Monosodium Glutamate Market Size Estimated to Reach $11.2 Billion by 2026
Monosodium Glutamate Market size is estimated to reach $11.2 Billion by 2026, growing at a CAGR of 6.1% during the forecast period 2021-2026. Monosodium Glutamate is an ingredient which is highly used in variety of cuisines and commercially its application are in broths, soups, canned and frozen vegetables, flavoring and spice blends. Monosodium Glutamate application has increased over time and it is found in different ingredients obtainable in every market or grocery store. Increase in the demand for flavor enhancers, growing demand for monosodium glutamates in meat products, growing popularity of fast food chains in developing nations, increase in the standard of living, changing customer preferences and increase in the demand for convenience foods are the factors that are set to drive the growth of the global market for the forecast period 2021-2026.
Monosodium Glutamate Market Segment Analysis – By Application
The Global Monosodium Glutamate Market based on the Application can be further segmented into Noodles, Soup and Broth, Meat Products, Seasonings and Dressings, and Others. The Noodles, Soup and Broth segment held the largest share in 2020 owing to the factors such as growing demand for convenience foods, increase in the inclination towards taste, and rise in the disposable income of individuals. The growing demand for flavor enhancers in noodles, soup and broth is driving the growth of the market. Meat products is estimated to be the fastest growing segment during the forecast period 2021-2026. This is owing to the factors such as growing demand for monosodium glutamate in meat products, growing consumption of meat among the young population and increase in the product launches.
Monosodium Glutamate Market Segment Analysis – By End User
The Global Monosodium Glutamate Market based on the End User can be further segmented into Food Processing Industries, Food Service Sectors and Others. Food Processing Industries segment held the largest share in 2020 owing to the factors such as growing demand for processed foods, increase in the inclination towards taste and rise in the disposable income of individuals. The growing demand for processed foods with enhanced flavors is driving the growth of the market. Food Service Sectors segment is estimated to be the fastest growing segment with a CAGR of 7.37% during the forecast period 2021-2026. This is owing to the factors such as rise in the working population, rising need of customized and newer food options, changing customer preferences and increase in the investment by the major players in the food service sector.
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Monosodium Glutamate Market Segment Analysis – By Geography
The Global Monosodium Glutamate Market based on the Geography can be further segmented into North America, Asia-Pacific, Europe, and Rest of World (ROW). Asia-Pacific held the largest share of 31.42% of market in 2020. The growth in this segment is owing to the factors such as increase in the production of monosodium glutamate in countries like China and Indonesia, growing popularity of fast food chains, and increase in the demand for convenience foods. Growing applications of monosodium glutamate in meat products in the region is driving the growth of the market. North America is estimated to be the fastest growing segment during the forecast period 2021-2026. This is owing to the factors such as growing demand for flavor enhancers, increase in the inclination towards taste, sedentary lifestyle and increase in the product launches and innovations.
Monosodium Glutamate Market Drivers
Increase in the demand for flavor enhancers
The increase in the demand for flavor enhancers is estimated to enhance the growth of Monosodium Glutamate Market. The growing inclination towards taste among the young population has made the manufacturers to launch products with enhanced flavors, which is driving the growth of Monosodium Glutamate Market.
Growing popularity of fast food chains
The increase in the popularity of fast food chains is propelling the growth of Monosodium Glutamate Market. The growing demand for convenience foods and sedentary lifestyle is driving the demand of fast food chains, which in turn is fueling the growth of the market.
Monosodium Glutamate Market Challenges
Health concerns associated with the consumption of monosodium glutamate
Several health issues associated with the consumption of monosodium glutamate in food products have shifted the manufacturer’s preference towards other flavor enhancers, which is one of the major challenge that is estimated to reduce the growth of the Monosodium Glutamate Market.
Monosodium Glutamate Market Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Monosodium Glutamate Market. Key companies of this market are Cargill Inc, Fufeng Group, Gremount International Company Limited, COFCO, Meihua Holdings Group Co Ltd, Ningxia Eppen Biotech Co Ltd, Ajinomoto Co Inc, R.M. Chemicals, Sunrise Nutrachem Group, Vedan International among others.
Acquisitions/Product Launches:
In Jan 2020, Japanese food processing and seasoning company Ajinomoto, announced that it is planning to expand market share of Monosodium Glutamate in Indian MSG market.
Key Takeaways
Geographically, Asia-Pacific Monosodium Glutamate Market accounted for the highest revenue share in 2020 and it is poised to dominate during the forecast period 2021-2026 owing to the growing popularity of fast food chains.
Growing demand for convenience foods is propelling the demand of Noodles, Soup and Broth segment.
Health concerns associated with the consumption of monosodium glutamate is one of the major factors which is said to reduce the growth of Monosodium Glutamate Market.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Monosodium Glutamate Market report.
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