The Global Monosodium Glutamate Market Propelled By Increasing Consumption Of Processed Foods
Monosodium glutamate, commonly known as MSG, is a popular food additive and flavor enhancer used in various cuisines worldwide. MSG improves the taste of food by enhancing its savory qualities without altering the original flavor. It is commonly added to Chinese food, soups, snacks, and other processed foods to improve their palatability. The consumption of processed and packaged foods has been steadily rising globally due to urbanization and changing lifestyles. This has augmented the demand for MSG as a flavoring agent.
The global Monosodium Glutamate market is estimated to be valued at US$ 5.91 Bn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing consumption of processed food is one of the major factors fueling the growth of the monosodium glutamate market. With rising incomes and busy schedules, consumers are opting for convenient packaged food products that require minimal or no cooking. This has considerably boosted the sales of packaged snacks, soups, sauces, and frozen meals containing MSG as a key ingredient. Moreover, the working population's hectic lifestyle has led to greater penetration of restaurants and fast food chains which extensively use MSG to enhance the taste of the food. The on-the-go eating habits are thus positively impacting the demand for monosodium glutamate.
SWOT Analysis
Strength: Monosodium Glutamate has umami taste that enhances flavor in foods. It is widely used as seasoning worldwide.
Weakness: MSG is associated with various health issues like headaches, sweating, and numbness. Some people have reported allergy and sensitivity to MSG.
Opportunity: Increasing demand for convenience food products and easy-to-cook meals presents an opportunity for MSG suppliers. Growing Asian food market globally also supports growth.
Threats: Rising health awareness among consumers regarding food additives may impact the market. Strict regulations by food regulatory bodies also pose threats to MSG producers.
Key Takeaways
The Global Monosodium Glutamate Market Size is expected to witness high growth in the forecast period of 2023 to 2030. The market size is projected to reach US$ 5.91 billion by 2023 registering a CAGR of 4.0% during the forecast period.
Regional analysis comprises Asia Pacific dominates the global monosodium glutamate market with more than 50% share driven by demand from China, Japan, and South Asian countries. North America and Europe follow Asia Pacific and growing popularity of Asian cuisines in these regions support market growth.
Key players operating in the monosodium glutamate market are Ningxia Eppen Biotech Co., Ltd, Fufeng Group, Meihua Holdings Group Co., Ltd, Gremount International Co.,Ltd and Cargill Inc. Key players focus on expanding production capacity and product portfolio to cater growing demand from food processing industry worldwide.
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