Global Glutamic Acid Market Size, Share & Trends Analysis Forecast Report to 2030, Featuring Ajinomoto, Medinex, Haihang Industry, Fufeng Group, Amino & Evonik Industries
DUBLIN, Feb. 12, 2024 /PRNewswire/ — The “Global Glutamic Acid Market Size, Share & Trends Analysis Report By End-use (Food Industry, Pharmaceutical, Cosmetic & Personal Care, and Others), By Regional Outlook and Forecast, 2023 – 2030” report has been added to ResearchAndMarkets.com’s offering.
The Global Glutamic Acid Market size is expected to reach $16.3 billion by 2030, rising at a market growth of 5.1% CAGR during the forecast period. In the year 2022, the market attained a volume of 4,235.04 Kilo Tonnes, experiencing a growth of 4.3% (2019-2022).
The demand for processed and convenience foods has risen globally, and North America is no exception. Consequently, the North America region captured $3,296.32 million revenue in the market in 2022. It is widely used in the food and beverage industry as a flavor enhancer. As consumer preferences for flavorful and convenient food products increase, it could contribute to the demand for the acid. Thus, these factors will assist in the expansion of the segment.
It is one of the key components responsible for the umami taste, often described as savory or meaty. This flavor profile enhances the overall taste perception of foods, making them more appealing to consumers. As umami gains recognition as one of the fundamental tastes alongside sweet, sour, bitter, and salty, the demand for this acid has increased. Additionally, it is recognized for its ability to help retain moisture in the skin. As a naturally occurring amino acid, it contributes to skin hydration by attracting and binding water molecules. This moisturizing property is particularly valuable in skincare products that address dryness and maintain skin hydration. The enhancement of skin conditioning and moisture retention is a factor in determining the overall efficacy of such products as lotions, serums, and moisturizers. Thus, these aspects will assist in the growth of the market.
However, the production of this acid often relies on raw materials, and the costs associated with these inputs can fluctuate based on factors such as agricultural conditions, global supply and demand, and geopolitical events. For example, the cost of raw materials like sugar or molasses, commonly used in fermentation for producing glutamic acid, can be subject to market variations. The balance between production capacity and demand influences the market’s price stability. Economic conditions on a global scale can impact the demand for goods that use this acid as an ingredient. During economic downturns, reduced consumer spending and industrial activities may decrease demand, influencing prices. Conversely, periods of economic growth may result in increased demand, impacting prices in the opposite direction. These aspects will lead to decreased demand in the future.
By End-use Analysis
On the basis of end-use, the market is divided into pharmaceutical, cosmetic & personal care, food industry, and others. The food industry segment recorded the maximum revenue share in the market in 2022. The growth of the processed food industry directly impacts the demand for flavor enhancers like glutamic acid. As consumers seek convenient and ready-to-eat food options, the use of the acid in processed foods may continue to rise. With the globalization of food preferences, diverse flavors, and ingredients from different cuisines are increasingly adopted. These factors will boost the demand in the segment.
By Regional Analysis
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific segment acquired the highest revenue share in the market. It is also utilized in the pharmaceutical industry for various applications, including the production of certain drugs. The expanding healthcare sector in the Asia Pacific region, driven by factors such as population growth and increased focus on healthcare, could contribute to the rising demand for this acid. Thus, these factors will pose lucrative growth prospects for the segment.
List of Key Companies Profiled
Ajinomoto Co., Inc.Evonik Industries AG (RAG-Stiftung)Wuhan Amino Acid Bio-Chemical Co., LtdSichuan Tongsheng Amino acid Co., LtdMedinexKYOWA HAKKO BIOHefei TNJ Chemical IndustryHaihang IndustryFUFENG GROUPAMINO
For more information about this report visit https://www.researchandmarkets.com/r/c3z0nn
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