Press release
Glutamic Acid Market Poised for Growth: Trends & Forecasts Through 2030
The food industry remains the domineering segment, leveraging glutamic acid extensively as a flavor enhancer to cater to the evolving palette of consumers who prioritize convenience without compromising taste. The comprehensive report encompasses key insights, amalgamating volumes and revenue data from 2019 to the forecast period ending in 2030.
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The food industry segment to maintain its lead position during the forecast period
Based on end use industry, the food industry segment accounted for the largest share in 2020, contributing to nearly two-thirds of the global glutamic acid market, and is projected to maintain its lead position during the forecast period. Glutamic acid is widely used in soups, snacks, condiments, convenience & functional food, seasoning blends, and noodles and Processed food accounts for 80% of worldwide food sales owing to which food industry occupies the major share of glutamic acid market. However, the pharmaceutical industry segment is expected to portray the largest CAGR of 5.8% from 2021 to 2030, owing to usage of glutamic acid in pharmaceutical industry for the medication of heart and brain function.
Driven by diverse applications, the pharmaceutical and cosmetic & personal care industries are also underscored within the report. The paramount role of glutamic acid in skin hydration and pharmaceutical formulations is highlighted, reflecting the broad spectrum of its end-use applications.
Regional prospects soar with the Asia Pacific leading the charge, according to the study. The region's significant revenue share reflects its burgeoning healthcare sector and the integration of glutamic acid in the local food and beverage industry to meet diverse demands.
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Substantive trends shaping the glutamic acid market are analyzed, providing a thorough understanding of the market's trajectory. Recognizing the influential role of key market players, the report offers an analytical perspective on the strategies of established entities and newcomers in the industry alike.
Asia-Pacific, followed by North America, to maintain its dominance by 2030
Based on region, Asia-Pacific, followed by North America, held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global glutamic acid market. Moreover, the same region is expected to witness the fastest CAGR of 5.9% during the forecast period. Surge in industrialization in developing countries like India and China along with increased demand from pharmaceutical and cosmetic & personal care industry is boosting the demand for glutamic acid in the region. In addition, rise in government spending on pharmaceutical industry in this region is further going to boost the demand for glutamic acid.
Leading Market Players
Amino GmbH
Ajinomoto co
Evonik industries
Fufeng group
Haihang group
Hefei TNJ chemicals
Kyowa Hakko
Medinex
Sichuan Tongsheng amino acid
Wuhan amino acid
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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