The amino acid market is one of the rapidly growing nutraceutical and pharmaceutical markets across the globe. Amino acids are organic compounds that are essential building blocks of proteins in the human body. They play a vital role in various functions such as building muscle mass, cognitive and neurological functioning, metabolism, and immune response. Branched-chain amino acids (BCAAs) like leucine, isoleucine, and valine are popular dietary supplements consumed by athletes and bodybuilders for muscle growth and recovery.
The global amino acid market is estimated to be valued at US$ 21.5 billion in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity to expand access to healthcare services is expected to drive the growth of the amino acid market during the forecast period. Amino acids find widespread applications in pharmaceutical formulations to manufacture drugs for various therapeutic areas including oncology, immunotherapy, metabolic disorders, and infectious diseases. According to the United Nations, the global population aged 60 years and above is projected to double from 12% to 22% between 2015 and 2050. With the rising geriatric population, the prevalence of chronic and lifestyle diseases is also increasing at an alarming rate. This is resulting in higher demand for pharmaceutical drugs. Thus, the increasing need to expand healthcare access to cater to the growing disease burden presents lucrative business prospects for amino acid manufacturers.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the amino acid market is moderate. While capital requirements are low for amino acid production, established brands and relationships with buyers create barriers.
Bargaining power of buyers: The bargaining power of buyers in the amino acid market is high. Buyers have numerous supplier options and amino acids are basic manufacturing ingredients enabling buyer price negotiation.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to few raw material suppliers globally and customized product requirements increasing supplier switching costs.
Threat of new substitutes: Threat of substitutes is low as amino acids have unique properties essential for various applications with no close substitute alternatives available.
Competitive rivalry: Intense rivalry exists among key global and regional players due to fragmented supplier base.
SWOT Analysis
Strengths: Wide applications in pharmaceutical, food & beverage, and personal care industries. Essential components for protein synthesis in human body.
Weaknesses: Fluctuating raw material prices affect production costs. Regulatory norms regarding genetically modified organisms limit certain production methods.
Opportunities: Increasing demand for premium nutritional and health supplements offers scope for value-added amino acid variants. Growing elderly population boosts demand for medical nutrition products.
Threats: Stringent environmental laws on chemical production processes raise compliance costs. Substituting plant-based and genetically engineered alternatives can disrupt market.
Key Takeaways
The Global Amino Acid Market Growth is expected to witness high over the forecast period with a CAGR of 4.5% until 2030. Rising health-consciousness and growth in nutraceutical and dietary supplement consumption will drive amino acid demand. The global amino acid market is estimated to be valued at US$ 21.5 billion in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023-2030.
Regionally, Asia Pacific amino acid market accounted for over 35% of the global volume share in 2023 led by China, India, Japan and Southeast Asia. The region is expected to retain its dominance during the forecast period due to burgeoning demand from industries such as pharmaceutical, personal care, and food & beverage.
Key players operating in the amino acid market are Ajinomoto Co., Inc., Kyowa Hakko Kirin Group, Evonik Industries, Sigma-Aldrich, Prinova Group LLC. Ajinomoto maintains a significant market share given their extensive product portfolio and robust distribution network across major global markets.
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