by The global glutamic acid market, valued at USD 10.2 billion in 2021, is anticipated to witness robust growth, with a projected CAGR of 5.1 percent during the forecast period. This expansion is primarily attributed to the rising demand for glutamic acid in various industries, including food and beverage, pharmaceuticals, and animal feed, driven by consumer awareness of the importance of nutrition and the growing preference for wholesome foods.
Increasing Demand Across Diverse Industries
The glutamic acid market is poised for growth, fueled by its widespread application in multiple industries. The food and beverage sector, in particular, is experiencing a surge in demand for glutamic acid due to its role as a food enhancer and flavor enhancer. The amino acids nutritional advantages, such as improving memory and overall physical well-being, align with consumers increasing focus on healthy eating habits. A significant portion of the population is actively seeking out products that offer specific health benefits, and glutamic acid is finding its place in this trend.
Pharmaceutical Industry Boosting Demand
The pharmaceutical sector is another key driver for the glutamic acid market, as it plays a crucial role in the treatment of various medical conditions, including muscular dystrophy, epilepsy, and cognitive and behavioral disorders. The favorable regulatory environment and increased government investments are expected to further propel the demand for glutamic acid in pharmaceutical applications.
COVID-19 Impact and Resilience
The COVID-19 pandemic disrupted industrial operations worldwide, affecting glutamic acid production due to manufacturing suspensions and supply chain disruptions. However, the pandemic also increased the demand for pharmaceutical and food products, driving a surge in demand for glutamic acid in these sectors.
Segment Overview
- Animal Feed Dominates: The animal feed segment holds a significant market share and is expected to grow further, driven by the increasing need for high-quality animal feed to support growth, health, and reproduction in livestock. The growing demand for meat-based products, especially in Asia-Pacific and South American regions, is boosting the use of glutamic acid in animal feed applications.
Regional Landscape
- Asia Pacific Leading the Way: Asia Pacific is the dominant region in the global glutamic acid market, with China being a major contributor due to its substantial feed production capacity and a large livestock population. As consumers in this region continue to demand more meat-based products, the glutamic acid market is set to expand further.
- North America: North America holds the second-largest market share, driven by the increasing demand for pharmaceutical products, especially among the elderly population. Chronic diseases are on the rise in the region, leading to a higher demand for pharmaceuticals and, consequently, glutamic acid.
Competitive Landscape
The glutamic acid market is witnessing strategic partnerships and collaborations among major players. For example, Evonik, a German company specializing in glutamic acid, formed a strategic alliance with Unilever, a UK-based consumer goods producer. Such collaborations are expected to strengthen market presence and drive innovation.
Key Players
Prominent players in the global glutamic acid market include Ajinomoto Co., Inc., Akzo Nobel N.V., Evonik Industries AG, Sichuan Tongsheng Amino acid Co., Ltd., KYOWA HAKKO BIO CO., LTD., Ottokemi, Hefei TNJ Chemical Industry Co., Ltd., Suzhou Yuanfang Chemical Co., Ltd., Global Bio-chem Technology Group Company Limited, and Ningxia Yipin Biological Technology Co., Ltd.
In conclusion, the glutamic acid market is poised for significant growth in the coming years, driven by its diverse applications across industries and the increasing emphasis on health and nutrition in consumer preferences.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/glutamic-acid-market
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This press release first seen on Brilad
COMTEX_442430655/2840/2023-10-25T09:54:56
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.