The glutamic acid industry contributes $10,496.0 million in 2021, and it is projected to generate $19,443.5 million in 2030, advancing at a rate of 7.1% from 2021 to 2030. Glutamic acid is an amino acid utilized for the production of proteins.
The glutamic acid is widely used in the food and beverage industry as an enhancer or additive. Besides this, it is also used in the animal feed, due to high consumption of poultry products such as pork, beef, chicken, geese, and turkeys as well as the growing demand for aquatic products such as shrimp and fish, resulting in industry propulsion.
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| Glutamic Acid Market Size and Share Analysis Forecast to 2030 |
The buyers of glutamic acid seek long-term contracts at a competitive cost to preserve the production capacity. The cost of the product is expected to be impacted by the rising demand in the pharmaceutical industry, as well as functional food producers. Therefore, the bargaining power of the buyer is predicted to stay strong in the near future.
Read Full Report: Glutamic Acid Market Revenue Estimation and Growth Forecast Report
The raw material suppliers involved in the manufacturing and distribution of operations utilize the extensive distribution network for controlling the prices of raw materials in various locations. Therefore, the power of the supplier is expected to remain moderate in the coming years.
The stringent regulations in the production of food and feed formulations, along with environmental damage caused by harmful gas leakage can restrict the entry of new players. Moreover, the high use of acid in end-use applications, specifically in pharmaceutical and functional food, can facilitate new competitors with several opportunities. Therefore, it can reduce the threat of new entrants.
Under the application segment, the food and beverage application are the significant revenue contributor to the industry, accounting for 83%. It is led by the wide usage of glutamic acid as a taste enhancer. For instance, monosodium glutamate (MSG) is primarily used for enhancing the flavor of salad dressings, canned vegetables, carbohydrate-based snacks, processed dairy goods, and meat.
In addition, the worldwide rising popularity of ready-to-drink beverages, and convenience food is projected to proliferate the industry growth. The increased requirement for such products is expected to improve living standards and economic development in developing countries such as China and India. Along with this, the rising popularity of energy drinks is projected to result into the industry propulsion.
Moreover, the pharmaceutical industry is projected to experience significant growth, growing at a rate of over 7.4% in the coming future. The beneficial government policies and rising private investment are expected to increase glutamic acid sales in the future.
Furthermore, the usage of acid in pharmaceutical applications is projected to prevent the nerve damage caused during chemotherapy and treats numerous disorders, including epilepsy, muscular dystrophy, neurotransmission imbalances, and cognitive and behavioral difficulties.
In addition, this product is utilized as an antiulcer medication, along with this, it is highly effective in gastrointestinal therapy. The acid is further utilized in various supplement formulations, as it supports detoxification, and athletic performance, along with improving cognition, and protein building block formation in the body.
Therefore, the high usage of glutamic acid in the pharmaceutical sector is projected to boost industry growth.
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