Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "Glutamic Acid Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
New York, NY – An in-depth analysis of the global glutamic acid market has recently been published, providing a comprehensive overview of the industry's current and future trajectory. The research highlights critical aspects of the market, including global market size, regional shares, competitors, detailed segments, future trends, and opportunities.
The report discloses that the global glutamic acid market experienced robust growth from $11.29 billion in 2023, with expectations to expand to $12.37 billion in 2024, marking a compound annual Growth Rate (CAGR) of 9.5%. Further growth is forecasted, with the market reaching $17.88 billion by 2028 at a CAGR of 9.7%.
Key Market Drivers and Trends
- The burgeoning food service industry serves as a key driver, with the popularity of glutamic acid as a flavor enhancer in restaurants and processed foods contributing significantly to market demand.
- A notable increase in pharmaceutical industry spending is cited as a driving force behind the demand for glutamic acid, as it plays a vital role in medicines and health supplements.
- Strategic collaborations and partnerships among leading companies have emerged as a major trend in the market, with an aim to enhance business sustainability, innovation, and competitive positioning.
The report also emphasizes the application of glutamic acid in sustainability and bio-based projects, such as the development of environmentally friendly plastics and growing initiatives in biofuels and green chemistry.
Regional Market Insights
North America has been identified as the largest region in the glutamic acid market as of 2023. In contrast, Asia-Pacific is anticipated to be the fastest-growing region in the coming years, symbolizing a dynamic shift in the global market landscape.
Market Segment Highlights
The report segments the glutamic acid market into biosynthesis and industrial synthesis, detailing applications in critical sectors such as pharmaceuticals, food additives, animal and pet food, and broader industrial uses.
Contributions from various companies in the market, seeking to innovate and secure their market positions, are also explored. These include the development of new products, such as functional animal nutrition solutions and leveraging advanced technologies like AI in biomanufacturing processes.
This report is a must-read for those interested in gaining a deeper understanding of the glutamic acid market dynamics, future growth avenues, and the impact of current trends on the industry's development. For detailed insights and analysis, the complete report is available for consultation and integration into strategic planning and market understanding.
- Synopsis of the global and regional market growth projections.
- Exploration of major drivers influencing the market dynamics.
- Insight into strategic partnerships shaping the future of the industry.
For experts in the field, stakeholders, and decision-makers, this report offers a crucial aggregation of data and analysis, ensuring an informed perspective on the glutamic acid market's direction and opportunities.
A selection of companies mentioned in this report includes
- 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
For more information about this report visit https://www.researchandmarkets.com/r/r4638t
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