APO RESEARCH · REPORT
Monosodium Glutamate (MSG)
Monosodium glutamate (MSG) is a sodium salt of glutamic acid. It is usually a white powder. Water ionizes it into free sodium ions and glutamic acid, which is an organic compound consisting of five carbon atoms. It has a carboxylic (-COOH) group and an amino (-NH2) group attached to an “alpha” carbon atom (a carbon atom joined directly to the -COOH group). It is an alpha amino acid. The molecular formula of MSG is C3H8NNaO4, and its molecular mass is 169.11 gmol-1. MSG has the same basic structure of amino acids, with an amine group (-NH2) and carboxylate ion instead of the carboxylic group (-COO-). MSG has almost same structure with glutamate. The difference is that one hydrogen atom at the carboxylic chain has been replaced with a sodium atom, hence, the name monosodium glutamate.
Product & engineering
Understand the product.
Monosodium glutamate (MSG) is a sodium salt of glutamic acid. It is usually a white powder. Water ionizes it into free sodium ions and glutamic acid, which is an organic compound consisting of five carbon atoms. It has a carboxylic (-COOH) group and an amino (-NH2) group attached to an “alpha” carbon atom (a carbon atom joined directly to the -COOH group). It is an alpha amino acid. The molecular formula of MSG is C3H8NNaO4, and its molecular mass is 169.11 gmol-1. MSG has the same basic structure of amino acids, with an amine group (-NH2) and carboxylate ion instead of the carboxylic group (-COO-). MSG has almost same structure with glutamate. The difference is that one hydrogen atom at the carboxylic chain has been replaced with a sodium atom, hence, the name monosodium glutamate.
Selected research
Market Structure
Global Monosodium Glutamate (MSG) Market by Size, by Type, by Application, by Region, History and Forecast 2021-2032
Market perspective
Monosodium glutamate (MSG) is a sodium salt of glutamic acid. It is usually a white powder. Water ionizes it into free sodium ions and glutamic acid, which is an organic compound consisting of five carbon atoms. It has a carboxylic (-COOH) group and an amino (-NH2) group attached to an “alpha” carbon atom (a carbon atom joined directly to the -COOH group). It is an alpha amino acid. The molecular formula of MSG is C3H8NNaO4, and its molecular mass is 169.11 gmol-1. MSG has the same basic structure of amino acids, with an amine group (-NH2) and carboxylate ion instead of the carboxylic group (-COO-). MSG has almost same structure with glutamate. The difference is that one hydrogen atom at the carboxylic chain has been replaced with a sodium atom, hence, the name monosodium glutamate.
The global Monosodium Glutamate (MSG) market is projected to grow from US$ million in 2026 to US$ million by 2032, implying a CAGR of % over 2026-2032.
The US & Canada market for Monosodium Glutamate (MSG) is projected to increase from US$ million in 2026 to US$ million by 2032, at a CAGR of % over 2026-2032.
Read the full market overview
The Europe market for Monosodium Glutamate (MSG) is projected to increase from US$ million in 2026 to US$ million by 2032, at a CAGR of % over 2026-2032.
The Asia Pacific market for Monosodium Glutamate (MSG) is projected to increase from US$ million in 2026 to US$ million by 2032, at a CAGR of % over 2026-2032.
The China market for Monosodium Glutamate (MSG) is projected to increase from US$ million in 2026 to US$ million by 2032, at a CAGR of % over 2026-2032.
Leading global manufacturers of Monosodium Glutamate (MSG) include Fufeng Group Company, Meihua Biological Technology, Ningxia EPPEN Company, Henan Lotus Gourmet Powder, Shandong Qilu Group Company, Shandong Xinle Bioengineering, Fujian Wuyi MSG Company, Ajinomoto Group Company and Great American Spice Company, among others. In 2025, the top three vendors together accounted for approximately % of global revenue.
On the production side, the report examines Monosodium Glutamate (MSG) output, growth rates, and market shares by manufacturer and by region (at regional and country level) for 2021-2026, with forecasts through 2032.
On the consumption side, the report analyzes sales of Monosodium Glutamate (MSG) by region (regional and country level), company, type, and application for 2021-2026 and provides forecasts through 2032.
