The methionine market is expected to grow from USD 3.36 Billion in 2017 to USD 4.45 Billion by 2022, at a CAGR of 5.7% between 2017 and 2022.
The methionine market has witnessed growth in the past few years, which can be attributed to the increasing health issues of consumers, the rise in the consumption of animal-based products, and implementation of innovative animal husbandry practices to improve the meat quality, owing to the rising demand for protein-rich food globally. In addition, the growing demand for methionine in emerging economies and for pharmaceuticals applications is driving the methionine market.
The main types of methionine are L-Methionine, DL-Methionine, and Methionine Hydroxy Analog (MHA). Majorly, DL-methionine is used in various applications and thus, the DL-methionine type segment accounted for the largest market share in 2016, owing to its numerous benefits, including reduced nitrogen excretions, support performance during heat stress, and high antioxidant capacity.
Methionine is used in animal feed, food & dietary supplements, and pharmaceuticals. Among these, the animal feed application segment is projected to lead the methionine market during the forecast period, as livestock requires adequate nutrition and care for optimum growth and development. With growing concerns about food safety, feed safety, and animal health & nutrition, the focus has shifted to providing a proper diet and feed intake level to ensure better animal health, which is driving the animal feed application segment.
North America, Europe, Asia Pacific, the Middle East & Africa, and South America have been considered as key markets for methionine in the report. In 2016, APAC was the fastest growing market for methionine due to the high disposable income of consumers and demand for protein-rich food in countries such as China, India, Japan, and Thailand. Rapid industrialization and urbanization have resulted in an increase in the per capita income of the people of this region. Moreover, increase in the disposable income of consumers has led to a growth in demand for protein-rich food. These factors are driving the methionine market in APAC.
Growth in the Consumption of Animal-Based Products
Increasing Health Issues
Implementation of Innovative Animal Husbandry Practices to Improve Meat Quality
Stringent Regulatory Framework
Growing Demand for Methionine in the Emerging Economies
Increasing Demand for Methionine in Pharmaceutical Applications