Methionine Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

Key Highlights

• Over the medium term, emerging demand from the aquaculture industry and growing demand from the poultry industry are driving the growth of the market. The demand for processed and ready-to-eat foods, particularly frozen foods, is rising globally as increasingly time-pressed consumers have embraced the convenience of freezer and microwave cooking. Demands such as these are driving the growth of the poultry industry, which in turn is driving market growth.
• However, the complex process of manufacturing methionine is a key factor anticipated to restrain the growth of the target industry over the forecast period.
• Nevertheless, the gradually changing market dynamics toward eco-friendly means of extracting methionine are likely to create lucrative growth opportunities for the global market soon.

Methionine Market Trends

Increasing Demand from the Animal Feed Segment

• The animal feed segment dominated the methionine market. For the cattle, poultry, swine, and aquaculture industries, methionine is used as an additive in the feed. Methionine is essential for all animals and is used as an ingredient to help animals meet the necessary health requirements. Animals cannot produce methionine in their bodies, so it is provided to them in their feed as a nutritional additive.
• Methionine helps improve the efficiency of the utilization of protein in animals. It also aids metabolism, quick growth, and muscle bulk growth. These products also help with sustainable production and improve the environment.
• The rising incidences of animal diseases have led to the increased use of methionine in animal feed in various regional markets. Asia-Pacific and North America have higher demands for maintaining adequate metabolism rates in livestock. Consumer awareness has also grown in this segment, which has increased the demand for animal feed.
• The Food and Agricultural Organization (FAO) estimates that the world will have to produce 60% more food by 2050, and it is believed that animal protein production will grow even more - meats (poultry/swine/beef) will double, as well as dairy and fish production, which will almost triple by 2050.
• According to the Office for National Statistics, the total value of sales from the manufacture of prepared feeds for farm animals in the United Kingdom was valued at GBP 5,141 million (USD 6308.78 million) in 2021.
• The US Department of Agriculture says that the value of broiler production reached USD 21.21 billion and is expected to grow to USD 31.52 billion in 2021.

China to Dominate the Asia-Pacific Market

• China’s methionine demand is rising faster than the global average due to the rising demand for meat products from China’s wealthy middle class. The enormous growth can be explained by the surging demand for animal feed used in the livestock and farming industries. Since the population almost doubled to 1.4 billion people, the country’s demand for meat and animal feed has exploded.
• Recently, the development of China's aquaculture industry accelerated hugely. The capacity of pork eggs and livestock was also first in the world.As per the Ministry of Agriculture of China, China's total production volume of cultured fish and other aquatic animals from marine and coastal aquaculture will amount to approximately 19.4 million metric tons in 2021. China is by far the largest producer of mollusks from aquaculture in the world.
• Furthermore, China is the second-largest market for pharmaceuticals globally. According to the China Pharmaceutical Enterprises Association, the pharmaceutical revenue of the country is valued at CNY 3,304.93 billion (USD 473.47 billion) in 2021. The country has a large and diverse domestic drug industry, comprising around 5,000 manufacturers, of which many are small or medium-sized companies.
• Another end user of the food and beverage industry in China is also growing at a rapid pace. China accounts for almost one-fourth of the total global population, and the country hosts one of the most rapidly developing consumer markets in the world. According to the National Bureau of Statistics of China, the country's profits from the food industry are valued at CNY 618.71 billion (USD 88.64 billion) in 2021.

Methionine Market Competitor Analysis

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• The market estimate (ME) sheet in Excel format
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