Methionine Market worth 4.45 Billion USD by 2022
Research Reports
Feb 22, 2022
According to the new market research report “Methionine Market by Type (L-Methionine, MHA, Dl-Methionine), Application (Animal Feed, Food & Dietary Supplements, Pharmaceuticals), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, South America) – Global Forecast to 2022″, The methionine market is projected to grow from USD 3.36 Billion in 2017 to USD 4.45 Billion by 2022, at a CAGR of 5.7% from 2017 to 2022. Methionine is one of the essential amino acids, which is required for tissue repair and its growth, enhancement of pliability, the tone of hair and skin, and strengthen nails. The growth of the methionine market can be attributed to the increasing health issues of consumers, growth in the consumption of animal-based products, and implementation of innovative animal husbandry practices to improve meat quality owing to the increasing demand for protein-rich food globally. These factors are leading to an increase in the demand for methionine globally.
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Based on application, the methionine market has been segmented into animal feed (poultry, swine, ruminants, and aquaculture), food & dietary supplements (nutraceutical & dietary supplements, infant formula, food fortification, and convenience food), and pharmaceuticals. In terms of value, the animal feed application segment led the global methionine market in 2016, having accounted for the largest market share in the same year. This growth can be attributed to the increasing consumption of animal-based products, especially high meat consumption for the desired protein intake.
Different types of methionine, such as L-Methionine, DL-Methionine, and MHA are used in various applications such as animal feed, food & dietary supplements, and pharmaceuticals. DL-Methionine is majorly used in various applications and this segment accounted for the largest share of 66.8% of the methionine market in 2016, owing to the reduced nitrogen excretions, support performance during heat stress, and excellent antioxidant capacity of DL-Methionine.
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Methionine is one of the essential amino acids, which is required for tissue repair and its growth, enhancement of pliability, the tone of hair and skin, and to strengthen nails. It is used in the production of various nutritional products such as infant milk, parenteral nutrition, health foods, and sports supplements. It is also recognized as the first limiting amino acid in poultry, high-yielding cows, and pigs’ feed. The market size of methionine is projected to reach USD 4.45 Billion by 2022, at a CAGR of 5.7% between 2017 and 2022. The rise in the consumption of animal-based products, increasing health issues, and implementation of innovative animal husbandry practices to improve meat quality, especially in the Asia Pacific region are driving the demand for methionine globally. However, negative perception about methionine is a major challenge faced by methionine manufacturers.
Key companies profiled in this report are Evonik (Germany), Adisseo (France), Novus International (US), CJ CHEILJEDANG (South Korea), Sumitomo Chemical (Japan), AJINOMOTO (Japan), Phibro (US), Prinova Group (US), Sunrise Nutrachem (China), and Chongqing Unisplendour Chemical (China). The increasing utilization of methionine in food, animal feed, and the pharmaceutical industry, coupled with the improving standards of living of consumers in emerging regions have driven companies to adopt several business strategies to stay competitive in the global methionine market. Companies have adopted new product launches, expansions, agreements, joint ventures, and acquisitions as their key growth strategies.
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Evonik (Germany), one of the largest methionine manufacturers in the world, has adopted expansions as its key strategy. For example, in November 2016, the company started the production of a methionine-based product called AQUAVI Met-Met in Antwerp (Belgium). This development has helped the company to increase its product portfolio and competitiveness, especially in the aquaculture feed industry.
Adisseo (France) has also adopted expansions as one of its key strategies to stay competitive in the methionine market. For example, in January 2017, the company increased the capacity of its Burgos (Spain) liquid methionine production site. This expansion is a result of the success of its product named Rhodimet AT88, which fueled the need for capacity expansion. This expansion has helped the company to cater the rising customer demand.
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