The Amino Acid Market Is Estimated To Witness High Growth Owing To Rise In Demand from Pharmaceutical Industry
Amino acids are organic compounds that combine to form proteins. They are widely used in dietary supplements, pharmaceuticals, cosmetics, animal feed, and food & beverage products. The growing health consciousness among consumers has increased the demand for protein-enriched dietary supplements and functional foods fortified with amino acids. Amino acids find myriad applications in protein formulations, feed additives, infant formulas, electrolyte solutions, cosmetics, and pharmaceuticals.
The global Amino Acid Market is estimated to be valued at US$ 27.4 Bn in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The amino acid market is driven by rising demand from the pharmaceutical industry. Amino acids such as lysine, threonine, tryptophan, and methionine are used extensively in the production of various drugs owing to their antiviral, anticancer, and neuroprotective properties. Additionally, rising meat consumption has raised the demand for amino acids from the animal feed industry. Amino acids such as lysine and methionine are used as feed supplements to increase the protein content in animal feed. The growth of companion animal ownership has further augmented the demand for pet food enriched with amino acids. Changing dietary patterns and rising health consciousness among consumers have increased the demand for nutritional and dietary supplements containing amino acids.
SWOT Analysis
Strength: The amino acid market has strong growth prospects owing to increasing demand from animal feed and food & beverage industries. Demand for amino acids is expected to rise with growing health consciousness. R&D for novel applications in cosmetics and pharmaceuticals will boost the market.
Weakness: High production costs make it difficult for small players to sustain. Regulatory norms regarding safety are stringent. Dependence on China for raw material supply is a concern.
Opportunity: Emerging economies offer vast opportunities due to rising incomes. Demand from nutraceuticals and sports nutrition segments will drive future growth. Innovations in fermentation technologies will enhance productivity and lower costs.
Threats: Environmental regulations can impact costs. Substitutes like plant-based proteins are a threat. Trade wars and geopolitical tensions can disrupt supply chains. Rising input costs may dampen profit margins.
Key Takeaways
The Global Amino Acid Market Share is expected to witness high growth, exhibiting CAGR of 8.4% over the forecast period, due to increasing demand from animal feed and food & beverage industries. The market size for 2023 is US$ 27.4 Bn.
Regional analysis: Asia Pacific dominates the global amino acid market, accounting for over 40% share. China contributes significantly owing to large animal feed and food processing base. North America follows APAC due to sizable demand from nutraceuticals and dietary supplement industries.
Key players: Key players operating in the amino acid market are Ajinomoto Co., Inc., KYOWA HAKKO BIO CO., LTD., AMINO GmbH, Bill Barr & Company, IRIS BIOTECH GMBH, Taiwan Amino Acids Co. Ltd., BI Nutraceuticals, Sichuan Tongsheng Amino acid Co., Ltd, Wacker, Chemie AG, Adisseo, and CJ CheilJedang Corp. These companies are adopting expansion strategies to strengthen their global footprint.
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