Global methionine market size was valued at USD 3.54 billion in 2014. Increasing meat consumption, particularly in Asia Pacific and Latin America, is expected to remain a key driving factor for global methionine market. Increasing population in these regions has contributed towards the growth of global meat industry.
Growing meat consumption as a source of protein around the world is expected to be a key factor driving the demand. Countries such as China and India have been witnessing high meat consumption rate on account of changing food habits. The emergence of frozen meat, meat outlets and changing eating habits among consumers has prompted meat demand which is further expected to increase animal feed additive industry.
Recent animal disease outbreak has also prompted livestock manufacturers to include animal feed additives such as methionine in their feed to improve its nutritional value. Growing consumer awareness regarding the health of livestock has contributed towards increasing methionine market.
Increasing dietary supplements demand to rise awareness among consumers coupled with a shift towards a healthy lifestyle is anticipated to drive market growth over the next seven years. Growing geriatric population coupled with growing consumer awareness towards avoiding hefty medical bills is expected to remain a key driver for dietary supplements demand.
Increasing obesity prevalence among the younger generation in countries such as the U.S., UK and Canada are projected to fuel dietary supplements industry. Rising sports supplement consumption owing to health consciousness is anticipated to compliment methionine growth over the next seven years.
Sports supplements are mainly consumed by athletes and bodybuilders to enhance their performance. Supplements such as energy drinks, weight loss pills, nutrition supplements, weight loss meals, low carbohydrate foods and nutrition bars are gaining wide acceptance owing to high health benefits and increasing consumer awareness.
Increasing application scope in pharmaceutical and medicine industry is expected to further fuel growth over the forecast period. It is widely used as raw material in the pharmaceutical application and as an intermediate in vitamin and liver-related medicine manufacturing.
Methionine prices have witnessed considerable surge owing to raw material unavailability over the recent past years. Short term factors such as increasing energy prices is another hurdle leading towards the shortage of raw material for production. Increasing demand from cosmetics industry is anticipated to provide lucrative opportunities for industry participants over the next seven years.
U.S. methionine market volume by raw material, 2012-2022, (Kilo Tons)
Raw Material Insights
The plant-based raw material was the largest source with a market valuation of over USD 3 billion in 2014. Wheat, soy-meal, and seaweed are the key raw material involved in methionine production. Increasing consumer preference towards bio-based products owing to environmental issues coupled with rising awareness is anticipated to drive market growth over the next seven years.
Animal based methionine accounted for over 10% of total market in 2014 is expected to grow at an estimated CAGR of more than 4% from 2015 to 2022. Stringent government regulation prohibiting bone meal and fish meal usage for developing amino acids is anticipated to challenge industry participants.
Animal feed was the largest application segment and accounted for over 90% of the total volume in 2014. Growing animal feed additives demand owing to maintaining metabolism rate in livestock coupled with increasing meat consumption is anticipated to drive growth over the next seven years.
Food & dietary supplements application was valued over USD 200 million in 2014. Rising health awareness among consumers coupled with increasing per capita disposable income in developing regions such as Asia Pacific and Latin America is anticipated to fuel global industry.
Increasing energy drinks demand particularly in the U.S., and the UK is further anticipated to compliment market growth over the forecast period. Pharmaceuticals are anticipated to grow at a considerable growth rate over the forecast period. Increasing health standards is projected to fuel demand for pharmaceutical applications.
Asia Pacific methionine market led the global industry with a market valuation of over USD 1 billion in 2014. This region is expected to witness significant growth due to increasing meat consumption in China, India, Vietnam, and the Philippines. Rising per capita disposable income coupled with changing food habits is anticipated to drive methionine demand in the region over the next seven years.
Europe accounted for over 20% of the total demand in 2014. Increasing dietary supplements demand due to growing geriatric population in the region is expected to remain a key factor driving market growth in the region. UK and Germany are expected to emerge as dominant countries for demand in the region.
North America is anticipated to grow at an estimated CAGR of 5.8% from 2015 to 2022. Increasing obesity and cardiovascular disease (CVD) prevalence among the population is expected to fuel food & dietary supplements demand in the region over the next seven years. Increasing livestock production is expected to drive demand for Central & South America. Growing pharmaceutical industry is anticipated to further compliment market growth.
Global methionine market share is highly concentrated led by large multinational corporations and is expected to remain same over the next seven years. Key industry participants operating in this market includes Adisseo France SAS, Novus International, Inc., Evonik Industries AG, and Sumitomo Chemical Company.
Other prominent companies include Kemin Europa, Sunrise Nutrachem Group, Shaanxi Sciphar Hi-tech Industry Co. Ltd., Kyowa Hakko Bio. Co., Ltd., Royal DSM, Ajinomoto Inc., CJ Cheil Jedang Corp., Prinova U.S. LLC, AnaSpec Inc., Tocris Bioscience Ltd., Tokyo Chemical Industry Co. Ltd., Beijing FortuneStar S&T Development Co., Ltd., Iris Biotech GmbH, and Jinzhou Jirong Amino Acid Co., Ltd.
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