Report Overview

The growth in the methionine market is primarily attributed to growing feed additives demand for maintaining a sufficient metabolism rate in the farm. Moreover, rising meat consumption in Asia-Pacific and Latin America is also likely to positively impact the global methionine market growth.

Global Methionine Market - Industry Trends & Forecast Report 2028

The global Methionine market was worth USD 4,066.2 Million in 2021, and it is further projected to reach USD 5,728.1 Million by 2028, at a CAGR of 5.2% during 2022-2028 (forecast period). The growth in the methionine market is primarily attributed to growing feed additives demand for maintaining a sufficient metabolism rate in farm animals, which is likely to drive the growth of the methionine market over the coming years. Rising meat consumption in the Asia Pacific and Latin America is also likely to positively impact the global methionine market growth. Additionally, increasing animal diseases in various parts of the world also prompted the need for methionine to add to animal feed. The global market of methionine is expected to be lucrative owing to its superior applications and important role in a dietary supplement for poultry & livestock. Besides, the world economy's expansion and increased meat consumption are flourishing the global methionine market.

Methionine Overview

Methionine is one of the amino acids which contains sulfur. It is necessary for translation insulation as a part of proteins and as a producer of protein synthesis and is therefore vital for the majority of methyl-transferase reactions as a constituent of S-adenosyl-Methionine (SAM). Methionine helps in the construction of protein which helps in the production of the tissues and organs of the body. Methionine is majorly found in fish, meat, and dairy products. Methionine plays an important role in the various functions of the body. It is a required amino acid for normal growth and development in humans, avian species, and other mammals and is employed as a precursor in the production of other proteins.

Methionine Market Trends

Growth Drivers

Rising Meat Consumption Likely to Drive Global Methionine Market Demand

Increasing demand for protein on a global level due to the shifting trend towards a natural and healthy diet is boosting the market of meat owing to a good amount of protein and hence increasing the methionine demand as it is widely used as animal feed and is the best source of protein for poultry animals. For instance, the production of chicken meat globally has been rising at an average value of about 2-2.1million metric tons per year for the last few years and is likely to enlarge at the same rate in the coming years also. Over the last 10 years, the need for protein has increased rapidly and is expected to grow in the forecast period. Poultry protein is known as the most economical and efficient source of protein, which indicates the enlargement of methionine at a much higher rate than any protein industry due to lower consumer cost points and lower manufacturing costs per kg.

Burgeoning Demand from the Animal Feed Segment

Methionine is broadly known as the key part of animal feed, and more than 90% of the share holds by the animal feed. Such as the cattle, poultry, swine, and aquaculture industries, methionine is used (extensively) as an additive in the animal feed. Methionine is essential for all animals as methionine is the main source of protein for animals and provides nutritional additives. As methionine is rare in animals' natural diets, it is supplemented as a nutritious feed additive. An accurate and balanced feed is necessary to serve nutritious ingredients to animals, so methionine is added to the animal feed as it is the most beneficial feed for the animal feed industry. Methionine products aid in improving health, the provision of a suitable diet for animals, and the reduction of feed costs. These products also aid in producing sustainable products and help enhance the environment. The increased use of methionine in animal feed in many geographical markets has resulted from the rising prevalence of animal diseases. Indeed, the UN Food and Agricultural Organization (FAO) projects that the world would produce 60% more food by 2050, with animal protein output expected to treble and dairy and fish production almost doubling, increasing the worldwide market value of methionine. Thus, leading to the growth of the market during the forecast period 2022-2028.

Restraints

High Energy Prices And Shift Towards Vegetarianism Impeding The Methionine Market Growth

Increasing energy prices may result in a lack of raw materials for the manufacturing of methionine and increase the cost of raw materials, resulting in less production and likely hampering the growth of the methionine market during the forecast period. Furthermore, various programs promoting vegetarianism and avoiding meat consumption due to the traditional reasons also rising trend of vegan food among young people and may slow down the utilization of poultry products which is expected to hinder the growth of the global methionine market over the forecast period.

Impact of COVID-19 on the Global Methionine Market

The methionine market was negatively impacted due to COVID-19 in 2020 in different ways. Such as transportation limitations implemented worldwide in response to the pandemic and resulted in the disruption of the supply chain of major raw materials required for methionine production like sulfur, methanol, ammonia, propylene, and others. It slowed down methionine production in several countries, thus also slowing down the operations of several end-user industries of the market, which has resulted in compact demand for methionine during the COVID-19 period. Moreover, the situation is likely to recover in 2021 and restore the growth path of the market over the forecast period.

Global Methionine Market – By Type                       

Based on the type, the global methionine market has been segmented into L-Methionine, Methionine Hydroxy Analog (MHA), DL-Methionine, and others. Due to the rising use of DL-methionine in the pharmaceutical, food processing, and animal husbandry industries, it currently dominates the market. It is expected to continue to do so during the forecast period, owing to its outstanding characteristics and a good source of protein. The L-Methionine segment is predicted to rise at a lucrative CAGR during the forecast period. L-Methionine aids in natural detoxification processes by supporting the cellular radical scavenger glutathione production.

Global Methionine Market- By Applications

Based on applications, the global methionine market is segmented into animal feed, food & dietary supplements, and pharmaceuticals. Amidst the segmentation, animal feed generates the largest revenue and holds major shares in the methionine market, thus accounting for the maximum volume in recent years due to the growing demand for animal feed additives. This can be attributed to the increasing demand to maintain the metabolism rate in livestock as well as rising meat consumption. These factors play an active role in the growth of the animal feed segment, thus consequently driving the growth of the global methionine market.

Global Methionine Market- Regional Insights                                                       

In terms of the regional analysis, the global methionine market has been classified into North America, Europe, Asia-Pacific, Latin America, The Middle East, and Africa. Amidst all the regions, the Asia-Pacific led the global methionine market holding the largest share of the market. The rising meat consumption is expected to propel significant growth in China, India, Vietnam, and the Philippines. Moreover, rising per capita disposable income, coupled with changing food habits, is anticipated to drive methionine demand over the forecasted period in the region.

Competitive Landscape

The key players operating in the global methionine market are Adisseo, NOVUS INTERNATIONAL, Evonik Industries AG, Sumitomo Chemical Co., Ltd., IRIS BIOTECH, GMBH, Zhejiang NetSun Co., Ltd., Royal DSM, AJINOMOTO Co., Inc., Chongqing Unisplendour Chemical Co. Ltd and other prominent players. The players maintain their dominance in the market by investing in research and activities, integrating the latest and advanced technologies into their products, and launching improved products for the customers. Different strategies are adopted, like engaging in strategic alliances, agreements, mergers, and collaborations.

Recent Development

• February 2021: Novus International, Inc.'s Feed Quality and Pigments business has been bought by EW Nutrition, a global provider of animal nutrition solutions.

• February 2020: After the relevant court in Washington, D.C. dismissed the case filed by the Federal Trade Commission (FTC) to halt the transaction, Evonik successfully completed the acquisition of the US company Proxy Chem. for US$640 million.

Scope of Report

By Type

• L-Methionine

• MHA (Methionine Hydroxy Analogue)

• DL-Methionine

• Others

By Applications

• Animal Feed

• Food & Dietary Supplements

• Pharmaceuticals

• Others

By Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa