Product ID: SQSG15E2049
Report ID: SQSG15E2049 | Region: Global | Published Date: October, 2022 | Pages: 157 | Tables: 92 | Figures: 76
Global Aspartic Acid Market size was valued at USD 93.15 million in 2021 and is poised to grow from USD 98.87 million in 2022 to USD 146.21 million by 2030, growing at a CAGR of 6.2% in the forecast period (2023-2030).
The continuously growing demand for biodegradable products because of the depleting fossil fuel reserves across the world is expected to be the key factor driving the global aspartic market over the forecast period. Aspartic acid is highly used in the manufacturing polyaspartic acid, which is a major component for several types of applications including water treatment systems, petroleum exploitation, detergents, and agriculture as well. Thereby, increasing demand for polyaspartic acid from several industries, is likely to fuel the demand and growth of aspartic acid in the coming years.
Furthermore, high usage of aspartic acid in the production of non-saccharide sweetener, which is also known as aspartame is anticipated to have a positive influence on the global demand for aspartic acid during the forecast period. Aspartame is largely used in syrups, bakery products, beverages, and many other applications. With a shifting consumer preference towards packaged food & beverage segment in the last few years is anticipated to boost the demand for aspartame and in turn, aspartic acid demand grow at a significant rate.
US Aspartic Acid Market is poised to grow at a sustainable CAGR for the next forecast year.
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Aspartic Acid Market is segmented on the basis of application, end-use, form, and region. By application, the aspartic acid market is segmented into polyaspartic acid, aspartame, feed supplements, and others. By end-use, the aspartic acid market is categorized into food & beverage, bakery, confectioneries, pharmaceuticals, and others. By form, the Aspartic Acid Market is bifurcated into L-aspartic acid and D-aspartic acid. By region, the Aspartic Acid Market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Aspartic Acid Market Analysis by Application
By application, the polyaspartic acid segment dominated the market and accounted for a healthy market share in 2021. Wide usage of polyaspartic acid and its derivatives in several industrial applications along with the characteristics such as high dispersion and scale inhibition properties are the key major factors driving the segment growth. Furthermore, growing adoption of highly advanced technology coupled with the rising number if innovations to improve the quality and features across the world are projected to fuel the growth of the segment in the coming years.
Moreover, aspartame is expected to be the fastest growing segment during the forecast period owing to rising consumption of packaged foods and carbonated soft drinks mainly in emerging economies such as India and China. In addition, development of technology to produce more attractive and healthier food products worldwide is also anticipated to impact the segment growth positively.
Aspartic Acid Market Analysis by End-Use
By end-use, the food & beverage segment held the largest market share in 2021, and is expected to maintain its dominance throughout the forecast period. The growing use of sweetener and continuously rising demand for packaged food due to the busy lifestyle and increased consumer disposable income globally are projected to drive the growth of the segment during the forecast period. Moreover, shifting consumer preferences towards sweeteners due to rising health awareness and popularity of sweetener around the world is likely to be another major driving factor for the growth of the market in the coming years.
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Globally, North America dominated the aspartic acid market in 2021 with a holding of significant market share and is set to continue its dominance during the forecast period. Rising popularity of ready to eat and ready to drink products because of the hectic lifestyle, high income, and easy availability of these products are the major factors driving the growth of the market in the region. Furthermore, presence of key market players in the region such as ChemPep Inc., Peptech Biosciences Ltd., and Tocris Bioscience and early adoption of advanced technology are few factors projected to drive the market growth in the coming years.
Furthermore, Asia Pacific is expected to witness fastest CAGR during the forecast period owing to the growing urbanization, industrialization, and changing consumer interests towards sweeteners and beverages in the region. In addition, increasing investments by various international players for the development of manufacturing facilities in the countries such as India and China are further anticipated to boost the demand for aspartic acid market in the near future.
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Aspartic Acid Market Drivers
Aspartic Acid Market Restraint
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Global aspartic acid market is fairly fragmented with the presence of many regional and global players operating around the globe. The major players of the global market are implementing on several business strategies including acquisition, partnerships, research & development activities, and new product launches for the expansion of their geographical presence, product portfolio, and strengthen their market position.
Aspartic Acid Market Top Player’s Company Profiles
Aspartic Acid Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, global aspartic acid market is expecting a significant growth during the forecast period owing to the rapid growth in the advancement of technology, rising number of bodybuilders, and extensive growth in food & beverage industry and medicine industry. In addition, increasing per capita income of global population and change in their way of living, they are getting more attractive towards packed food and drinks, which is likely to boost the demand for aspartic acid in the next coming years. However, volatility in the prices of raw materials and fluctuation in the availability is anticipated to hinder the global market growth in the near future.
|Market size value in 2021||USD 93.15 million|
|Market size value in 2030||USD 98.87 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Aspartic Acid Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Aspartic Acid Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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