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Global Glutamic Acid Market Overview 2033 : Forecasted Market Size And Growth Rate
Glutamic Acid Global Market Report 2024
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According to The Business Research Company's, The glutamic acid market size has grown strongly in recent years. It will grow from $11.29 billion in 2023 to $12.37 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to food and beverage industry, pharmaceutical and healthcare sector, industrial applications, population growth, increased consumption of processed food.
The glutamic acid market size is expected to see strong growth in the next few years. It will grow to $17.88 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to expanding pharmaceutical market, sustainability and biodegradable plastics, clean label food products, ongoing research and development, 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, personalized nutrition.
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Market Drivers and Trends:
The rising demand for the food service industry is expected to propel the growth of the glutamic acid market going forward. The food service industry refers to a sector of the economy that involves preparing, distributing and selling food and beverages to consumers outside their homes. Glutamic acid, often in the form of monosodium glutamate (MSG), is widely used to improve taste in processed and convenience foods, meat and seafood products, and international cuisines. As consumers seek diverse, flavorful, and convenient food options, the demand for glutamic acid continues to rise. It's a cost-effective means of enhancing flavor, aligns with consumer preferences, and supports food innovation and product development. For instance, in July 2023, according to a report published by the United States Department of Agriculture, a US-based federal agency, about $2.11 trillion in food was provided globally by the food service and retail sectors in 2021 and $2.39 trillion in 2022, an increase of $0.28 trillion. Further, global food service establishments provided $1.16 trillion in 2021 and $1.34 trillion in 2022. Therefore, the rising demand for the food service industry will drive the growth of the glutamic acid market.
Strategic collaborations and partnerships have emerged as a key trend gaining popularity in the glutamic acid market. 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 2023, Corteva, Inc., a US-based agricultural chemical company and Bunge Limited, a US-based food company announced a collaboration aimed at developing more nutritious soybean meal for the animal feed industry, particularly for poultry, swine, and aqua feed. This multi-year partnership combines Corteva's expertise in germplasm, gene editing, and trait discovery to create soybean varieties with increased protein content, optimized amino acid profiles, and reduced levels of anti-nutritional factors. Bunge will be the exclusive processor of the oilseed and merchandiser of the high-value meal and oil. This collaboration aims to reduce the use of synthetic additives in animal feed, lower costs, and reduce carbon emissions. The companies plan to commercialize these soybean varieties by the end of the decade.
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Major Key Players of the Market:
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
Glutamic Acid Market 2024 Key Insights:
• The glutamic acid market size is expected to see strong growth in the next few years. It will grow to $17.88 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%.
• Food Service Industry's Booming Demand Fuels Growth In The Glutamic Acid Market
• Growing Trend Of Collaborations And Partnerships In The Glutamic Acid Market
• North America was the largest region in the glutamic acid market in 2023
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