Global Methionine Market - Segmented by End-user Industry, and Geography - Trends and Forecasts (2018 - 2023)
The global methionine market is expected to register a CAGR of 6.01% during the forecast period, majorly due to its increasing adoption in aquaculture to provide the most effective methionine source to the agriculture feed industry.
Growing Usage in Aquaculture Industry
Methionine is used on shrimp, finfish, and crustaceans. Methionine ensures the adequate supply of sulfur amino acids. These can be processed into mineral, premixes, and compound feeds, together with milk replacers by any technical procedure. Its technical properties guarantee homogeneous mix-ability. It is classified as a safe chemical. Rising dietary products related to fish proteins and tuna infused sports supplements for healthy lifestyle are also expected to boost the growth of this market.
Animal Feed is Expected to Dominate the Global Market
Methionine is a sulfur-containing amino acid and serves as a building block for protein. It also has potent detoxification properties, helping the human body to excrete heavy metals. It is widely used in poultries and animal husbandry firms across the globe. Animal feed industry is expected to record the fastest growth within the upcoming years. Methionine is used in large quantities to promote the growth of poultry and livestock, shorten feeding cycles, and increase the quantity of lean meat. It is more efficient than fish powder (which was previously used) as it is cheap, easily available, and effective. Additionally, methionine-based medicines are also used for increasing the acidity of urine, treating liver disorders, and improving wound healing.
Asia-Pacific is the Most Dominating Region
In 2017, Asia-Pacific accounted for the largest regional market, while North America was estimated to be the fastest-growing methionine market. The market in APAC was driven by the increasing demand for dietary supplements. Cattle production is done in most of the countries in APAC. This will enable APAC to retain its position in the market as it is a considerable producer and consumer of methionine. Furthermore, increasing population and mass meat consumption in this region are also expected to drive the growth of the market during the forecast period.
Key Developments in the Market
December 2016: Sumitomo Chemical is building a methionine manufacturing facility on the island of Shikoku in Japan on account of the growing demand for feed additives in the Asian poultry sector, with output of around 100,000 metric ton per year.
October 2016: Germany-based chemical Industry, Evonik, has begun construction work to build a second large-scale plant for the production of amino acid DL-methionine at Jurong Island in Singapore and is expected to become operational in 2019.
Major Players: Sumitomo Chemical Corporation Limited, Bluestar Adisseo Company, Evonik Industries, CJ CheilJedang, and Tokyo Chemical Industry Co., amongst others.
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