Methionine Market Forecasted to Reach $9,121.9 Mil
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NEW YORK, May 21, 2018 (GLOBE NEWSWIRE) -- According to the new market research report published by P&S Market Research, the methionine market is projected to reach $9,121.9 million by 2023, the market growth is mainly driven by increasing demand for animal feed in the poultry industry, rise in poultry consumption, and surge in R&D activities by key players.
Based on form, the methionine market is categorized into powder and liquid. Of these two, powder was the larger form type in the market, with the respective volume and value contributions exceeding 60.0% and 55.0% in 2017. The high consumption of powder form in the food and beverage and animal husbandry industries is attributing to its larger share in the market.
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Based on application, the methionine market is categorized into animal feed additive, pharmaceutical, food processing, aquaculture, and others. Other application includes cosmetics and personal care. Animal feed additive is the largest application area in the market. According to data from the Institute for Feed Education and Research (IFEEDER), in 2016, the U.S. animal feed manufacturing industry experienced total sales of $297.1 billion. Hence, large-scale consumption of animal feed is accelerating the consumption of the chemical for this application category in the market.
Asia-Pacific (APAC) is expected to be the fastest growing methionine market, with respective volume and value CAGRs of 9.0% and 10.7% during the forecast period. The market in the region is driven by the presence of key players such as Bluestar Adisseo Company, Sumitomo Chemical Company Limited, and Ajinomoto Co. Inc. The major market players in the region are focusing on increasing their production capacity in order to cater to the growing demand for animal feed. For instance, in October 2016, Evonik Industries AG planned to build a second world-scale plant for the production of the amino acid, DL-methionine, in Singapore.
Methionine is widely used as an intermediate in the preparation of liver-related and vitamin medicines to treat liver cirrhosis, toxic hepatitis, and pneumonia. It is also used in improving wound healing, allergies, and copper poisoning. Furthermore, L-methionine is a powerful antioxidant and helps in slowing down the aging process. It is also used in reducing the risk of colorectal cancer, strengthening the bone structure, and aids in weight loss. Hence, the emerging use of the amino acid in pharmaceutical applications is expected to provide lucrative opportunities for the methionine market growth.
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Surge in poultry consumption is primarily linked to four significant factors, namely, population growth, chicken prices relative to the prices of competitive meats, improvement in incomes, and dietary preferences. With the increasing population, the demand for food will also increase, thereby leading to surge in poultry consumption. As per the global poultry trend data, poultry meat intake is forecasted to increase by 1.7 kg per person from 13.2 kg in 2013 to 14.9 kg in 2023. Hence, with the increase in consumption, the demand for animal feed additive is also increasing, thereby leading to the methionine market growth.
Some of the major players operating in the global methionine market are Novus International Inc., Evonik Industries AG, Bluestar Adisseo Company, Sumitomo Chemical Company Limited, Arkema Group, METabolic EXplorer, Archer Daniels Midland Company, Ajinomoto Co. Inc, Royal DSM, and BASF SE.
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