Dublin--(BUSINESS WIRE)--"Glutamic acid market size, share and trend analysis report by application (food and beverage, pharmaceutical, animal feed), by region (North America, Europe, Asia Pacific, CSA) , MEA), and market segment forecasts, the 2021-2028" report has been added to ResearchAndMarkets.com's products.
By 2028, the global glutamic acid market is expected to reach 17.16 billion U.S. dollars, and it is expected to grow at a compound annual growth rate of 7.6% from 2021 to 2028.
Due to the increasing global demand for animal feed and the surge in the use of food additives and food enhancers in the industry, this market is expected to witness significant growth during the forecast period.
The price of glutamic acid varies by grade. The strong demand for this product in the animal feed and food and beverage industries has pushed up the price of glutamic acid. In addition, the interference caused by the COVID-19 pandemic in the raw material supply chain is another factor in the increase in the price of glutamic acid. In 2019, due to the rising cost of required raw materials, Evonik Industries increased the global price of its glutamic acid products by 15%.
Manufacturers compete based on distribution channels and strive to expand their market reach to increase their market share and increase annual revenue. Because sales are highly dependent on the distribution network, these companies also compete on the basis of profit margins, resulting in higher barriers to market entry.
Glutamic acid manufacturers focus on improving products and enhancing manufacturing capabilities to differentiate their products from those of other manufacturers in the industry and increase their market share.
In 2020, the Asia-Pacific region has the largest revenue share, exceeding 50.0%. The market growth is attributed to the increase in consumer purchasing power, the increasing popularity of healthy lifestyles, and the expansion of end-use industries such as animal feed, pharmaceuticals, cosmetics and personal care, and food and beverages. Due to the existence of abundant livestock populations, the demand for animal feed in countries such as India and China is expected to increase.
Highlights of Glutamic Acid Market Report
Glutamic acid market: market variables, trends and scope
Excessive intake of glutamate may cause health problems
Graph of penetration and growth prospects
Impact of the Covid-19 pandemic
For more information about this report, please visit https://www.researchandmarkets.com/r/a6qhr4
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com US Eastern Time Office Hours Call 1-917-300-0470 US/Canada Toll Free 1-800-526-8630 GMT Office Hours Call +353-1- 416- 8900