Methionine is an amino acid that is considered to be an essential component of the human diet. Methionine is one of the most abundant amino acids in animal proteins, while plant-based foods are usually low in methionine. Industrial-scale methionine synthesis has allowed the food industry to meet the rising demand for animal protein. This has contributed to global food security. Methionine is an essential nutrient in plants and animals, and is required for normal development. In most high-income countries, the relative proportion of protein from animal sources is relatively stable.
Market Statistics:
The global Methionine Market is estimated to account for US$ 5.67 Bn in terms of value by the end of 2021.
Global Methionine Market: Drivers
Increasing awareness about protein-rich foods and health supplements, coupled with rising demand for sports supplements will drive the global methionine market growth. The increased demand is expected to continue during the forecast period due to growing number of health conscious consumers. Increased demand for poultry and dietary supplements, and a developing aquaculture industry are other major factors expected to augment market growth.
Global Methionine Market: Opportunities
Several firms are entering the methionine market, especially in mature markets. In order to meet increasing demand from different regions, they are adopting appropriate marketing strategies. Such initiatives by key players is expected to hold potential growth opportunities. For instance, in January 2017, Linde Gas Singapore, a member of technology company, The Linde Group, announced that it has signed a long-term contract to supply methane and hydrogen to Evonik Methionine SEA’s second world-scale methionine complex in Singapore (Me6).
Global Methionine Market: Restraints
Limited supply of raw materials and lack of knowledge about methionine are key factors expected to restrict the market growth.
Global Methionine Market - Impact of Coronavirus (Covid-19) Pandemic:
The market of methionine has witnessed negative growth slope during Covid-19 pandemic. This is due to strict containment regulation such as lockdown and social-distancing. This has created gap between supply and demand.
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Key Takeaways:
The global methionine market was valued at US$ 5.67 Bn in 2021 and is forecast to reach a value of US$ 7.29 Bn by 2030 at a CAGR of 9.3% between 2022 and 2030.
Food & Beverages segment held dominant position in the global methionine market in 2021, accounting for 46% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Methionine Market Trends:
Growing demand for methionine from pharmaceutical industry could be a trend and this trend is expected to continue due to growing prevalence of lifestyle disorder. Growing health issues coupled with the increasing investment in pharma sector are other major factors expected to foster market growth.
Rising focus on increasing production capacity among key players is another key factor that is acting as a catalyst for the market growth. For instance, in October 2018, Sumitomo Chemical completed its new production line of feed additive methionine (includes both powder and liquid type) at its Ehime Works in Niihama City, Ehime Prefecture, Japan. The production capacity of the new line is approximately 100,000 metric tons per year, which brings Sumitomo Chemical's total production capacity for methionine, to approximately 250,000 metric ton per year, including existing facilities.
Global Methionine Market: Competitive Landscape
Adisseo, Ajinomoto Co. Inc., Anaspec Inc. (Eurogentec SA), Beijing Fortunestar S&T Development Co. Limited, Chongqing Unisplendour Chemical Co Ltd, CJ Cheiljedang Corp., Evonik Industries AG, IRIS Biotech GmbH, Novus International, Prinova Group LLC, Shijiazhuang Jirong Pharmaceutical Co. Ltd, Sumitomo, Chemical Co. Ltd, and Tokyo Chemical Industry Co. Ltd
Global Methionine Market: Recent Developments
In April 2019, Evonik industries AG has announced an increment in the price of MetAMINO, a DL-methionine supplemental by 7%, which is applicable across all its branches, worldwide.
