Eco-friendly means of extracting methionine acts as a major opportunity
The global methionine market is expected to register a CAGR of over 6 percent 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, according to a new study from Research and Markets. Complex process of manufacturing methionine and falling prices due to oversupply are likely to hinder the market growth. Eco-friendly means of extracting methionine is projected to act as an opportunity for the market, in the future.
The global methionine market is highly consolidated, with the top four players accounting for more than 85 percent of the market. Key players in the methionine market include Adisseo, Evonik Industries AG, Novus International, Sumitomo Chemical Co. Ltd., and Tokyo Chemical Industry Co. Ltd., among others.
Key Market Trends
Increasing Demand from Animal Feed
- Animal feed dominated the methionine market, with a share of more than 90 percent.
- For the cattle, poultry, swine, and aquaculture industries, methionine is used (extensively) as an additive in the feed. Methionine is essential for all animals and is used as an ingredient to help animals meet the necessary health requirements. Animals cannot produce methionine in their body, so it is provided to them in their feed, as a nutritional additive.
- The amount of methionine is quite low in natural ingredients, and hence, it is provided as nutrient feed additive during the animal feed. Methionine helps improve the efficiency of utilisation of protein in animals. It also aids metabolism, quick growth, and muscle bulk growth. It also helps in performance during heat stress and to reduce nitrogen excretion.
- The right type of feed is necessary to provide nutritious ingredients to animals, and so, methionine is a beneficial raw material for the animal feed industry. Methionine products help improve health, provide a proper diet for animals, and lower the cost of feed. These products also help in sustainable production and improve the environment.
- Owing to the increasing awareness regarding the benefits of healthy animal diet, the demand for methionine is expected to increase 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 also ranked in the first place, worldwide. This scenario is creating an exciting opportunity for the methionine market in the country.
- DL-methionine is a kind of safe feed additive, 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, and new feed additives, as well as contribute to enhance the capacity of DL-methionine, strengthen the international competitiveness of amino acid in feed grade, and reduce the production cost.
- China, one of the largest pharmaceutical markets in the world, is not yet mature. The combined forces of economic and demographic development, government stimulus, enhanced health awareness among the public, market consolidation, and improved R&D capabilities may help the country in maturing into a sophisticated market within the next decade.
- Apart from this, Chinese companies are still at the initial stages of their global expansion. By learning and communicating, Chinese and foreign companies can achieve mutual understanding, which may benefit them both in the methionine market. Such factors are driving the market for methionine in China.