The report segments the global aspartic acid market by application (polyaspartic acid, aspartame, feed supplements, medicines, and l-alanine), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global aspartic acid market, according to Technavio chemicals and materials researchers:
- Rising consumption of baked products: a major market driver
- In 2016, the polyaspartic acid segment dominated the market by occupying almost 23% share
- The Americas dominated the global aspartic acid market with 42% share in 2016
- AJINOMOTO, DSM, Evonik Industries, Flexible Solutions International, and Tocris Cookson are the leading players in the market
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Rising consumption of baked products: a major market driver
Rising consumption of baked products is one of the major factors driving the global aspartic acid market. The increasing preference for convenience food is expected to drive the consumption of baked products. Aspartic acid is used as a flour coating in bakery products, and the demand is expected to increase during the forecast period. The availability of baked products and confectionary is increasing significantly in supermarkets. The increase in the number of instore bakeries has reduced the price of products and provides ease of shopping.
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Americas: largest aspartic acid market
Technavio researchers anticipate high growth for the global aspartic acid market in the Americas due to the demand from the F&B and health and nutrition industries in the Americas. The F&B industry in the US accounts for a large share of the global F&B industry. The rising demand for packaged and fresh food is expected to drive the demand for aspartic acid by the F&B industry.
According to Hitesh Bhatia, a lead analyst at Technavio for research on specialty chemicals, “The food packaging industry in the US is expected to grow at a rate of 2.89% during the forecast period due to innovations in packaging. Modified atmosphere packaging is one of the innovations, wherein high levels of oxygen help in preserving the color of the meat. The rising demand for packaged and fresh food is expected to drive the demand for aspartic acid by the F&B industry.”
Competitive vendor landscape
The global aspartic acid market is moderately fragmented and includes international players and small-scale industry participants regionally. Key players include AJINOMOTO, DSM, Evonik Industries, Flexible Solutions International, and Tocris Cookson. Manufacturers focus on producing a variety of products to attract customers and increase market shares. Many companies serve as backward integrated players as price pressure impacts the market and increases competition.
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