The Latin America, Middle East and Africa Aspartame Market would witness market growth of 5.4% CAGR during the forecast period (2023-2029).
The food and beverage industry has undergone a constant change to meet customer demands. Businesses for packaged food and convenience meals have grown significantly due to consumers' preference for ready-to-eat (RTE) food that is also competitively priced. Furthermore, there has been considerable expansion in the food manufacturing sector, which is projected to boost consumer demand for processed food and positively influence the market on a worldwide scale.
As the demand for sugar alternatives and other forms of artificial sweeteners continues to rise, it is anticipated that the market will expand. As a result, people are becoming more interested in finding alternatives to sugar. In addition, several businesses use aspartame as an ingredient in their baked goods, beverages, candies, dairy products, sauces, dressings, condiments, and other foods. In addition, aspartame is utilized in the pharmaceutical industry to either cover up or improve the taste of the product.
Hotels in the UAE, especially in Dubai, are eager to spruce up their establishments by adding a large degree of designer flare to distinguish themselves from other hospitality providers. Due to the high volume of tourists, the number of businesses that provide services to tourists and the services sector is constantly growing. The rise in the hospitality sector has further increased the demand for exotic and healthier foods and beverages, including those with aspartame. In the LAMEA region, these elements will promote the expansion of the market.
The Brazil market dominated the LAMEA Aspartame Market by Country in 2022; thereby, achieving a market value of $7.7 Million by 2029. The Argentina market is showcasing a CAGR of 6% during (2023 - 2029). Additionally, The UAE market would register a CAGR of 5.2% during (2023 - 2029).
Based on Product Form, the market is segmented into Powder and Granular. Based on End User, the market is segmented into Food & Beverages, Pharmaceuticals and Table-Top Sweeteners. Based on Food & Beverages Type, the market is segmented into Beverages, Bakery & Confectionery, Dietary and Dairy. Based on Sales Channel, the market is segmented into Offline and Online. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Aspartame Market is Projected to reach USD 476.4 Million by 2029, at a CAGR of 3.5%
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Ingredion Incorporated, Changmao Biochemical Engineering Company Limited, Whole Earth Brands, Inc., Foodchem International Corporation, Taj Pharmaceuticals Limited, Global Calcium Pvt. Ltd., Geleriya Products, Nantong Changbai Food Additive Co. Ltd (Guangye L&P Ingredient Co group), Prakash Chemicals Agencies Pvt. Ltd, and Hermes Sweeteners Ltd.
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