The report provides an overview of the global Monosodium Glutamate (MSG) market in terms of capacity, output, revenue, and price, analyzing global market trends using historical revenue and sales data for 2021-2025, estimates for 2026, and projected CAGRs through 2032.
The study covers key producers of Monosodium Glutamate (MSG) and consumption patterns in major regions and countries, assesses future market potential, and highlights priority regions and countries for segmenting the market into sub-sectors, with country-specific market value data for the U.S., Canada, Mexico, Brazil, China, Japan, South Korea, Southeast Asia, India, Germany, the U.K., Italy, the Middle East, Africa, and other countries.
The report also presents Monosodium Glutamate (MSG) sales, revenue, market share, and industry ranking for the main manufacturers for 2021-2026, identifies the major stakeholders in the global market, and analyzes their competitive landscape and market positioning based on recent developments and segmental revenues.
In addition, the report analyzes segment data by type and application—covering sales, revenue, and price—for 2021-2032, and evaluates and forecasts the Monosodium Glutamate (MSG) market size, projected growth trends, production technologies, key applications, and end-use industries.
Monosodium Glutamate (MSG) Segment by Company
Fufeng Group Company
Meihua Biological Technology
Ningxia EPPEN Company
Henan Lotus Gourmet Powder
Shandong Qilu Group Company
Shandong Xinle Bioengineering
Fujian Wuyi MSG Company
Ajinomoto Group Company
Great American Spice Company
McCormick and Company
MeiHua Holdings
Ajinomoto
CJ America
Monosodium Glutamate (MSG) Segment by Type
Monosodium Glutamate
Salted Monosodium Glutamate
Special Monosodium Glutamate
Monosodium Glutamate (MSG) Segment by Application
Food Manufacturing
Catering
Family
Monosodium Glutamate (MSG) Segment by Region
North America
United States
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Russia
Spain
Netherlands
Switzerland
Sweden
Poland
Asia-Pacific
China
Japan
South Korea
India
Australia
Taiwan
Southeast Asia
South America
Brazil
Argentina
Chile
Middle East & Africa
Egypt
South Africa
Israel
Türkiye
GCC Countries
Study Objectives
1. To analyze and research the global status and future forecast, involving, production, value, consumption, growth rate (CAGR), market share, historical and forecast.
2. To present the key manufacturers, capacity, production, revenue, market share, and Recent Developments.
3. To split the breakdown data by regions, type, manufacturers, and Application.
4. To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints, and risks.
5. To identify significant trends, drivers, influence factors in global and regions.
6. To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.
Reasons to Buy This Report
1. This report will help the readers to understand the competition within the industries and strategies for the competitive environment to enhance the potential profit. The report also focuses on the competitive landscape of the global Monosodium Glutamate (MSG) market, and introduces in detail the market share, industry ranking, competitor ecosystem, market performance, new product development, operation situation, expansion, and acquisition. etc. of the main players, which helps the readers to identify the main competitors and deeply understand the competition pattern of the market.
2. This report will help stakeholders to understand the global industry status and trends of Monosodium Glutamate (MSG) and provides them with information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to understand competitors better and gain more insights to strengthen their position in their businesses. The competitive landscape section includes the market share and rank (in volume and value), competitor ecosystem, new product development, expansion, and acquisition.
4. This report stays updated with novel technology integration, features, and the latest developments in the market.
5. This report helps stakeholders to gain insights into which regions to target globally.
6. This report helps stakeholders to gain insights into the end-user perception concerning the adoption of Monosodium Glutamate (MSG).
7. This report helps stakeholders to identify some of the key players in the market and understand their valuable contribution.
Chapter Outline
Chapter 1: Provides an overview of the Monosodium Glutamate (MSG) market, including product definition, global market growth prospects, production value, capacity, and average price forecasts (2021-2032).
Chapter 2: Analysis key trends, drivers, challenges, and opportunities within the global Monosodium Glutamate (MSG) industry.
