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.
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Global Neotame Market: Key Players
Neotame market is widely spread and has major players producing neotame and also small regional players. Major companies which dominates the market are Foodchem International Corporation, Fooding Group Limited, Sweetner Holdings, Inc., Prinova Group LLC, JJD Enterprises, H & A Canada Inc., Shaoxing Marina Biotechnology Co.,Ltd., Sweetener India., A & Z Food Additives Co., Ltd., and Jk sucralose Inc. among others.