The glutamic acid global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Glutamic Acid Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The glutamic acid market size has grown strongly in recent years. It will grow from $11.29 billion in 2023 to $12.37 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to food and beverage industry, pharmaceutical and healthcare sector, industrial applications, population growth, increased consumption of processed food.
The glutamic acid market size is expected to see strong growth in the next few years. It will grow to $17.88 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to expanding pharmaceutical market, sustainability and biodegradable plastics, clean label food products, ongoing research and development, biofuels and green chemistry. Major trends in the forecast period include plant-based glutamic acid, health and wellness supplements, advanced fermentation technologies, expansion of flavor enhancers, personalized nutrition.
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Scope Of Glutamic Acid Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Glutamic Acid Market Overview
Market Drivers –
The rising demand for the food service industry is expected to propel the growth of the glutamic acid market going forward. The food service industry refers to a sector of the economy that involves preparing, distributing and selling food and beverages to consumers outside their homes. Glutamic acid, often in the form of monosodium glutamate (MSG), is widely used to improve taste in processed and convenience foods, meat and seafood products, and international cuisines. As consumers seek diverse, flavorful, and convenient food options, the demand for glutamic acid continues to rise. It’s a cost-effective means of enhancing flavor, aligns with consumer preferences, and supports food innovation and product development. For instance, in July 2023, according to a report published by the United States Department of Agriculture, a US-based federal agency, about $2.11 trillion in food was provided globally by the food service and retail sectors in 2021 and $2.39 trillion in 2022, an increase of $0.28 trillion. Further, global food service establishments provided $1.16 trillion in 2021 and $1.34 trillion in 2022. Therefore, the rising demand for the food service industry will drive the growth of the glutamic acid market.
The glutamic acid market covered in this report is segmented –
1) By Product: Biosynthesis, Industrial Synthesis
2) By Source: Plant-Based, Animal Based
3) By Application: Pharmaceutical, Food Additives, Animal and Pet Food, Other Applications
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Regional Insights –
North America was the largest region in the glutamic acid market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the glutamic acid market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the glutamic acid market include AMINO GmbH, Evonik Industries AG, Fufeng Group, Hefei TNJ Chemical Industry Co Ltd., Kyowa Hakko Bio Co Ltd., Medinex Laboratories Pvt Ltd., Sichuan Tongsheng Amino acid Co Ltd, Wuhan Amino Acid Bio-Chemical Co Ltd., Global Bio-chem Technology Group Company Limited, Ningxia Yipin Biological Technology Co Ltd., Akzo Nobel N.V., Iris Biotech GmbH, Luojiang Chenming Biological Products Co Ltd., Ajinomoto Co Inc., Haihang Industry Co Ltd., Avenit AG, Suzhou Yuanfang Chemical Co Ltd., CJ CheilJedang Corp, Meihua Holdings Group Co Ltd., Ningxia Eppen Biotech Co Ltd., Shandong Linghua Monosodium Glutamate Incorporated Company, COFCO Biochemical, Cargill Incorporated, Ambuja Group, Roquette Frères, Eurosweet GmbH, Mahajan Molasses Company, United States Gypsum Company
Table of Contents
1. Executive Summary
2. Glutamic Acid Market Characterstics
3. Glutamic Acid Market Trends And Strategies
4. Glutamic Acid Market – Macro Economic Scenario
5. Global Glutamic Acid Market Size And Growth
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31. Global Glutamic Acid Market Competitive Benchmarking
32. Global Glutamic Acid Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Glutamic Acid Market
34. Glutamic Acid Market Future Outlook and Potential Analysis
35. Appendix
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