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Global Aspartic Acid Market Predicted To Rise At A Lucrative CAGR Throughout 2016 To 2024
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The major application of aspartic acid is in the manufacturing of polyaspartic acid. Polyaspartic acid is used in industrial applications such as petroleum exploration and water treatment among others. Aspartic acid is used in the production of a non-saccharide sweetener, commonly known as aspartame. Aspartame is commonly used as an artificial sweetener, and finds various applications in the food and beverages industry. Aspartame is mostly used in beverages, bakery products, fruit-based products, syrups, and cereals among others. Other applications of aspartic acid include medicine which is one of the key prospects expected to grow in the next few years. Doctors consider aspartic acid for treating depression and immune function. Furthermore, aspartic acid helps the human body to resist fatigue, and aids in liver detoxification from drugs and chemicals.
Based on the application of aspartic acid, North America is expected to lead the global market during the forecast period. The primary reason for this is the increasing demand of packaged food and high use of sweeteners in the food and beverage industry. Furthermore, the health conscious population prefers sweeteners over traditional sugar, which is majorly driving the market to produce aspartame. Besides, the beverages account for a widespread use of aspartame which is largely consumed in the North America region. After North America, Europe is the second largest market for aspartic acid due to increasing demand of ready-to-eat food, and the high demand of beverages in this region. Technology advancement in both North America and Europe is a crucial factor responsible driving the global aspartic acid market. Furthermore, the existence of favorable government policies in North America and Europe region for manufacturing biodegradable products would boost the aspartic acid market. Besides, Asia Pacific is anticipated to play a vital role in the aspartic acid market. The reason behind this is attributed to the increasing population, rising disposable income, and growing health consciousness among the population that would help to grow the demand of aspartic acid. Furthermore, the enhanced medical applications of aspartic acid would help to grow the market in the next few years.
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The major companies operating in the global aspartic acid market include Royal DSM, Tocris Bioscience Co., Ajinomoto Co. Inc., Evonik Industries, Prinova Group LLC, Iris Biotech GmbH, Anaspec Inc., ChemPep Inc., and PepTech Corporation.
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