Burlingame, Jan. 20, 2023 (GLOBE NEWSWIRE) -- Global Glutamic Acid Market was estimated to be valued at US$ US$ 10,430.2 Million in 2021 and expected to exhibit a CAGR of 5.8% during the forecast period (2022-2030).
Key Trends and Analysis of the Global Glutamic Acid Market:
Glutamic acid is mainly used in several dietary supplements which helps the building of protein blocks. Also, it helps to detoxify ammonia from the body. The glutamic acid industry is expected to witness ample opportunity throughout the assessment period due to soaring demand for end-use industries such as animal feed, food & beverages, and pharmaceuticals, among others. Growing demand for glutamic-based food enhancers and food additives are major factors to accelerate the glutamic industry growth. In addition, increasing consumption of nutritious food throughout the globe is augmenting the global glutamic market growth.
In the pharmaceutical industry, glutamic acid acts as an anticancer drug which helps to enhance the efficacy of the drug. Also, it caters as the energy source for the functioning of the brain and further supports healthy mental growth. One of the types of glutamic acid named monosodium glutamate is used to enhance the heartbeat function. Owing to different kinds of helath benefits of glutamic acid is expected to drive the demand for glutamic.
The global glutamic acid market is driven by the rising consumption of food and dietary supplements across the globe. Asia Pacific is accounted for the highest market share in 2021 and is expected to witness the highest CAGR during the forecast timeline. Rising awareness regarding nutritious products across the region is one of the key factors to propel the regional market growth. Also, there is a growing expansion of end-use industries such as pharmaceuticals, personal care, animal feed, and food & beverages across the Asia Pacific region.
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Key Market Takeaways:
Global glutamic acid market is expected to exhibit a CAGR of 5.8% over the forecast period (2022-2030). Growing demand for the dietary supplement is driving the growth of the global Glutamic Acid market.
Competitive Landscape:
Major players operating in the global glutamic acid market include IRIS BIOTECH GMBH, Ajinomoto Co., Inc., Akzo Nobel N.V., Evonik Industries AG, KYOWA HAKKO BIO CO., LTD., Sichuan Tongsheng Amino acid Co., Ltd, Ningxia Eppen Biotech Co., Ltd, Global Bio-chem Technology Group Company Limited., Otto Chemie Pvt. Ltd., and Hefei TNJ Chemical Industry Co., Ltd.
Product launches, acquisitions, collaborations, and research & development (R&D) activities to develop products are key strategies adopted by players in the global glutamic acid market. For instance, Ajinomoto Co., Inc. is one of the market players across the glutamic acid market and has made R & D expenses to acquire more knowledge about the benefits of amino acids.
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Market Segmentation:
- Global Glutamic Acid Market, By Application:
- Food & Beverages
- Cosmetics & Personal Care
- Pharmaceuticals
- Animal Feed
- Others
- Global Glutamic Acid Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- By Country:
- Europe
- By Country:
- U.K.
- Italy
- France
- Germany
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country:
- China
- India
- Japan
- ASEAN
- Australia
- Rest of Asia Pacific
- By Country:
- Middle East & Africa
- By Sub-region:
- Middle East
- Africa
- By Sub-region:
- North America
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