Glutamic Acid Global Market Report 2024: Market Size In $17.8 Billion In 2028
Glutamic Acid Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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How Has the Glutamic Acid Market Grown and What's Expected for Its Future?
The glutamic acid market showcases a strong growth in recent years, with the market size likely to increase from $11.29 billion in 2023 to $12.37 billion in 2024 at a compound annual growth rate CAGR of 9.5%. This growth can be attributed to the surge of several key sectors including food and beverage, pharmaceutical, and healthcare, industrial applications, along with rising population growth and increasing consumption of processed food.
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Is There a Positive Forecast for the Glutamic Acid Market?
Indeed, the glutamic acid market is poised for significant growth in the forthcoming years. The market size is predicted to reach $17.88 billion in 2028 at a CAGR of 9.7%. This growth can be credited to an expanding pharmaceutical market, sustainability and biodegradable plastics, clean label food products, ongoing research and development, and the rise of biofuels and green chemistry.
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What Are the Factors Influencing the Growth of the Glutamic Acid Market?
A key driver for the glutamic acid market is the escalating demand for the food service industry. The food service industry is a prominent sector that involves the preparation, distribution, and selling of food and beverages to consumers outside their homes. Glutamic acid, often found as monosodium glutamate MSG, is commonly used to enhance taste in processed and convenience foods, meat and seafood products, and international cuisines. As consumers yearn for more diverse, flavorful, and convenient food options, the demand for glutamic acid continues to escalate.
Who Are the Key Players in the Glutamic Acid Market?
Major players 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., among others.
Are There Any Emerging Trends in the Glutamic Acid Market?
Strategic collaborations and partnerships have emerged as a pivotal trend in the glutamic acid market. Major companies are entering into partnerships and collaborations to sustain their positions in the sector.
How Is the Glutamic Acid Market Segmented?
The glutamic acid market is segmented as follows -
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
What's the Global Distribution of the Glutamic Acid Market?
In 2023, North America was the largest region in the glutamic acid market. However, Asia-Pacific is expected to be the fastest-growing region in the forecast period.
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