Aspartic Acid Market Overview
Aspartic Acid Market size is forecast to reach $121.9 Million by 2025, after growing at a CAGR of 6.5% during 2020-2025. Increased demand for Biodegradable products due to the depletion of fossil fuel reserves is expected to remain a key driver for the global market for aspartic acid over the next years. One of the main applications of aspartic acid is the synthesis of polyaspartic acid as polyaspartic acid as water-soluble and biodegradable amino acid. Polyaspartic acid has the ability to substitute non-biodegradable amino acids. Increased demand for biodegradable products is expected to boost global demand for aspartic acid in the years to come.
Growing demand for polyaspartic acid from the end-use industries is expected to increase the growth of the global market for aspartic acid. Polyaspartic acid and its derivatives, such as polyaspartic acid sodium salt, are also used in applications such as pharmaceuticals, paints, pigments, oilfield chemicals and inorganic chemicals. Increased demand for sweeteners from the rising food & beverage industry is expected to increase the market for aspartic acid over the forecast period.
Aspartic acid is used in the production of a non-saccharide sweetener commonly known as aspartame. Aspartame is commonly used in baking products, drinks, cereals, fruit products and syrups. The change in trend towards packaged food & beverages is expected to increase aspartame demand and, in turn , increase aspartic market growth. Growing pharmaceutical industry due to increasing medical standards and expenditure in the developing economies of Asia-Pacific and Central and South America is expected to remain a key factor in the growth of the global aspartic acid market.
The COVID-19 pandemic and subsequent halt in manufacturing activities shall have an impact on the supply availability of a variety of renewable chemicals. Furthermore, current disruption in trade shall also gravely impact the availability of chemical stocks in import-dependent countries.
Availability – Segment Analysis
D-aspartic segment has been Aspartic Acid primary market. D-aspartic acid raises testosterone levels, which increases protein production and muscle mass growth. Testosterone stimulates the degradation of muscle tissue and decreases abdominal fat. Due to the growing geriatric population and the rising demand for health and wellness goods, better health habits are maintained. Sports supplements are used to boost health & wellness, muscle development and athletic performance. Growing high protein energy drink consumption along with the availability of various nutritional products may favor the demand for dietary supplements, thereby driving the market size of aspartic acid.
Type of Category 2- Segment Analysis
Food segment has been the primary market for Aspartic Acid for many years at a CAGR of 7.9%. The main reason for this is the growing demand for packaged food and the growing use of sweeteners in the food and beverage industry. Moreover, the health-conscious public prefers sweeteners to conventional sugar, which is the main driving force of the demand to manufacture aspartame. In addition, beverages account for the widespread use of aspartame, which is commonly consumed in the APAC region. After APAC, Europe is the second largest market for aspartic acid due to the growing demand for ready-to – eat food and the high demand for beverages in the region. Technology innovation in both North America and Europe is a primary driver of the global demand for aspartic acid. In addition, the presence of favorable government policies for the manufacture of biodegradable goods in APAC, North America and Europe will improve the demand for aspartic acid.
Geography – Segment Analysis
APAC dominated the Aspartic Acid Market share with more than 42.9%, followed by North America and Europe. Asia Pacific, led by Japan, India and China, has the highest market share of the aspartic acid market and could see steady growth. Increased foreign investment in the energy generation sector has a positive effect on boilers, heat exchangers and cooling towers, along with government measures, which could favor product demand in the region. Increasing consumer health awareness along with rising economic standards, mainly in China and India, is likely to increase artificial sweetener and thus stimulate regional growth in health supplement demand. India has accounted for maximum diabetic patients who may increase the demand for aspartic acid for artificial sweetener.
Drivers – Aspartic Acid Market
Strong application in medical
Aspartic acid has a strong application in medical science to cure various human diseases. L-aspartate produces cellular energy for depression, fatigue, and promotes robust metabolism. Aspartate-based medication raises the molecules of nicotinamide adenine dinucleotide (NADH) and holds the brain sharper. It also eliminates excess ammonia from the nervous system and liver and increases the healthy functioning of the human body. Alpha amino acids facilitate the production of RNA & DNA by producing antibodies & immunoglobulin to build up the body’s immune system.
Growing Demand for Sports Nutrition Products
Aspartic acid is used in various sports nutritional products. In addition, the increasing demand for various kinds of protein bars, energy drinks and dietary supplements among bodybuilders and athletes is one of the main factors driving the growth of the aspartic acid market. The rise in disposable income and the rapid speed of urbanization have also driven the market. Moreover, in recent years, the consumption of these items has increased among recreational and lifestyle consumers due to increased health awareness. These items are sold across various retail outlets, such as large retail & mass merchandisers, small retailers, pharmacy & specialty stores and various online retailers. In addition, they are delivered by wellness centers such as gyms and health clubs.
Challenges – Aspartic Acid Market
However, price and supply fluctuations of raw materials are expected to slow down the growth of the market. Owing to volatility in the supply of raw materials coupled with adverse weather conditions, raw materials are experiencing a surge in their prices, due to which manufacturers are looking for more economical raw materials.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Aspartic Acid Market. In 2019, the market of Aspartic Acid has been consolidated by the top five players accounting for xx% of the share. Major players in the Aspartic Acid Market are Prinova Group, Tocris Bioscience, Ajinomoto Co., Biotech GmbH and Chem Pep, Anaspec, Inc., and among others.