Chapter 3: Detailed analysis of Monosodium Glutamate (MSG) market competition landscape. Including Monosodium Glutamate (MSG) manufacturers' output value, output and average price from 2021 to 2026, as well as competition analysis indicators such as origin, product type, application, merger and acquisition information, etc.
Chapter 4: Provides the analysis of various market segments by type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 5: Provides the analysis of various market segments by application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 6: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product production/output, value, price, gross margin, product introduction, recent development, etc.
Chapter 7: Production/Production Value of Monosodium Glutamate (MSG) by region. It provides a quantitative analysis of the market size and development potential of each region in the next six years.
Chapter 8: Consumption of Monosodium Glutamate (MSG) in regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and production of each country in the world.
Chapter 9: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 10: Concluding Insights of the report.
More report detail
Tables and figures
Scope & coverage.
Types
- Monosodium Glutamate
- Salted Monosodium Glutamate
- Special Monosodium Glutamate
Applications
- Food Manufacturing
- Catering
- Family
Companies covered
- Fufeng Group Company
- Meihua Biological Technology
- Ningxia EPPEN Company
- Henan Lotus Gourmet Powder
- Shandong Qilu Group Company
- Shandong Xinle Bioengineering
- Fujian Wuyi MSG Company
- Ajinomoto Group Company
- Great American Spice Company
- McCormick and Company
- MeiHua Holdings
- Ajinomoto
- CJ America
Inside the report.
1 Market Overview
- 1.1 Product Definition
- 1.2 Global Market Growth Prospects
- 1.2.1 Global Monosodium Glutamate (MSG) Production Value Estimates and Forecasts (2021-2032)
- 1.2.2 Global Monosodium Glutamate (MSG) Production Capacity Estimates and Forecasts (2021-2032)
- 1.2.3 Global Monosodium Glutamate (MSG) Production Estimates and Forecasts (2021-2032)
- 1.2.4 Global Monosodium Glutamate (MSG) Market Average Price (2021-2032)
- 1.3 Assumptions and Limitations
- 1.4 Study Goals and Objectives
2 Global Monosodium Glutamate (MSG) Market Dynamics
- 2.1 Monosodium Glutamate (MSG) Industry Trends
- 2.2 Monosodium Glutamate (MSG) Industry Drivers
- 2.3 Monosodium Glutamate (MSG) Industry Opportunities and Challenges
- 2.4 Monosodium Glutamate (MSG) Industry Restraints
3 Monosodium Glutamate (MSG) Market by Manufacturers
- 3.1 Global Monosodium Glutamate (MSG) Production Value by Manufacturers (2021-2026)
- 3.2 Global Monosodium Glutamate (MSG) Production by Manufacturers (2021-2026)
- 3.3 Global Monosodium Glutamate (MSG) Average Price by Manufacturers (2021-2026)
- 3.4 Global Monosodium Glutamate (MSG) Industry Manufacturers Ranking, 2024 VS 2025 VS 2026
- 3.5 Global Monosodium Glutamate (MSG) Key Manufacturers Manufacturing Sites & Headquarters
- 3.6 Global Monosodium Glutamate (MSG) Manufacturers, Product Type & Application
- 3.7 Global Monosodium Glutamate (MSG) Manufacturers Established Date
- 3.8 Market Competitive Analysis
- 3.8.1 Global Monosodium Glutamate (MSG) Market CR5 and HHI
- 3.8.2 Global Top 5 and 10 Monosodium Glutamate (MSG) Players Market Share by Production Value in 2025
