What are the key strategies adopted by the major players to expand Methionine Market share ?
Methionine Market by Form (Powder, Liquid), by Application (Animal Feed Additives, Pharmaceuticals, Food Processing, Aquaculture), by Type (DL-Methionine, L-Methionine, Methionine Hydroxy Analog), by Geography (U.S., Canada, Germany, U.K., France, Russia, Italy, China, India, Japan, South Korea, Singapore, Brazil, Mexico, Saudi Arabia, Egypt, Iran)
The global methionine market is witnessing growth due to the increase in poultry consumption. Population growth, improvement in disposable income, shifting dietary preferences, and lower bird meat prices compared to other meats are responsible for the surge in poultry consumption. According to the data published in the Global Poultry Trends, the meat consumption per person will be 14.9 kg in 2023. Additionally, industrial countries are consuming double the amount of meat than developing countries.
Methionine has become quite important in commercial poultry diet, as it helps in performance, growth, and development of the digestive tract of animals. It also plays a significant role in increasing the muscle mass, feather development, and improving egg production in poultry animals. These benefits associated with the amino acid are resulting in the increasing demand for it in the poultry sector, thereby driving the growth of the methionine market.
To meet the growing demand for animal feed enriched with the amino acid, the prominent players in market are extensively investing in research and development and expanding their production facilities. For instance, Sumitomo Chemical established a methionine manufacturing facility in Shikoku, Japan in December 2016, with a production capacity of around 100,000 metric tons per year. Similarly, Evonik Industries AG, a Germany-based chemical company, began building a methionine manufacturing facility in Singapore that is slated to become operational in 2019.
The increasing population and improving economic status have resulted in a shift in dietary preferences of people across the world. Growing poultry consumption is one of the major factors that has impacted the need for animal feed and research activities in the methionine domain. Methionine is an essential amino acid, which is added to commercial poultry diet. It is responsible for feather development, growth, improved egg production, and increased muscle mass in poultry animals.
To keep up with the growing requirement of the poultry niche, key players in the methionine domain are investing heavily in expanding their production facilities. For instance, a Germany-based chemical company, Evonik Industries AG, invested in a methionine manufacturing facility in 2016 that is slated to become operational in 2019. Similarly, in December 2016, Sumitomo Chemical established a factory, boasting a production capacity of 100,000 metric tons of methionine annually, in Shikoku, Japan.
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