Free Amino Acid Market to grow at a CAGR of 6.9% during 2024-2028
The Free Amino Acid Market is expected to grow at a CAGR of 6.9% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1.26 billion. The global free amino acid market is experiencing a significant trend, with vendors prioritizing new product launches to expand their market reach and cater to evolving consumer requirements. Evonik, a leading industry player, recently announced the launch of an enhanced version of their Biolys product for animal feeds, effective June 1, 2023. This new iteration boasts a higher L-lysine concentration, now at 62.4%, representing an 80% ratio to Lysine HCl, up from the previous 77%. The updated Biolys not only delivers a superior L-lysine content but also provides additional nutrients and energy derived from its innovative fermentation process. This strategic product enhancement underscores Evonik's commitment to delivering superior solutions to the market.
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Technavio analysts predict that the Non-essential amino acids subsegment will lead the Type segment during 2024 and 2028 The free amino acid market represents a significant business opportunity due to its extensive applications in various industries, including pharmaceuticals, food and beverages, and animal feed. These essential organic compounds are crucial for protein synthesis and human nutrition. The market's growth is driven by increasing demand for functional foods, rising awareness of health and wellness, and advancements in biotechnology. Companies are investing in research and development to produce high-quality, cost-effective amino acids to meet the growing demand.
Here are the various ways based on which the market is segmented:
Key Companies and Market Insights
Some of the key companies in the Global Free Amino Acid Market include:
There are several factors that are causing the market to flourish increasing health consciousness among people
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The Free Amino Acid market is experiencing significant growth in various industries, including food and beverage, pharmaceutical, and nutraceuticals. Digital solutions are revolutionizing the production process of amino acids, making it more efficient and cost-effective. In chemical-based agriculture, amino acids are used as fertilizers, enhancing the growth of crops like corn, wheat, and soybean. Organic food production also relies on amino acids, particularly glutamic acid, as a flavor enhancer. The nutraceutical industry utilizes amino acids for protein synthesis and health benefits. Hydrothermal treatment of biomass waste is an environmentally friendly method for producing amino acids. Amino acids have numerous health benefits, including improving immunity, alleviating symptoms of ADHD, bruxism, premenstrual dysphoric disorder, sleep difficulties, depression, and more. The pharmaceutical industry uses amino acids in the production of medications. Vertical integration in the amino acid market is becoming increasingly common, with companies investing in the production of plant-based raw materials to ensure a steady supply. The market is expected to continue growing, driven by the increasing demand for healthier food and beverage options and the expanding nutraceutical industry.
The global specialty chemicals industry encompasses businesses specializing in high-value-add chemicals utilized in the production of a diverse range of products, including fine chemicals, additives, advanced polymers, adhesives, sealants, specialty paints, pigments, and coatings. According to Technavio, the market size is determined by the consolidated revenue generated by these manufacturers. Key growth drivers for the specialty chemicals market include the increasing preference for specialty adhesives and sealants, driven by the expanding demand for these products across various industries.
The Free Amino Acid Market is experiencing significant growth, fueled by the increasing health consciousness among people. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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Email: media@technavio.com
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