- 3.8.3 2025 Monosodium Glutamate (MSG) Tier 1, Tier 2, and Tier 3
4 Monosodium Glutamate (MSG) Market by Type
- 4.1 Monosodium Glutamate (MSG) Type Introduction
- 4.1.1 Monosodium Glutamate
- 4.1.2 Salted Monosodium Glutamate
- 4.1.3 Special Monosodium Glutamate
- 4.2 Global Monosodium Glutamate (MSG) Production by Type
- 4.2.1 Global Monosodium Glutamate (MSG) Production by Type (2021 VS 2025 VS 2032)
- 4.2.2 Global Monosodium Glutamate (MSG) Production by Type (2021-2032)
- 4.2.3 Global Monosodium Glutamate (MSG) Production Market Share by Type (2021-2032)
- 4.3 Global Monosodium Glutamate (MSG) Production Value by Type
- 4.3.1 Global Monosodium Glutamate (MSG) Production Value by Type (2021 VS 2025 VS 2032)
- 4.3.2 Global Monosodium Glutamate (MSG) Production Value by Type (2021-2032)
- 4.3.3 Global Monosodium Glutamate (MSG) Production Value Market Share by Type (2021-2032)
5 Monosodium Glutamate (MSG) Market by Application
- 5.1 Monosodium Glutamate (MSG) Application Introduction
- 5.1.1 Food Manufacturing
- 5.1.2 Catering
- 5.1.3 Family
- 5.2 Global Monosodium Glutamate (MSG) Production by Application
- 5.2.1 Global Monosodium Glutamate (MSG) Production by Application (2021 VS 2025 VS 2032)
- 5.2.2 Global Monosodium Glutamate (MSG) Production by Application (2021-2032)
- 5.2.3 Global Monosodium Glutamate (MSG) Production Market Share by Application (2021-2032)
- 5.3 Global Monosodium Glutamate (MSG) Production Value by Application
- 5.3.1 Global Monosodium Glutamate (MSG) Production Value by Application (2021 VS 2025 VS 2032)
- 5.3.2 Global Monosodium Glutamate (MSG) Production Value by Application (2021-2032)
- 5.3.3 Global Monosodium Glutamate (MSG) Production Value Market Share by Application (2021-2032)
6 Company Profiles
- 6.1 Fufeng Group Company
- 6.1.1 Fufeng Group Company Company Information
- 6.1.2 Fufeng Group Company Business Overview
- 6.1.3 Fufeng Group Company Monosodium Glutamate (MSG) Production, Value and Gross Margin (2021-2026)
- 6.1.4 Fufeng Group Company Monosodium Glutamate (MSG) Product Portfolio
- 6.1.5 Fufeng Group Company Recent Developments
- 6.2 Meihua Biological Technology
- 6.2.1 Meihua Biological Technology Company Information
- 6.2.2 Meihua Biological Technology Business Overview
- 6.2.3 Meihua Biological Technology Monosodium Glutamate (MSG) Production, Value and Gross Margin (2021-2026)
- 6.2.4 Meihua Biological Technology Monosodium Glutamate (MSG) Product Portfolio
- 6.2.5 Meihua Biological Technology Recent Developments
- 6.3 Ningxia EPPEN Company
- 6.3.1 Ningxia EPPEN Company Company Information
- 6.3.2 Ningxia EPPEN Company Business Overview
- 6.3.3 Ningxia EPPEN Company Monosodium Glutamate (MSG) Production, Value and Gross Margin (2021-2026)
- 6.3.4 Ningxia EPPEN Company Monosodium Glutamate (MSG) Product Portfolio
- 6.3.5 Ningxia EPPEN Company Recent Developments
- 6.4 Henan Lotus Gourmet Powder
- 6.4.1 Henan Lotus Gourmet Powder Company Information
- 6.4.2 Henan Lotus Gourmet Powder Business Overview
- 6.4.3 Henan Lotus Gourmet Powder Monosodium Glutamate (MSG) Production, Value and Gross Margin (2021-2026)
- 6.4.4 Henan Lotus Gourmet Powder Monosodium Glutamate (MSG) Product Portfolio
- 6.4.5 Henan Lotus Gourmet Powder Recent Developments
- 6.5 Shandong Qilu Group Company
- 6.5.1 Shandong Qilu Group Company Company Information
- 6.5.2 Shandong Qilu Group Company Business Overview
