FDA) as safe for human consumption. It comes in white
powdered form and offers flexibility to manufacturers while
manufacturing food and bakery products also provides an opportunity
to develop an entire new ranges of products that are capable of
meeting increasing demands of consumers.
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Global
Neotame Market: Segmentation
Global
neotame market is at growth stage as the demand for food additives is
growing with rapid pace and manufacturers are using neotame as it
lowers the cost of production by cutting down the quantity needed to
achieve desired sweetening. The neotame market can be segmented on
the basis of application and regions. Neotame market, on the basis of
application can be segmented into food & beverages industry,
pharmaceutical industry, cosmetics industry and agriculture/animal
feed industry. Among all other applications neotame is widely used in
food and beverages. Application in food and beverages can be further
sub-segmented into beverages, confectionery, bakery and other food
products (such as candies, chewing gums etc.). Food and beverages
application dominates the global neotame market in terms of value and
volume. Other applications such as cosmetics and pharmaceuticals are
growing at a steady rate in terms of volume consumption. Food and
beverage manufacturers are increasingly using neotame for
manufacturing variety of products, due to its low cost and high
efficiency, clubbed with food authorities’ approval, resulting in
surge in demand for neotame.
Global
Neotame Market: Regional Outlook
Geographically
neotame market is moderately fragmented with number of large player
controlling the global market, and increasing number of domestic
players entering the market place. Global neotame market can be
segmented by regions under North America, Europe, Latin America, Asia
Pacific and Middle East and Africa. The major market which leads the
consumption of neotame are Europe and North America, project a
healthy growth rate, followed by regions like Asia Pacific. Europe
food authorities recently approved neotame for food and beverage
usage, resulting in high demand from the countries like Germany and
U.K. China is the dominant country in Asia-pacific market in terms of
production. The regions like North America and European countries are
expected to show increasing demand for neotame during the forecast
period.
Global
Neotame Market: Drivers
Neotame
market is driven by the increasing preference for food additives
and flavor enhancers. Due to neotame’s properties such as ability
to get rapidly metabolized and get completely eliminated from the
body, is driving the demand for neotame from food manufacturers
across the world. Neotame cost effectiveness also resulting in
increasing preference for its usage in different cosmetics and
pharmaceuticals products. Increasing number of approval from food
agencies and authorities in different countries is also a major
factor which is expected to drive the growth of neotame market.
Neotame is also approved as food additive in Australia and New
Zealand.
Global
Neotame Market: Key Players
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