New York, March 29, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Glutamic Acid Global Market Report 2023" - https://www.reportlinker.com/p06316268/?utm_source=GNW
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, Ottokemi, and Luojiang Chenming Biological Products Co. Ltd.
The global glutamic acid market grew from $10.33 billion in 2022 to $11.37 billion in 2023 at a compound annual growth rate (CAGR) of 10.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The glutamic acid market is expected to grow to $15.51 billion in 2027 at a CAGR of 8.1%.
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 glutamic acid is used to build proteins to improve memory and focus, boost the immune system, support prostate health, detox the body, improve athletic performance, and also aid digestion.Glutamic acid refers to a form of amino acid that is converted to glutamate.
This is a chemical that enables brain nerve cells to communicate with one another and send and receive information.It is necessary for the body’s protein synthesis and plays an important function in the central nervous system.
The amino acid is involved in so many processes in the body that it can prove to be beneficial in a variety of ways.
North America was the largest region in the glutamic acid market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the glutamic acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of glutamic acid are biosynthesis and industrial synthesis.Industrial organic synthesis products are employed as intermediates in a variety of chemical processes.
The different sources include plant-based, and animal-based and are used in pharmaceuticals, food additives, animal and pet food, and other applications.
Consumer awareness toward healthy and nutritious foods is expected to propel the growth of the glutamic acid market going forward.Rising awareness about health issues helps prevent people from developing certain health issues.
Food containing glutamic acid is beneficial to memory as well as body wellness due to its properties.As a result, increasing awareness related to health concerns and consumer attractiveness toward healthy and nutritious food increases the demand for the glutamic acid market.
For instance, in 2020, according to the Global Wellness Institute, a US-based non-profit organization, the healthy eating, nutrition, and weight loss sector rose from $912 billion in 2019 to $946 billion in 2020.In addition, healthy-labeled foods and drinks had the largest sub-sector in 2020 ($680 billion), followed by vitamins & supplements ($137 billion) and weight loss products & services ($128 billion).
Therefore, increasing consumer awareness towards healthy and nutritious food is driving 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 2021, Evonik, a German-based company operating in glutamic acid, entered into a supply agreement with Cassava Sciences, a US-based biotechnology company.Through this agreement, Evonik would supply clinical-grade quantities similar to Cassava Sciences, which is a drug candidate for the treatment of Alzheimer’s disease.
Further, in September 2020, Evonik, a German-based company operating in glutamic acid, entered into a strategic partnership with Unilever, a UK-based producer of consumer goods. Through this collaboration, Evonik’s biotech expertise would act as a central pillar for Unilever’s Clean Future initiative.
In October 2020, American Vanguard Corporation (AVC), a US-based agrochemical company, acquired the Agrinos Group of companies for an undisclosed amount.Through this acquisition, Agrinos’s portfolio is expected to complement AVC’s Green Plant liquid nutrition products, which have enjoyed successful growth in the Central American market.
Agrinos is a US-based full-service biological input provider that manufactures glutamic acids.
The countries covered in the glutamic acid market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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.
The glutamic acid market research report is one of a series of new reports 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.
Read the full report: https://www.reportlinker.com/p06316268/?utm_source=GNW
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