The ‘South Korea Monosodium Glutamate Market Trends, Share, Analysis, Report and Forecast 2024-2032″, by Expert Market Research gives an extensive outlook of the South Korea monosodium glutamate market, assessing the market on the basis of its segments like source, application, and end-use.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
South Korea Monosodium Glutamate Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2032)
- Forecast CAGR (2024-2032): 5.1%
Rise in demand for food flavour enhancers, increasing popularity of fast-food chains, and rising demand for monosodium glutamates in meat products are driving the growth of the South Korea monosodium glutamate market. Other factors contributing to the growth of the market include increasing demand for convenience foods, rising standards of living, and shifts in consumer preferences.
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The monosodium glutamate (MSG) market in South Korea is also expanding due to the rise in non-industrial and industrial uses of monosodium glutamate. The hectic lifestyles of the urban population and an increase in working individuals have resulted in a decrease in the amount of time available for the preparation of cooked meals. As a result, more people in South Korea are purchasing processed foods, leading to an augmented demand for monosodium glutamate. A wide range of food products, including ice cream, fast food, cakes and cookies, are made with monosodium glutamate, propelling the South Korea monosodium glutamate market growth.
The increasing awareness among consumers regarding the health benefits of monosodium glutamate, such as encouraging appetite, increasing gut receptors, and aid in iron deficiencies are bolstering the monosodium glutamate market in South Korea. The applications of MSG are also on the rise in cosmetics products where it acts upon free glutamic acid.
South Korea Monosodium Glutamate Industry Definition and Major Segments
Glutamate is a naturally occurring amino acid that is also found in the human body and is produced as corn, bacterium, or sugarcane are digested and broken down into smaller pieces. It is found in fish, meats, nuts, tomatoes, mushrooms, seaweed, and a majority of dairy products. Monosodium glutamate, also known as MSG, is created when glutamate is coupled with salt.
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Based on source, the market is segmented into:
- Sugar Cane or Molasses
On the basis of application, the market is divided into:
- Flavour Enhancers
- Acidity Regulators
Based on end use, the market is categorised into:
- Food Processing
- Medical or Pharmaceutical
South Korea Monosodium Glutamate Market Trends
The usage of monosodium glutamate to prolong the shelf life of dairy products is a key trend in the South Korea monosodium glutamate market. The increased demand for monosodium glutamate in the manufacturing of packaged meals, instant functional foods, and soups from foodservice industries, is expected to provide impetus to the market throughout the forecast period. MSG-containing meals are growing more and more popular in the food processing industry because consumers think they taste better and look more appetising than meals without MSG, which is helping the market grow.
One of the key trends anticipated to influence demand for monosodium glutamate, is the rise in meat consumption in South Korea, due to the use of MSG in animal feed. The rapid growth of the animal husbandry sector and an increase in government initiatives, such as subsidies and programmes to stimulate cattle growth, are other significant factors anticipated to contribute to the South Korea monosodium glutamate market growth. Increasing demand for frozen meat products, particularly among the working population, and rising per capita income are anticipated to support market expansion in the coming years.
Improvements in production processes for monosodium glutamate and increasing research and development towards new applications of MSG are anticipated to be crucial trends in the market over the forecast period. The extensive availability of raw materials for MSG and increasing demand in various applications are further offering lucrative growth opportunities to the South Korea monosodium glutamate market.
Key Market Players
The major players in the South Korea monosodium glutamate market report are Ajinomoto Co., Inc., CJ CheilJedang Corp., Daesang Corporation, and COFCO International, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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