Thaumatin Market Size, Share, Growth Report 2030
Description
According to the report published by Zion Market Research, the global Thaumatin Market size was valued at USD 60.97 Million in 2022 and is predicted to reach USD 120.334 Million by the end of 2030. The market is expected to grow with a CAGR of 8.87% during the forecast period. The report analyzes the global Thaumatin Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Thaumatin Market industry.
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Global Thaumatin Market: Overview
Thaumatin is a flavoring ingredient and low-calorie sweetener derived from the katemfe fruit, a West African native fruit. Thaumatin is water-soluble and exceptionally stable at high temperatures and acidic environments. A little amount of protein from the thaumatin family is 2000 times sweeter than sugar. Chocolates, toffies, candies, and a variety of other confectionery goods all contain thaumatin. It's also found in both dairy and non-dairy goods. It improves the flavor of some dishes by lowering bitterness and sourness. Because of its high sugar content, it has found use in the pharmaceutical and nutraceutical sectors.
Global Thaumatin Market: Growth Factors
Increasing consumption of non-dairy and dairy products, as well as rising health consciousness among consumers throughout the world, are boosting the global thaumatin market growth. Moreover, it can also be used as a sweetener in other products, such as ice cream and candies, up to a limit of 50 mg/kg. It's generally used as a flavor enhancer in soft drinks and dairy products, with limits of 0.5 mg/L and 5 mg/kg, respectively. Also, the use of thaumatin in pharmaceuticals and food is not limited to adding sweetness, but also to improving flavor and concealing unpleasant characteristics.
This protein has a gradual onset of sweetness and frequently has a licorice aftertaste. Because of its lingering impact, thaumatin is frequently used in conjunction with many other sugar alternatives. Further, the market is driven by macroeconomic variables such as growing economies, rapid urbanization, changing lifestyles, growing economies, and per capita income.
Furthermore, with the rapidly growing confectionery industry owing to the huge demand for products, and the modification of genes to make thaumatin protein using recombinant DNA technology, the global thaumatin market is likely to boost at a rapid rate during the forecast period. However, the high expense of traumatic extraction and the scarcity of katemfe fruit may impede the global thaumatin market expansion.
The COVID-19 pandemic has negatively affected the market growth in FY 2020 and 2021 as a result of restrictions on the cross-border transport of goods and chemicals. Manufacturing plants also faced challenges with the shortage of labor and temporary shutdown which ultimately affected the overall revenue generation during the pandemic period.
Global Thaumatin Market: Segmentation
The global market for thaumatin is segregated on the basis of application, type, end-user industry, and region. The application segment of the market is categorized into sweeteners, flavoring agents, and others. Based on type, the global market for thaumatin is categorized into pharmaceutical grade, food grade, and others. The end-user segment of the market is segmented as food & beverage, pharmaceutical, cosmetics, nutraceutical, and others.
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Global Thaumatin Market: Regional Analysis
North America is one of the largest markets for the food sector, and due to strong demand for food & beverage goods, the region is likely to contribute a healthy share in the global thaumatin market. The market in Europe is expected to develop at a faster rate than North America, this is mainly due to increased health consciousness among consumers. The West African forest produces a lot of thaumatin and Europe is among the major importer of thaumatin from African countries.
Also, food culture is rapidly changing in Europe which is likely to support the market growth in the region. Whereas, the quickly rising population, changing consumer lifestyles, and rapid rate of urbanization throughout the Asia Pacific account for a comparatively large volume share and is predicted to increase at a substantial growth rate in the global thaumatin market. Overall, the worldwide thaumatin market is expected to develop at a positive rate throughout the projected period, owing to the rising demand for organic and nutritious food around the world, which is a major factor.
Global Thaumatin Market: Competitive Players
Some of the key players with a large share in the global thaumatin market include:
- Naturex Group
- BENEO-Palatinit GmbH
- Natex
- BENEO-Palatinit GmbH
- Neptune Bio-Innovations
- KF Specialty Ingredients Nutraceutical
- Parchem Fine & Specialty Chemicals.
The global Thaumatin Market is segmented as follows:
By Application
- sweeteners
- flavoring agents
- and others
By Type
- pharmaceutical grade
- food grade
- and others
By End-user industry
- food & beverage
- pharmaceutical
- cosmetics
- nutraceutical
- and others
Global Thaumatin Market: Regional Segment Analysis
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
What Reports Provides
- Full in-depth analysis of the parent market
- Important changes in market dynamics
- Segmentation details of the market
- Former, ongoing, and projected market analysis in terms of volume and value
- Assessment of niche industry developments
- Market share analysis
- Key strategies of major players
- Emerging segments and regional markets
- Testimonials to companies in order to fortify their foothold in the market.
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