Visiongain has published a new report on Amino Acids Market Report to 2031: Forecasts by Product Type (L-glutamate, Lysine, Methionine, Threonine, Tryptophan, Leucine, Iso-leucine, Glutamine, Tryosine, Others), By Source (Animal-based, Plant-based), By Application (Dietary Supplements, Pharmaceuticals, Animal Feed, Others), By Livestock (Poultry, Bovine, Equine, Swine, Ovis Aries, Others) PLUS Profiles of Leading Amino Acid Manufacturing Companies and Regional and Leading National Market Analysis, PLUS COVID-19 Recovery Scenarios.
Global amino acids market was valued at US$ x million in 2020 and is projected to reach at a market value of US$ XX million by 2031. Growing awareness about the nutritional benefits of amino acids among consumers is a major factor supporting market growth of amino acids in key geographies.
COVID-19 Impact on Amino Acids Market
Although, the COVID-19 pandemic has bought along a severe economic recession, which has caused a slowdown in several industries. However, industries such as food & beverages, food ingredients and healthcare has somewhat averted the negative effects of the pandemic. This is due to the fact that these industries fall under the essentials category and are highly imperative for survival. Food demand is generally inelastic, which means the effect of COVID-19 will have a minimal impact on the food industry and the supply chain. Suppliers of food ingredients reported very little impact on their ability to supply ingredients to the food & beverage companies due to the pandemic. However, in poorer countries, the demand for food is more linked to income and loss of income earning opportunities has affected the consumption of food & beverage items as well. Hence, the amino acids market in less developed countries is facing a downturn, and this trend is expected to be visible through the first quarter of 2021.
Growing Demand for Dietary Supplements
The demand for amino acids is supported by the growing consumption of dietary supplements. Germany is one of the main markets for dietary supplements. The country witnessed a strong growth in the dietary supplements market in 2019, majorly due to the fact that German consumers have become increasingly concerned about their health and wellbeing. The increasing busy lifestyle of the consumers have made them realise that they may not always get to eat healthy food products, which is why they are shifting their focus towards dietary supplements in order to improve their health and wellbeing. Further, dietary supplements that carry the European Vegetarian Union seal of approval is another factor augmenting market growth of dietary supplements in Germany. The past couple of years witnessed a steady demand for dietary supplements with the seal of approval within the country, and this trend is here to stay, thereby endlessly pushing demand for dietary supplements, which in turn will continue pushing the market growth of amino acids in the country. Meanwhile, market for dietary supplements in in India is witnessing a dramatic growth as more Indian consumers are adopting a healthier lifestyle. The increase in discretionary income has urged more Indian consumers to hit the gym, and spend a certain portion of their income on dietary supplements. These factor are contributing to the growing demand for amino acids in India.
Growing Demand for Pet Food
Strong demand for pet food is another major reason behind the steady growth of the amino acids market. Pet ownership in the U.S. has become mainstream, with close to 71% of the U.S. population owning at least one pet. Consequently, demand for pet food in the U.S. displayed a remarkable growth as well. The pet food industry in the U.S. is expected to cross the US$ 32 billion mark by the end of 2022. The U.S. is considered as one of the most pet friendly nations in the world, which has led to a high pet ownership. Further, close to 8 million households in Canada own a pet, which roughly translates to 58% of the total number of households present in the country. Canada is home to roughly 5.9 million dogs and 7.9 million cats. Cost of caring for a dog amounts to roughly US$ 2483.8 per year, with the largest expense being dog food. These statistics denote the strong demand for pet food in the North American region, which in turn is supporting market growth of amino acids.
Penetration of IoT in the Supply Chain
The internet of things has gradually forayed into the food ingredients sector, especially in the supply chain. Using IoT, consumers can track the entire food supply chain. QR codes on the box allows consumers to learn everything about the particular food product such as its origin, ingredients use, benefits of the ingredients and various others. The food ingredient industry can benefit tremendously from industrial IoT, since enhanced connectivity can improve quality, efficiency and safety while optimizing overall production through predictive maintenance and minimized operational costs. Further, with the help of IoT sensors, food ingredient manufacturers can effectively monitor the temperature and humidity level of the containers in which, the ingredients are being transported. This will allow manufacturers reduce wastage, and will also allow them to keep a check on the quality before it reaches the end-users.
Some of the companies profiled in the report include Brentagg AG, Ajinomoto Co. Inc., Evonik Industries and Prinova Group LLC among others. These companies are involved in several organic and inorganic strategies in order to ensure long term sustenance in the amino acids market. In April 2019, Archer Daniels Midlands Company announced the opening of its high-tech livestock feed facility in Illinois. The new facility features state-of-the-art technology such as enhanced manufacturing capabilities, automated packaging and processing controls and unique pressed tubs for multiple species among others.
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