Thaumatin Market size is estimated to reach $239.51 Million by 2025, growing at a CAGR of 5.99% during the forecast period 2020-2025. Thaumatin is a low-calorie sweetener and flavour modifier. The protein is often used primarily for its flavour-modifying properties and not only as a sweetener. The thaumatins were first found as a mixture of proteins isolated from katemfe fruit of West Africa. Thaumatin is mainly used in the production of chocolate, sweets, toffee and many confectionery products. It is also used for dairy and non-dairy products. It has been found to be applied in the pharmaceutical and functional food industries owing to its high sugar content. The global thaumatin market is driven by the rapid consumption of dairy and non-dairy products and increased health awareness among consumers around the world.
By Application - Segment Analysis
The global Thaumatin market is segmented on the basis of application into Flavoring agent, Sweetener, and others. The flavouring agent segment registers for the highest market share in 2019 and is set to continue for the forecast period 2020-2025 owing to its excellent flavour modification properties. Moreover, increasing acceptance of thaumatin as a sweetener in Asia Pacific and Europe have further fueled the segment growth.
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By End User Industry - Segment Analysis
The global Thaumatin market based on application has Cosmetics, Food & Beverage, Nutraceutical, Pharmaceutical, and others. The food & beverage segment registers for highest market share in 2019 and is set to continue for the forecast period 2020-2025. The segment is set to emerge owing to the increasing use of thaumatin in flavored food products such as bread and palm wines.
By Geography - Segment Analysis
The global Thaumatin Market by geography had the dominant share in Asia-Pacific in terms of revenue in 2019, owing to its high acceptance as a natural flavouring agent in coffee drinks, refreshing drinks, yogurts, chewing gum, jams, and jellies in the region. However, North America is estimated to outpace all the regions by clocking the highest CAGR during the forecast period 2020-2025 owing to the consumer awareness regarding ingredients used in the processing of food products in the region.
Drivers – Thaumatin Market
Rise in Demand
The global thaumatin market is driven by the rapid consumption of dairy and non-dairy products and increasing health awareness among consumers across the globe. The macroeconomic factors such as per capita income, emerging economy, changing lifestyles and rapid rate of urbanization which are driving the global thaumatin market. The mergers, acquisitions, and high investment in the food and beverage industry is estimated to stimulate the market growth during the forecast period 2020-2025.
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Challenges – Thaumatin Market
Lack of consistency
The restraining factors are concentrated cultivation of thaumatin only in Africa and the lack of consistency among food regulations globally. Moreover, in Europe and Asia-Pacific, thaumatin is classified as sweetener by the regulatory bodies, whereas FDA has permitted its use only as a flavor enhancer. However, the cost of extraction of thaumatin is high and limited availability of katemfe fruit are estimated to disrupt the market growth for the forecast period 2020-2025.
Thaumatin Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Thaumatin Market. Key companies of this market are Naturex Group, KF Specialty Ingredients Nutraceutical Group, Beneo-Palatinit GmbH, Neptune Bio-Innovations, Parchhem Fine & Specialty Chemicals, Natex, Penta International, Silver Fern Chemical, Synerzine, and TCI America.
Acquisitions/Product Launches:
In June 2020, Beneo has announced the expansion of its chicory root fibre and rice starch ingredient portfolio with two new organic solutions. The launch of the new additions, comprising the organic waxy rice starch, Remyline O AX DR, and organic.
In March 2019, Naturex announced the expansion of its range of coloring foods with a new extraction line for blue spirulina. This expansion of Naturex’s manufacturing capacity has been designed to meet the growing global demand for the clean label blues and greens.
Key Takeaways
Geographically, North America’s Thaumatin market accounted for the highest revenue share in 2019 and it is poised to dominate during the forecast period 2020-2025 owing to owing to its high acceptance as a natural flavouring agent.
The increasing demand for Thaumatin in the food and beverage industry owing to rapid consumption of dairy and non-dairy products is the key factor estimated to support growth of the target market during the forecast period 2020-2025.
The concentrated cultivation of thaumatin only in Africa and lack of consistency among food regulations globally are anticipated to hamper the market growth.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Thaumatin Market report.
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