- 6.5.3 Shandong Qilu Group Company Monosodium Glutamate (MSG) Production, Value and Gross Margin (2021-2026)
- 6.5.4 Shandong Qilu Group Company Monosodium Glutamate (MSG) Product Portfolio
- 6.5.5 Shandong Qilu Group Company Recent Developments
- 6.6 Shandong Xinle Bioengineering
- 6.6.1 Shandong Xinle Bioengineering Company Information
- 6.6.2 Shandong Xinle Bioengineering Business Overview
- 6.6.3 Shandong Xinle Bioengineering Monosodium Glutamate (MSG) Production, Value and Gross Margin (2021-2026)
- 6.6.4 Shandong Xinle Bioengineering Monosodium Glutamate (MSG) Product Portfolio
- 6.6.5 Shandong Xinle Bioengineering Recent Developments
- 6.7 Fujian Wuyi MSG Company
- 6.7.1 Fujian Wuyi MSG Company Company Information
- 6.7.2 Fujian Wuyi MSG Company Business Overview
- 6.7.3 Fujian Wuyi MSG Company Monosodium Glutamate (MSG) Production, Value and Gross Margin (2021-2026)
- 6.7.4 Fujian Wuyi MSG Company Monosodium Glutamate (MSG) Product Portfolio
- 6.7.5 Fujian Wuyi MSG Company Recent Developments
- 6.8 Ajinomoto Group Company
- 6.8.1 Ajinomoto Group Company Company Information
- 6.8.2 Ajinomoto Group Company Business Overview
- 6.8.3 Ajinomoto Group Company Monosodium Glutamate (MSG) Production, Value and Gross Margin (2021-2026)
- 6.8.4 Ajinomoto Group Company Monosodium Glutamate (MSG) Product Portfolio
- 6.8.5 Ajinomoto Group Company Recent Developments
- 6.9 Great American Spice Company
- 6.9.1 Great American Spice Company Company Information
- 6.9.2 Great American Spice Company Business Overview
- 6.9.3 Great American Spice Company Monosodium Glutamate (MSG) Production, Value and Gross Margin (2021-2026)
- 6.9.4 Great American Spice Company Monosodium Glutamate (MSG) Product Portfolio
- 6.9.5 Great American Spice Company Recent Developments
- 6.10 McCormick and Company
- 6.10.1 McCormick and Company Company Information
- 6.10.2 McCormick and Company Business Overview
- 6.10.3 McCormick and Company Monosodium Glutamate (MSG) Production, Value and Gross Margin (2021-2026)
- 6.10.4 McCormick and Company Monosodium Glutamate (MSG) Product Portfolio
- 6.10.5 McCormick and Company Recent Developments
- 6.11 MeiHua Holdings
- 6.11.1 MeiHua Holdings Company Information
- 6.11.2 MeiHua Holdings Business Overview
- 6.11.3 MeiHua Holdings Monosodium Glutamate (MSG) Production, Value and Gross Margin (2021-2026)
- 6.11.4 MeiHua Holdings Monosodium Glutamate (MSG) Product Portfolio
- 6.11.5 MeiHua Holdings Recent Developments
- 6.12 Ajinomoto
- 6.12.1 Ajinomoto Company Information
- 6.12.2 Ajinomoto Business Overview
- 6.12.3 Ajinomoto Monosodium Glutamate (MSG) Production, Value and Gross Margin (2021-2026)
- 6.12.4 Ajinomoto Monosodium Glutamate (MSG) Product Portfolio
- 6.12.5 Ajinomoto Recent Developments
- 6.13 CJ America
- 6.13.1 CJ America Company Information
- 6.13.2 CJ America Business Overview
- 6.13.3 CJ America Monosodium Glutamate (MSG) Production, Value and Gross Margin (2021-2026)
- 6.13.4 CJ America Monosodium Glutamate (MSG) Product Portfolio
- 6.13.5 CJ America Recent Developments
7 Global Monosodium Glutamate (MSG) Production by Region
- 7.1 Global Monosodium Glutamate (MSG) Production by Region: 2021 VS 2025 VS 2032
- 7.2 Global Monosodium Glutamate (MSG) Production by Region (2021-2032)
- 7.2.1 Global Monosodium Glutamate (MSG) Production by Region (2021-2026)
- 7.2.2 Global Monosodium Glutamate (MSG) Production Forecast by Region (2027-2032)
