Glutamic Acid and Monosodium Glutamate (MSG) Market – Global Industry Analysis Report, Share, Size, Growth, Price Trends and Forecast, 2016 – 2023: Global Market Insights Inc.
Global glutamic acid market size was estimated at over 2.9 million tons in 2014 and is likely to reach more than 4 million tons by 2023. Revenue is likely to be worth more than USD 15.5 billion by 2023 growing with an estimated CAGR of above 7.5% up to 2023. Monosodium glutamate (MSG) market size was estimated over 3 million tons in 2014 and is likely to surpass 4 million tons by 2023. MSG is the sodium salt of glutamic acid which is an amino acid. Asia Pacific witnessed the highest consumption of both the products and accounted for approximately 64% and 88% for glutamic acid and MSG respectively of the total volume in 2014. North America glutamic acid market is likely to witness moderate growth rates over the forecast period for this market.
Food & dietary supplements were the dominant application for glutamic acid market and accounted for more than 85% of the total volume in 2014. Pharmaceutical application is likely to witness highest gains over the forecast period. Shift of consumer preference towards processed food consumption owing to hectic lifestyles is likely to drive market. Processed food is an easy availability to consumers with the increase in middle class disposable income levels. This factor is likely to favor processed food industry growth over the next few years. Glutamic acid and MSG, both are used as flavor enhancers and additives in food applications. Major end-users for this application include food processing industry (manufacturers of snacks, convenience & functional food, condiments, seasoning blends, soups and instant noodles), institutional food service providers and restaurants. Growing awareness towards consuming food containing natural additives coupled with increasing health consciousness is likely to favor glutamic acid market growth. It is also used as an additive in diary applications as it increases the taste and shelf life of the product. U.S. FDA considers MSG as “generally recognized as safe” (GRAS) for food applications. This factor is likely to favor MSG market growth. Increase in livestock production such as broiler, cattle and swine for meat consumption is likely to drive the market growth. Glutamic acid consumption in livestock production accounted for a lower market share. MSG is also used in negligible amounts for animal feed. Swine animal feed is the major application in livestock production for glutamic acid, followed by poultry.
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