Amino Acids Market Expected to Reach US$ 11 Million Tons by 2023
The global amino acids market has been witnessing a positive growth over the past few years. This can be accredited to the increasing usage of amino acids in the healthcare and animal feed industries coupled with rising consumption of protein supplements.
Amino acids are organic compounds that are the building blocks of proteins and also act as an intermediate in metabolism. They are found in abundance in red meat, sea food, eggs, dairy products, quinoa and soy products. Amino acids carry out various functions such as, transportation and storage of nutrients, forming cell-structure, and also influence the functioning of organs, glands, arteries and tendons. Furthermore, they are essential for healing wounds and repairing tissues, especially in the muscles, bones, skin and hair. A new research report by IMARC Group, titled “Amino Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the market to reach a volume of US$ 8.5 Million Tons in 2017. The report further anticipates the amino acids market expected to reach a volume of US$ 11 Million Tons by 2023, at a projected CAGR of 5% over the forecast period.
Global Amino Acid Market Drivers/Constraints:
- The shift towards consumption of the dietary supplements for increased protein intake along with the growing health concerns among the consumers has fostered the consumption of protein-rich food products. This has prompted the manufacturers to introduce foods and beverages fortified with amino acids in the market, thereby propelling the market growth.
- Amino acids are also consumed by athletes and the aged population to gain energy and improve endurance. They are also used in the healthcare sector to prevent diseases like gastrointestinal disorders, eye diseases, cardiovascular diseases, nervous system dysfunction, etc. This is anticipated to boost the demand for amino acids worldwide.
- The increasing use of amino acids in the animal amino acids feed industry to supplement the protein requirement of the animals is another major factor driving the market growth globally.
- However, there are some factors that hamper the market growth. The lack of awareness among consumers from underdeveloped region is impeding the market growth of amino acids. Moreover, varying price of raw materials also act as a major deterrent.
On the basis of product type, the market is segmented into glutamic acid, lysine, methionine, others. Currently, glutamic acid represents the most popular product type, holding the majority of the total market share since it is used as a nutritional supplement in protein drinks and powders. Moreover, glutamic acid is used as a flavour enhancer in salad dressings, sauce mixes, soup, meat marinades, and fruit and vegetable juices.
Application Insights:
On the basis of application, the animal feed industry leads the market, followed by the food and healthcare industries. Owing to the growing meat consumption, the demand for protein-rich animal feed is increasing so as to supplement the protein requirement of the animals.
Raw Material Insights:
Based on raw material, the market is categorised into plant-based and animal-based amino acids. Amongst these, plant-based amino acids currently dominate the market, accounting for the majority of the global share.
Regional Insights:
As a result of increasing disposable incomes of the consumers in the Asia Pacific region, there has been a rise in the consumption of protein supplements, which indirectly impacts the amino acid market. As a result, Asia Pacific presently accounts for the majority of the total global shares, representing the largest market for amino acids. It is followed by Europe, North America, Latin America, and Middle East and Africa.
Competitive Landscape:
The market is highly fragmented with the presence of numerous small and large manufacturers who compete in terms of prices, quality, innovation, service, promotion and reputation. Some of the leading players operating in the market are:
- Amino
- Ajinomoto
- Cargill
- Archer Daniels Midland
- CJ CheilJedang
source: imarc group