- 7.3 Global Monosodium Glutamate (MSG) Production by Region: 2021 VS 2025 VS 2032
- 7.4 Global Monosodium Glutamate (MSG) Production Value by Region (2021-2032)
- 7.4.1 Global Monosodium Glutamate (MSG) Production Value by Region (2021-2026)
- 7.4.2 Global Monosodium Glutamate (MSG) Production Value by Region (2027-2032)
- 7.5 Global Monosodium Glutamate (MSG) Market Price Analysis by Region (2021-2032)
- 7.6 Regional Production Value Trends (2021-2032)
- 7.6.1 North America Monosodium Glutamate (MSG) Production Value (2021-2032)
- 7.6.2 Europe Monosodium Glutamate (MSG) Production Value (2021-2032)
- 7.6.3 Asia-Pacific Monosodium Glutamate (MSG) Production Value (2021-2032)
- 7.6.4 South America Monosodium Glutamate (MSG) Production Value (2021-2032)
- 7.6.5 Middle East & Africa Monosodium Glutamate (MSG) Production Value (2021-2032)
8 Global Monosodium Glutamate (MSG) Consumption by Region
- 8.1 Global Monosodium Glutamate (MSG) Consumption by Region: 2021 VS 2025 VS 2032
- 8.2 Global Monosodium Glutamate (MSG) Consumption by Region (2021-2032)
- 8.2.1 Global Monosodium Glutamate (MSG) Consumption by Region (2021-2026)
- 8.2.2 Global Monosodium Glutamate (MSG) Consumption by Region (2027-2032)
- 8.3 North America
- 8.3.1 North America Monosodium Glutamate (MSG) Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 8.3.2 North America Monosodium Glutamate (MSG) Consumption by Country (2021-2032)
- 8.3.3 U.S.
- 8.3.4 Canada
- 8.3.5 Mexico
- 8.4 Europe
- 8.4.1 Europe Monosodium Glutamate (MSG) Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 8.4.2 Europe Monosodium Glutamate (MSG) Consumption by Country (2021-2032)
- 8.4.3 Germany
- 8.4.4 France
- 8.4.5 U.K.
- 8.4.6 Italy
- 8.4.7 Netherlands
- 8.5 Asia Pacific
- 8.5.1 Asia Pacific Monosodium Glutamate (MSG) Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 8.5.2 Asia Pacific Monosodium Glutamate (MSG) Consumption by Country (2021-2032)
- 8.5.3 China
- 8.5.4 Japan
- 8.5.5 South Korea
- 8.5.6 Southeast Asia
- 8.5.7 India
- 8.5.8 Australia
- 8.6 South America
- 8.6.1 South America Monosodium Glutamate (MSG) Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 8.6.2 South America Monosodium Glutamate (MSG) Consumption by Country (2021-2032)
- 8.6.3 Brazil
- 8.6.4 Argentina
- 8.6.5 Chile
- 8.6.6 Colombia
- 8.7 Middle East & Africa
- 8.7.1 Middle East & Africa Monosodium Glutamate (MSG) Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 8.7.2 Middle East & Africa Monosodium Glutamate (MSG) Consumption by Country (2021-2032)
- 8.7.3 Egypt
- 8.7.4 South Africa
- 8.7.5 Israel
- 8.7.6 Türkiye
- 8.7.7 GCC Countries
9 Value Chain and Sales Channels Analysis
- 9.1 Monosodium Glutamate (MSG) Value Chain Analysis
- 9.1.1 Monosodium Glutamate (MSG) Key Raw Materials
- 9.1.2 Raw Materials Key Suppliers
- 9.1.3 Manufacturing Cost Structure
- 9.1.4 Monosodium Glutamate (MSG) Production Mode & Process
- 9.2 Monosodium Glutamate (MSG) Sales Channels Analysis
- 9.2.1 Direct Comparison with Distribution Share
- 9.2.2 Monosodium Glutamate (MSG) Distributors
- 9.2.3 Monosodium Glutamate (MSG) Customers
10 Concluding Insights
11 Appendix
- 11.1 Reasons for Doing This Study
- 11.2 Research Methodology
- 11.3 Research Process
- 11.4 Authors List of This Report
- 11.5 Data Source
- 11.5.1 Secondary Sources
- 11.5.2 Primary Sources
- 11.6 Disclaimer
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