Monosodium glutamate (MSG) is an amino acid commonly used as a food additive to enhance and intensify the savory taste of food. MSG is added to various food products such as soups, salad dressings, chips, snacks, and sauces to enhance their taste. It acts as a flavor enhancer and elicits an umami taste sensation. The extensive demand for processed and packaged food has fueled the usage of MSG as a flavoring agent. Rising disposable income and changing lifestyles have propelled the adoption of convenience food, which in turn is driving the monosodium glutamate market.
Market Opportunity
Wide range of applications across food industry presents a lucrative growth opportunity. Monosodium glutamate (MSG) finds extensive usage in a variety of food applications across restaurants, hotels, processed food manufacturers, bakeries, and seasonings owing to its ability to enhance savory taste. The growing demand for convenience food fueled by rapid urbanization and busy lifestyles has augmented the applications of MSG in prepared mixes, soups, sauces, and seasoning premixes. The rising culture of dining out has also propelled the consumption of MSG in restaurants and commercial kitchens. Furthermore, increasing focus on taste and nutritional value of food products is prompting food manufacturers to use monosodium glutamate as a safe and natural flavor enhancer. Rising health-consciousness and demand for great tasting low-fat or low-sodium food also presents an opportunity for further adoption of MSG.
Porter's Analysis
Threat of new entrants: The MSG industry has high production costs associated with R&D, manufacturing, and complying with regulations. This poses a barrier to new companies.
Bargaining power of buyers: Buyers have moderate bargaining power given the availability of substitutes like seasoning mixes. However, MSG is still widely used worldwide.
Bargaining power of suppliers: Major raw material suppliers like corn starch producers have some bargaining power over the industry.
Threat of new substitutes: Seasoning mixes are alternatives to MSG but substitutes on its own are limited given its unique flavor-enhancing ability.
Competitive rivalry: The industry has few major players globally with capacity to sustain price wars and invest heavily in new product development.
SWOT Analysis
Strength: MSG has a unique umami taste and is widely used globally. It enhances flavor at very low usage levels.
Weakness: Negative consumer perception around its safety persists despite regulatory approvals. Heavy reliance on few raw material suppliers.
Opportunity: Growing demand for convenience food and seasoning products in developing nations. New applications in plant-based meat analogs.
Threats: Stringent regulations around labeling and usage levels in many markets. Switch to more "natural" ingredients by some brands.
Key Takeaways
The Global Monosodium Glutamate Market Demand is expected to witness high growth over 2023-2030 driven by the Asia Pacific region. The region currently accounts for over half of global demand led by China, Japan, and South Korea where MSG is a household ingredient.
Regional analysis shows that the Asia Pacific region will continue dominating the MSG market during the forecast period fueled by rising population, income levels, and demand for convenience food. Countries like India and Indonesia are expected to be the fastest growing regional markets.
Key players operating in the monosodium glutamate market are Thermo Fisher Scientific, Merck KGaA, Takara Bio, Agilent Technologies, Oxford Expression Technologies, Promega Corporation, Qiagen N.V., Bio-Rad Laboratories, New England Biolabs, Genscript Biotech Corporation, Syngene International Limited, Sartorius AG, Aragen Bioscience, Vivopure, Creative Biogene, Absolute Antibody, Rockland Immunochemicals, Protein Technologies Inc., Protegenix, Virovek. Leading companies are investing in new product innovations and expanding production capacities globally.
Explore more information on this topic, Please visit -
https://www.ukwebwire.com/monosodium-glutamate-market-size-and-trends-analysis/
Explore more trending article related this topic -
Comments
0 comment