Global Glutamic Acid market outlook 2024, Forecast To 2033
1 Feb, 2024
The glutamic acid market has exhibited strong growth, advancing from $11.29 billion in 2023 to $12.37 billion in 2024, with a compound annual growth rate (CAGR) of 9.5%. The surge in the historic period is attributed to the food and beverage industry, the pharmaceutical and healthcare sector, industrial applications, population growth, and increased consumption of processed food. The market is anticipated to see strong growth, reaching $17.88 billion in 2028, with a CAGR of 9.7%. Contributing factors include the expanding pharmaceutical market, sustainability and biodegradable plastics, clean label food products, ongoing research and development, and 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, and personalized nutrition.
Global Glutamic Acid Market Key Driver
The glutamic acid market is on the rise due to the expanding food service industry. In 2022, the food service and retail sectors globally provided approximately $2.39 trillion, marking an increase of $0.28 trillion from the previous year. This surge in demand aligns with consumer preferences, driving the growth of the glutamic acid market.
Get A Free Sample Of The Global Glutamic Acid Market ReportGlobal Glutamic Acid Market Segments
The global 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
By Geography: The regions covered in the Glutamic Acid market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North Americawas the largest region in the glutamic acid market in 2023. Asia-Pacificis 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.
Major Glutamic Acid Industry Players
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
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Glutamic Acid Market Overview
The glutamic acid is used to build proteins to improve memory and focus, boost the immune system, support prostate health, detox the body, improve athletic performance, and also aid digestion. Glutamic acid refers to a form of amino acid that is converted to glutamate. This is a chemical that enables brain nerve cells to communicate with one another and send and receive information. It is necessary for the body's protein synthesis and plays an important function in the central nervous system. The amino acid is involved in so many processes in the body that it can prove to be beneficial in a variety of ways.
Glutamic Acid Global Market Report 2023 provides data on the global glutamic acid market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The glutamic acid market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.