Methionine Market Overview
The global methionine market was valued at $5,114.3 million in 2017 and is projected to reach $9,121.9 million by 2023, witnessing a CAGR of 10.2% during the forecast period. The increase in demand for bird meat leads to increase in demand for poultry, which prompts farmers to use the amino acid into animal diet to increase their farm productivity, thereby leading to the market growth.
GLOBAL METHIONINE MARKET, BY APPLICATION, KILOTONS (2013–2023)
Methionine is an essential amino acid that cannot be biosynthesized in animal body and is hence, taken externally. It is commonly used as feed additive in the poultry industry to increase productivity of poultry animals. The major benefits of the amino acid are increase in animal growth, wound healing in humans, and treatment of various diseases such as Parkinson’s disease, liver disorders, and digestive problems.
Based on form, the methionine market is categorized into powder and liquid. Liquid form is expected to be the faster growing form type in the market, advancing at respective volume and value CAGRs of 9.0% and 10.5% during the forecast period. The increase in the production capacity of liquid form by key market players such as Bluestar Adisseo Company and Novus International Inc., is expected to drive its sales in the coming years.
Based on application, the methionine market is categorized into animal feed additive, pharmaceuticals, food processing, aquaculture, and others. Other applications include cosmetics and personal care. Among these, animal feed additive was the largest category in the market, with its respective volume and value contributions exceeding 70.0% and 60.0% in 2017. The animal feed additive demand is driven by the growing consumption of meat worldwide. The increase in demand for meat leads to increase in demand for more poultry production, which prompts farmers to use this amino acid in animal diet to increase farm productivity, thereby leading to the market growth.
Based on type, the methionine market is categorized into DL-methionine, L-methionine, and methionine hydroxy analog (MHA). DL-methionine was the largest category in the global market, with respective volume and value contributions of more than 60.0% and 55.0% in 2017. The wide applications of DL-methionine in food processing, pharmaceutical, and animal husbandry applications is fueling its consumption in the market.
Globally, APAC was the largest methionine market, accounting for more than 40.0% sales of the amino acid in 2017. This is attributable to the modernization of the animal husbandry sector and high-volume production of pork, poultry, and livestock in the region. Furthermore, the presence of key market players such as Sumitomo Chemical Company Limited, Ajinomoto Co. Inc, and Bluestar Adisseo Company in the region further accelerates the market growth in APAC.
Methionine Market Dynamics
Emergence of bio-methionine is the major trend witnessed in the methionine market. Growing demand for animal feed in the poultry industry, increase in poultry consumption, and surge in R&D activities by key players are the major growth drivers of the market.
Methionine is majorly derived from petrochemical sources and is used as an animal nutritional-feed additive. However, owing to the use of hard-to-handle and hazardous raw materials (such as mercaptan and carbon disulphide) in the synthesis of methicone, biochemical routes to obtain it are being researched and implemented. For instance, CJ Cheiljedang (CJ) Bio and Arkema Group entered into a joint venture, to initiate the amino acid production using both renewable and petrochemical raw materials, in Malaysia. Hence, increasing demand for bio-based materials owing to their environment-friendly and sustainability benefits over synthetic materials, is calling for the demand of bio-methionine, thereby supporting the methionine market growth.
The demand for animal feed is increasing at an exponential rate owing to increase in the consumption of meat. For instance, as per the data provided by United Nations Food and Agriculture Organization (FAO), by 2050, the production of animal proteins is expected to grow by around 1.7% per year, with meat production projected to rise by nearly 70%, aquaculture by 90%, and dairy by 55%. Hence, with the increasing demand for poultry feed, the demand for this amino acid will also increase, which in turn is expected to drive the methionine market growth.
The key players operating in the methionine market are undergoing extensive R&D to expand their production facilities, in order to meet the growing animal feed demand. For instance, in December 2016, Sumitomo Chemical built an animal feed manufacturing facility in Japan. This facility is expected to generate an output of around 100,000 metric tons per year. Furthermore, in October 2016, Germany-based chemical company, Evonik Industries AG, began the construction work to build its second largest plant for the production of the amino acid, DL-methionine, in Singapore. Hence, such R&D activities by key players are expected to drive the market growth.
The production of the of amino acid relies on the use of chemical raw materials such as methyl mercaptan, propylene, and hydrogen cyanide. When methyl mercaptan is exposed for prolonged time, it harms the central nervous system and also affects the respiratory center, resulting in death by respiratory paralysis and nausea. Propylene causes allergic reactions and potential toxicity in kidney. Methicone may also result in vomiting, diarrhea, and loss of appetite, when taken in excess. Hence, owing to such hazardous effects of raw materials used in the production of the amino acid, its demand is decreasing, thereby hampering the methionine market growth.
Methionine Market Competitive Landscape
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.