Global Neotame Market size will be stimulated by the increasing preference for low-calorie foods and beverages, due to rise in health consciousness among consumers.
Global artificial sweetener market size is forecast to surpass USD 16 million by 2024. Aspartame, monosodium glutamate, acesulfame-K, saccharin, sodium benzoate, sucralose and neotame are the widely acceptable artificial sweeteners present in the industry.
U.S. neotame market size, with food & beverage industry growth in U.S. and Canada, occupies a significant regional share. The U.S. packaged food market was over USD 335 billion in 2014, retail stores expansion coupled with increase in consumer purchasing power are major reasons to drive regional demand.
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Europe, primarily driven regulatory policies pertaining to product safety is set to witness significant growth. EU approval in December 2009 to declare neotame safe and to use as artificial sweetener is major achievement for industry growth. As per EU, the product is known as E961.
Food & beverages industry expansion owing to increase in consumer affordability accompanied by rise in trend among youth for a healthy lifestyle are promising factor to drive Asia Pacific neotame market size growth. The product is also approved in Australia as well as New Zealand. Middle East & Africa sweetener market is predicted to be driven by restaurants and cafe expansion in UAE and Qatar.
It is an artificial sweetener which possess around 8000 times more sweetness than sugar. These are synthetically produced and suitable substitute of sugar. No calorie addition, similar taste, and maintaining low blood sugar levels makes them the ideal artificial sweetener. Moreover, it is extremely potent, heat-stable, rapidly metabolized, and not prone to accumulate in the body.
Neotame market applications include confectioneries & baked goods, dairy products, and beverages. Jams, jellies, pudding, candies, and powdered drink mixes are few major contributing products. Processed food products industry expansion owing to increase in consumer spending are key reasons to fuel industry growth.
The industry is also classified into diverse distribution channels, such as hypermarkets, superstores, departmental stores, and convenience stores. In 2014, global revenue from convenience stores was over USD 165 billion and above USD 634 billion revenue from grocery stores. In the U.S., supermarket & grocery accounted for over 65% of the total retail sales in 2014.
Change in eating habits and lifestyle due to hectic schedule has driven the consumer towards packed and processed food items which are likely to favor neotame market size growth. Increase in consumer spending in restaurant and drinking place is another lucrative distribution destination for industry manufacturers.
Retailers are getting advantages as private label sales is consistently strengthening consumer preference for health and fitness. Transformation in consumers buying decision is increasingly focused on the product ingredients and their authenticity. Therefore, industry manufacturers need to position their products as healthy and safe to eat.
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Biotechnological applications interest is increasing in recent years, as biotechnology offers a feasible opportunity to replace synthetic with a bio-based product, that can be label “natural”, as per current food regulations.
Synthetic biology is at nascent stage and has experienced significant gains over the past few years owing to industry and government support. Global synthetic biology industry was valued at around USD 1 billion in 2010 may surpass USD 10.5 billion by 2016.
Around forty countries are participants in the “core landscape of research”; most research USA and European countries are major contributors, other research sites include China, Brazil, Mexico, South Africa, India, Argentina, and Singapore. Presence of large number of alternative products such as aspartame, monosodium glutamate, acesulfame-K, saccharin, sodium benzoate, sucralose which is likely to reduce industry profit margin and hence affecting neotame market price trend.
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