Amino acids are organic compounds that combine to form proteins. They play significant roles in many bodily functions and are needed for cell growth, tissue repair, hormone and enzyme production. 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 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for amino acids from the pharmaceutical industry is one of the major trends driving the growth of the global amino acid market. Amino acids find wide application in drug formulation, manufacturing of generic and branded drugs. They are used as intermediates or excipients in various formulations. With the growing global pharmaceutical industry, the demand for amino acids from this sector is also rising rapidly. As per estimates, the global pharmaceutical market value is projected to grow at a CAGR of over 7% during the forecast period. This rising demand from a lucrative end-use industry is expected to propel the amino acid market forward over the coming years.
Segment Analysis
The global amino acid market is dominated by essential amino acids segment which accounts for over 60% of the total market share. Essential amino acids cannot be synthesized by the human body in adequate amounts and have to be supplied through diet. Lysine, methionine, threonine, tryptophan, leucine, isoleucine, valine, phenylalanine and histidine are considered as essential amino acids. Higher demand for essential amino acids from pharmaceutical and dietary supplement industries is the major factor driving the growth of this segment.
Key Takeaways
The Global Amino Acid Market Size is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: North America region currently dominates the global amino acid market and is expected to remain the largest market during the forecast period. Higher healthcare spending and growing nutraceutical industry in the region are major factors contributing to the largest share of North America. Asia Pacific region is expected to witness fastest growth over the coming years. Rapidly growing pharmaceutical industry in China and India is expected to boost the demand for amino acids in the region.
Key players: Key players operating in the amino acid market are Intomics, GENinCode, NanoString, Tepnel Pharma Services Limited, Pfizer Inc., Novartis AG, Teva Pharmaceutical Industries Ltd., Merck & Co., Inc, QIAGEN, Quest Diagnostics Incorporated, Medtronic, Thermo Fisher Scientific Inc., Laboratory Corporation of America Holdings, bioMérieux SA, F. Hoffmann-La Roche Ltd, Eli Lilly & Company, GlaxoSmithKline plc, Cepheid, AstraZeneca PLC, Myriad Genetics, Inc., Bristol-Myers Squibb Company, and Foundation Medicine, Inc.
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