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The Latin America saccharin market is being aided by the growth of the artificial sweetener industry, which was estimated to be worth USD 174 million in 2017. The market is being driven by the rising demand for sugar alternatives due to the growing health consciousness and the increasing prevalence of diseases related to high-sugar consumption like obesity. According to WHO, in 2018, nearly 60% of the population in Latin America and the Caribbean were obese or overweight. Governments are taking steps to curb sugar intake in the region. While in Chile sugar-sweetened beverages are taxed, in Brazil, the Ministry of Health aims to reduce sugar by 144,000 tons in industrialised food products by 2022, working in collaboration with almost 68 companies, involving 1,147 products. The proposed taxes and reduction in sugar in products is leading to manufacturers investing in products with reduced or no sugar content, driving the market for saccharin as a sugar alternative when mixed with other low or no-calorie sweeteners like aspartame.
Brazil is a leading market for saccharin in LATAM. Brazil is a leading importer of saccharin and its salts, after the US and Germany, to meet its growing domestic demand. With saccharin finding expanding uses in cosmetics as a sweetener, the robust cosmetics market in Brazil is further aiding the industry. The country is the fourth largest beauty market, globally, driven by the willingness of consumers to spend more on luxury products. The thriving cosmetics and beverage market in the LATAM region will also aid the saccharin industry growth. While LATAM occupies a 10% market share in the global cosmetics industry, Latin America and the Caribbean region, as a whole, accounts for 17.5% of the entire market.
Market Breakup by Type, Application, Region, and Feedstock:
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JMC Corporation, HENAN KAIFENG PINGMEI SHENMA XINGHUA FINE CHEMICAL CO., LTD., TWOLIONS (ZHANGJIAGANG) FINE CHEMICALS CO., LTD., Shanghai Merry yang Enterprise Co., Ltd., among others are the key players in the LATAM saccharin market. The comprehensive report looks into their market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions.
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