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Glutamic Acid Market 2023-2032: Growing Demand, Global Trends, Future Outlook And Major Players | AMINO GmbH, Evonik Industries AG, Fufeng Group, Hefei TNJ Chemical Industry Co.Ltd., Kyowa Hakko Bio Co. Ltd
Glutamic Acid Market
The Business Research Company's Glutamic Acid Global Market Report 2023 identifies Consumer awareness toward healthy and nutritious foods as the major driver for the Glutamic Acid Market's growth in the forecast period. Food containing glutamic acid is beneficial to memory as well as body wellness due to its properties. As a result, increasing awareness related to health concerns and consumer attractiveness toward healthy and nutritious food increases the demand for the glutamic acid market.
The global glutamic acid market size grew from $10.33 billion in 2022 to $11.37 billion in 2023 at a compound annual growth rate (CAGR) of 10.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The market size of the glutamic acid market is expected to grow to $15.51 billion in 2027 at a CAGR of 8.1%.
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Major competitors in the glutamic acid market are 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, Ottokemi, and Luojiang Chenming Biological Products Co. Ltd.
A key trend in the Glutamic Acid Market includes Strategic collaborations and partnerships. Major companies operating in the glutamic acid market are entering into partnerships and collaborations to sustain their business in the market. For instance, in March 2021, Evonik, a German-based company operating in glutamic acid, entered into a supply agreement with Cassava Sciences, a US-based biotechnology company. Through this agreement, Evonik would supply clinical-grade quantities similar to Cassava Sciences, which is a drug candidate for the treatment of Alzheimer's disease. Further, in September 2020, Evonik, a German-based company operating in glutamic acid, entered into a strategic partnership with Unilever, a UK-based producer of consumer goods. Through this collaboration, Evonik's biotech expertise would act as a central pillar for Unilever's Clean Future initiative.
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The Glutamic Acid Market is segmented -
By Product: Biosynthesis, Industrial Synthesis
By Source: Plant-Based, Animal Based
By Application: Pharmaceutical, Food Additives, Animal and Pet Food, Other Applications
By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Glutamic Acid Market.
The Business Research Company's "Global Glutamic Acid Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Glutamic Acid Market Include:
1. Executive Summary
2. Glutamic Acid Market Characteristics
3. Glutamic Acid Market Trends And Strategies
4. Glutamic Acid Market - Macro Economic Scenario
5. Glutamic Acid Market Size And Growth
……
26. Africa Glutamic Acid Market
27. Glutamic Acid Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Glutamic Acid Market
29. Glutamic Acid Market Future Outlook and Potential Analysis
30. Appendix
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