The global methionine market attained $5,114.3 million in 2017 and is predicted to generate $9,121.9 million by 2023, advancing with a CAGR of 10.2% during 2018–2023 (forecast period). The market is witnessing growth due to the increasing research & development activities by the key players and rising demand for animal feed due to the growing poultry consumption. Methionine is a vital amino acid that cannot be biosynthesized in the animal body and thus is taken externally. It is utilized as a feed additive to increase the productivity of animals.
On the basis of application, the methionine market is categorized into aquaculture, food processing, pharmaceuticals, animal feed additives, and others. Among these, the category of animal feed additives led the market during the historical period (2013–2017), contributing more than 70.0% and 60.0% sales volume and value, respectively, in 2017. One of the primary reasons for this is the increasing consumption of meat across the globe, which leads to the rising demand for poultry. This is further driving the need for the utilization of the amino acid in animal diet.
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The surge in poultry consumption is one of the major driving factors of the methionine market. Changing dietary preferences, population growth, and rising income of people are responsible for the surging poultry consumption. According to the global poultry trend statistics, poultry meat consumption is projected to rise by 1.7 kg per person, to 14.9 kg in 2023 from 13.2 kg in 2013. Moreover, as per a research done by the Worldwatch Institute’s Nourishing the Planet Project, meat consumption and production across the world have increased considerably, leading to a rising demand for animal feed additives.
The escalating demand for methionine in pharmaceutical applications is creating wide opportunities for the players looking to invest in the methionine market. Due to methionine’s therapeutic advantages in the treatment of various diseases, its pharmaceutical application is on the rise. This chemical is extensively used in the preparation of vitamins and liver medicines for treating toxic hepatitis and cirrhosis. The amino acid also helps in the treatment of Parkinson’s disease, asthma, copper poisoning, allergies, and wounds.
When type is taken into consideration, the methionine market is divided into L-Methionine, DL-Methionine, and methionine hydroxy analog (MHA). The market was dominated by the division of DL-Methionine during the historical period, with more than 60.0% and 55.0% market share in 2017, respectively, in terms of volume and value. The reason for this is the wide application of this type in pharmaceuticals, animal husbandry, and food processing. The highest value CAGR is predicted to be witnessed by the division of MHA during the forecast period.
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A major trend being observed in the methionine market is the shift toward bio-methionine from synthetic sources. Methionine is majorly derived from petrochemical sources; however, due to the use of hard-to-handle hazardous raw materials, such as carbon disulfide, mercaptan, and hydrogen cyanide, in the synthesis of methionine, biochemical methods are being implemented and researched. Furthermore, the rising demand for bio-based materials because of their environment-friendly nature is resulting in the shifting preference of manufacturers toward these materials from synthetic sources.
Thus, the market is witnessing considerable growth because of the rising consumption of poultry all around the world and the increasing demand for methionine for pharmaceutical applications.
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