(MENAFN- PR Newswire) Changes in lifestyle and food habits, a rise in the sale of processed food, and increased demand for functional food drive the growth of the global Monosodium Glutamate Market.
PORTLAND, Ore., March 17, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, 'monosodium glutamate market by End User (Food Processing and Services Industry, Livestock and Pet Food Industry, Retail sector, Others), by Sales Channel (Business to Business, Business to Consumers): Global Opportunity Analysis and Industry Forecast, 2021-2031'. According to the report, the global monosodium glutamate industry was valued at $4.4 billion in 2021, and is projected to reach $9.8 billion by 2031, growing at a CAGR of 8.5% from 2022 to 2031.
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Prime determinants of growth
The global Monosodium Glutamate Market is being driven by shifts in lifestyle and dietary preferences, an uptick in processed food sales, and growing demand for functional foods. However, the market's growth is being limited by health risks associated with monosodium glutamate, undefined regulatory standards, and the volatility of raw material prices and availability. The market also has huge growth opportunities, particularly due to increased investment from small- and mid-sized food product manufacturing companies.
Covid-19 Scenario
The global monosodium glutamate market was negatively impacted by the Covid-19 pandemic outbreak, which disrupted the production activities of various food ingredients. As a result of growing health concerns among customers, there was an increased demand for healthier and organic food products, leading to a decline in the consumption of monosodium glutamate. However, the market has now recovered slowly and steadily.
The food processing and services industry segment to maintain its dominance throughout the forecast period-
By end-user, the food processing and services segment held the major share in 2021, garnering more than half of the global monosodium glutamate market revenue. This is due to the increasing use of MSG in the food processing business. The retail sector segment, however, would cite the fastest CAGR of 9.4% from 2022 to 2031. Growing awareness regarding the benefits of using flavor enhancers including MSG and the availability of such products in retail stores fuels the growth of the segment.
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The business-to-business segment to rule the roost-
By sales channel, the business-to-business segment contributed to the major share in 2021, holding more than three-fourths of the global monosodium glutamate market revenue. This is because the business to business sales channel of monosodium glutamate is considered to be selling directly to the end user industries such as food processing and food service.
The business to consumers segment, however, would portray the fastest CAGR of 9.4% during the forecast period. Growing household consumption of monosodium glutamate is further boosting its demand through supermarkets, hypermarkets, online stores, and others, thus boosting the growth of the segment.
Asia-Pacific held the major share in 2021-
Based on region, Asia-Pacific dominated the global market in 2021, accounting for nearly half of the global monosodium glutamate market revenue. Rise in the use of MSG in noodles and soups, especially in China and Japan propels the market growth. MEA, on the other hand, would display the fastest CAGR of 9.6% throughout the forecast period. This is owing to the changing lifestyles and eating habits of consumers.
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Leading Market Players: -
Puramate Rm Chemicals Tate And Lyle Linghua Group Limited Meihua Holdings Group Co, Ltd Ajinomoto Co., Inc The Glutamate Association Cargill, Incorporated Bandg Foods, Inc Foodchem International Corporation
The report analyzes these key players in the global monosodium glutamate market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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