New York, Nov. 14, 2019 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Methionine Market - Growth, Trends, and Forecast (2019 - 2024)" - https://www.reportlinker.com/p05778231/?utm_source=GNW
- Complex process of manufacturing methionine and falling prices due to oversupply are likely to hinder the market’s growth.
- Eco-friendly means of extracting methionine is projected to act as an opportunity for the market in future.
Key Market Trends
Increasing Demand from Animal feed
- Animal feed dominated the methionine market with a share of more than 90% in 2018.
- The methionine content in natural ingredients is low. In order to meet the animal feed requirements, additional methionine has to be added as a nutritional feed additive. The deficiency of methionine in animals can lead to decreased bone strength, fatty liver, and slow growth.
- According to the Alltech Global Feed Survey, there has been a continuous rise in global feed production, which grew from 954.4 million metric ton in 2012 to 1,103 million metric ton in 2018. The United States is the second largest producer of animal feed, following China, which is the largest producer in the world.
- The rising incidences of animal diseases have led to the increased use of methionine in animal feed in various regional markets. Asia-Pacific and North America have higher demands for maintaining adequate metabolism rates in livestock. Consumer awareness has also grown in this segment, which has increased the demand for animal feed.
- Major methionine producers, such as Sumitomo Chemical, Evonik industries, and Adisseo, are increasing their methionine production capacity to keep up with the growing feed industry, globally.
- The substantial growth has been supported by higher consumption of meat, milk, and eggs, which is reflected in the increased feed production in the pig and broiler industries.
- Owing to the increasing awareness regarding the benefits of healthy animal diet, the demand for methionine is expected to grow, during the forecast period.
China to dominate the Asia-Pacific Market
- China’s methionine demand is rising faster than the global average, due to the rising demand for meat products from China’s wealthy middle class. The enormous growth can be explained by the surging demand for animal feed used in the livestock and farming industries. Since the population almost doubled to 1.4 billion people, the country’s demand for meat and animal feed has exploded.
- Recently, the development of China’s aquaculture industry accelerated hugely. The capacity of pork eggs and livestock has also ranked in the first place, all over the world. This scenario is creating an exciting market arena for methionine in the country.
- DL-methionine is one kind of safe feed additives and belongs to the key area supported by China’s Key High-tech Industry and Industrial Structure Adjustment Guidelines. Furthermore, the 12th five-year development plan in the feed industry clearly pointed out that China should develop feed products with excellent quality, safety, high-efficiency, as well as new feed additives, contribute to enhance the capacity of DL-methionine, strengthen the international competitiveness of amino acid in feed grade, and reduce the production cost.
- Many companies, such as Bluestar, Adisseo, and Evonik, are aiming to expand their production facilities in the country. Such factors are driving the market for methionine in China.
Competitive Landscape
The methionine market is expected to be partially consolidated, with the top five-six players occupying a significant share of the market. Key players in the methionine market include Adisseo, Evonik Industries, Novus International, CJ CheilJedang Corp., and Sumitomo Chemical Co., Ltd. among others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
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- 3 months of analyst support
Read the full report: https://www.reportlinker.com/p05778231/?utm_source=GNW
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The methionine market is expected to register a CAGR of 6.19%
during the forecast period, majorly due to its increasing adoption in aquaculture to provide the most effective methionine source to the agriculture feed industry. - Emerging demand from the aquaculture industry and increasing awareness for nutritious diet are augmenting the growth of the market.
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