Glutamic Acid Global Market Report 2024

“Glutamic Acid Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on glutamic acid market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for glutamic acid? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The glutamic acid market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

• 1) By Product: Biosynthesis; Industrial Synthesis
• 2) By Source: Plant-Based; Animal Based
• 3) By Application: Pharmaceutical; Food Additives; Animal and Pet Food; Other Applications
• Companies Mentioned: AMINO GmbH; Evonik Industries AG; Fufeng Group; Hefei TNJ Chemical Industry Co Ltd.; Kyowa Hakko Bio Co Ltd.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Glutamic acid is utilized to construct proteins, contributing to improved memory and focus, immune system support, prostate health, detoxification, enhanced athletic performance, and aid in digestion. Glutamic acid is a form of amino acid that converts to glutamate, a chemical crucial for communication between nerve cells in the brain, facilitating the transmission of information. It plays a vital role in protein synthesis and is integral to the central nervous system, participating in various bodily processes that contribute to its diverse benefits.

The main types of glutamic acid include biosynthesis and industrial synthesis. Products from industrial organic synthesis serve as intermediates in various chemical processes. Glutamic acid can be derived from plant-based or animal-based sources, finding applications in pharmaceuticals, food additives, animal and pet food, and various other applications.

The glutamic acid market research report is one of a series of new reports from The Business Research Company that provides glutamic acid market statistics, including global market size, regional shares, competitors with a glutamic acid market share, detailed glutamic acid market segments, market trends and opportunities, and any further data you may need to thrive in the glutamic acid industry. This glutamic acid market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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 observed in the historic period can be attributed to several key factors, including the contributions from the food and beverage industry, the pharmaceutical and healthcare sector, industrial applications, population growth, and the increased consumption of processed food. These factors collectively played a significant role in driving the demand for glutamic acid during that period. The expanding applications across various industries and the rise in consumer demand for processed foods contributed to the overall growth in the historic period.

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 anticipated growth in the forecast period can be attributed to several factors, including the expanding pharmaceutical market, the increasing demand for sustainability and biodegradable plastics, the popularity of clean label food products, ongoing research and development efforts, and the growth in biofuels and green chemistry initiatives. Major trends expected in the forecast period include the development of plant-based glutamic acid, the rise of health and wellness supplements, advancements in fermentation technologies, the expansion of flavor enhancers, and the emergence of personalized nutrition approaches.

The anticipated growth in the glutamic acid market is driven by the rising demand for the food service industry. The food service industry, involving the preparation, distribution, and sale of food and beverages outside consumers' homes, plays a pivotal role in the increased usage of glutamic acid. Glutamic acid, often in the form of monosodium glutamate (MSG), is a widely utilized flavor enhancer in processed and convenience foods, meat and seafood products, and international cuisines. As the food service industry continues to cater to consumers seeking diverse, flavorful, and convenient food options, the demand for glutamic acid is expected to grow. The cost-effectiveness of glutamic acid in enhancing flavor aligns with consumer preferences and supports food innovation and product development. For instance, a report published by the United States Department of Agriculture in July 2023 indicates a steady increase in global food provided by the food service and retail sectors, reaching $2.39 trillion in 2022, compared to $2.11 trillion in 2021. The corresponding figures for global food service establishments were $1.34 trillion in 2022 and $1.16 trillion in 2021, reflecting the industry's expansion and driving the growth of the glutamic acid market.

Another significant driver for the growth of the glutamic acid market is the rise in the pharmaceutical industry. Glutamic acid finds application in medicines, supplements, and research, aligning with prevailing health and wellness trends. The pharmaceutical industry, responding to various health challenges and addressing the needs of an aging population, is contributing to the increased demand for glutamic acid. In September 2021, the Centers for Medicare & Medicaid Services reported a 7.8% increase in the expenditure on prescription drugs in 2021, reaching a total of $378.0 billion. This growth rate surpassed the 3.7% increase recorded in 2020, indicating a sustained demand for pharmaceuticals. The rise in pharmaceutical industry spending is driving the growth of the glutamic acid market.

A notable trend in the glutamic acid market is the emergence of strategic collaborations and partnerships among major companies. These collaborations aim to enhance business sustainability and leverage complementary expertise. For example, in March 2023, Corteva, Inc., a US-based agricultural chemical company, and Bunge Limited, a US-based food company, announced a collaboration focused on developing more nutritious soybean meal for the animal feed industry. This partnership combines Corteva's expertise in germplasm, gene editing, and trait discovery with Bunge's capabilities in processing and merchandising. The goal is to create soybean varieties with increased protein content, optimized amino acid profiles, and reduced levels of anti-nutritional factors. This collaboration aims to reduce the use of synthetic additives in animal feed, lower costs, and decrease carbon emissions, demonstrating a trend of strategic partnerships shaping the future of the glutamic acid market.

Major companies in the glutamic acid market are strategically developing new products to gain a competitive advantage. One notable example is METEX NØØVISTAGO, a biotechnology company based in France, which launched the animal nutrition solution inneus in May 2022. inneus is designed for piglets and poultry, combining functional amino acids with selected polyphenols to enhance intestinal health. This innovative product aims to help animals better cope with various physiological and health challenges, including weaning for piglets and coccidiosis for chickens. inneus offers a unique approach to improving digestive health in monogastric animals and has garnered support through scientific publications presented in relevant congresses. This strategic development aligns with the growing focus on animal health and nutrition in the agricultural sector.

In January 2021, Absci Corporation, a biotechnology company based in the United States, collaborated with Merck & Co., Inc., a pharmaceutical company also based in the United States. This collaboration aimed to leverage Absci's AI (artificial intelligence) and synthetic biology capabilities. Absci utilized its Bionic Protein technology to create custom enzymes for Merck's biomanufacturing processes. Under the collaboration, Merck had the option to nominate up to three targets for drug discovery collaboration, emphasizing the use of innovative technologies to enhance biologics capabilities. This collaboration exemplifies the trend of companies in the glutamic acid market embracing advanced technologies and strategic partnerships to drive innovation and strengthen their market position.

Major companies operating in the glutamic acid market include 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 Freres, Eurosweet GmbH, Mahajan Molasses Company, United States Gypsum Company

North America was the largest region in the glutamic acid market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the glutamic acid market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the glutamic acid market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The glutamic acid market consists of sales of glutamic acid that is used in the body to build proteins. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.