“Global Glutamic Acid Market to reach a market value of USD 16.3 Billion by 2030 growing at a CAGR of 5.1%”
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.
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.
Free Valuable Insights: Global Glutamic Acid Market size to reach USD 16.3 Billion by 2030
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.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 11 Billion |
| Market size forecast in 2030 | USD 16.3 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 5.1% from 2023 to 2030 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Number of Pages | 173 |
| Number of Tables | 350 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | End-use, Region |
| Country scope |
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| Companies Included | Ajinomoto Co., Inc., Evonik Industries AG (RAG-Stiftung), Wuhan Amino Acid Bio-Chemical Co., Ltd, Sichuan Tongsheng Amino acid Co., Ltd, Medinex, KYOWA HAKKO BIO CO.,LTD. (Kirin Holdings Company, Limited), Hefei TNJ Chemical Industry Co.,Ltd., Haihang Industry Co.,Ltd., FUFENG GROUP, AMINO GmbH |
By End-use (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Geography (Volume, Kilo Tonnes, USD Billion, 2019-2030)
The Market size is projected to reach USD $16.3 billion by 2030.
Expanding pharmaceutical industry worldwide are driving the Market in coming years, however, Price volatility related to glutamic acid restraints the growth of the Market.
Ajinomoto Co., Inc., Evonik Industries AG (RAG-Stiftung), Wuhan Amino Acid Bio-Chemical Co., Ltd, Sichuan Tongsheng Amino acid Co., Ltd, Medinex, KYOWA HAKKO BIO CO.,LTD. (Kirin Holdings Company, Limited), Hefei TNJ Chemical Industry Co.,Ltd., Haihang Industry Co.,Ltd., FUFENG GROUP, AMINO GmbH
The expected CAGR of this Market is 5.1% from 2023 to 2030.
In the year 2022, the market attained a volume of 4,235.04 Kilo Tonnes, experiencing a growth of 4.3% (2019-2022).
The Asia Pacific region dominated the Market, By Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $6.7 billion by 2030.
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