“Growth in the consumption of animal-based products is driving the demand for methionine.”
The global 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. The increase in the per capita income, improving the standard of living, and increased awareness about the benefits of food nutrients, especially protein for physical and mental development are driving the demand for animal-sourced protein in the form of either meat, eggs, or milk. Methionine is primarily used to increase the nutritional level of animal-based products such as seafood, dairy products, and meat. Thus, the increasing demand for animal-based products is fueling the growth of the methionine market. However, the negative perception of consumers about methionine is a key challenge for the manufacturers of methionine.
“Food & supplements application segment of the methionine market is expected to grow at the highest rate during the forecast period.”
Among applications, the food & supplements segment of the methionine market is expected to grow at the highest CAGR during the forecast period. Methionine is rapidly being adopted in various applications, as it reduces the risk of colorectal cancer, treats Parkinson’s symptoms and liver diseases, and builds bone strength. A high demand for methionine in the nutraceutical & dietary supplements and convenience food applications is being witnessed, as it provides nutritive benefits and enhanced flavors. Owing to these properties of methionine, it is used in various food & supplements applications such as nutraceuticals & dietary supplements, infant formula, food fortification, convenience food, and others.
“Asia Pacific is expected to be the fastest growing market for methionine during the forecast period.”
Asia Pacific is expected to be the fastest growing market for methionine and this market in APAC is projected to grow at the highest CAGR from 2017 to 2022, in terms of value. Growing population, the rise in disposable income of consumers, rapid urbanization, especially in China, India, and Japan, and continuous modernization, especially in the animal feed industry, are driving the demand for methionine in the region. Furthermore, rapid industrialization and urbanization have increased the per capita income and purchasing power of consumers, thereby fueling the demand for protein-rich food. In addition, consumer awareness about quality and safety of animal-based products has also increased. These factors are driving the Asia Pacific methionine market.
In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, extensive primary interviews were conducted.
The breakdown of primary interviews has been given below:
• By Company Type- Tier 1- 58%, Tier 2- 25%, and Others- 17%
• By Designation- C-level - 25%, Director-level - 33%, and Others - 42%
• By Region- North America - 50%, Europe - 17%, Asia Pacific - 17%, South America - 8%, and Middle East & Africa - 8%
Key companies profiled in this market research 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).
This report covers the methionine market, in terms of volume and value, and forecasts the market size till 2022. The report includes the market segmentation based on type (DL-Methionine, MHA, L-Methionine), application (animal feed, food & supplements, and pharmaceuticals), and region (Asia Pacific, Europe, North America, Middle East & Africa, and South America). The regions have been further segmented based on key countries into the US, Canada, Mexico, Germany, Russia, France, Spain, Italy, China, Japan, India, Thailand, Indonesia, Turkey, and Brazil. The report also provides company profiles and competitive strategies adopted by the key players in the methionine market.
The report will help market leaders/new entrants in the global methionine market in the following ways:
1. This report segments the methionine market comprehensively and provides the closest approximations of revenue numbers for the overall market and the subsegments across different verticals and regions.
2. It will help stakeholders understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.
3. It will help stakeholders understand competitors and gain more insights to improve their position in the business. The competitive landscape section includes new product launches, agreements, expansions, joint ventures, and acquisitions.