Glycine Market Will Reach US$ 1,192.1 Mn by 2024

Significance of proteinogenic amino acids continues to gain foothold in large-scale production of several consumer goods. Drugs, food products, beverages and various other consumables can be derived from them, necessitating their presence as a key raw ingredient. Glycine is one such crucial constituent that continues to gain demand from all corners of the globe. This demand primarily emanates from effective application of glycine in production of meat & poultry products, glyphosate-based drugs & pharmaceuticals, as well as cosmetic care products.

Persistence Market Research recently studied the growth of global glycine market, and published its forecast for the coming decade in a report, titled “Global Market Study on Glycine: Asia Pacific and Europe Anticipated to Witness Significant Growth Between 2016 and 2024 .” According to the report, more than 165,000 tons of glycine, which will be worth around US$ 1,192.2 Mn, will be consumed globally by the end of 2024.

However, key findings in the report indicate that the global glycine revenues will be growing at a sluggish pace during the projected period. The global glycine market, which is presently valued just over US$ 875 Mn, is expected to project a value CAGR of 3.9%. Factors attributing to such decelerated revenue growth of the global glycine market include:
Pressure of downward pricing: Leading glycine producers are constantly prone to the risks of deflating prices, which end-up reducing their profit margins, and put the highly-competitive market in a disarray.

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Imposition of antidumping duties: Manufacturers are compelled to pay additional levies, which include the high import duty, and the antidumping duty – a protectionist tax that domestic governments impose on foreign imports when any product is priced below market value.
Volatility in material costs: Undulating raw material prices have also curbed the production of glycine-based products, thereby impeding the global glycine consumption significantly.

The report highlights the demand for glycine in production of animal feed, and its soaring prevalence as an industrial agent. In 2017 and beyond, one out of every two tons of glycine consumed in the world is projected to be feed-grade glycine. Likewise, by the end of 2024, revenues amassed from global sales of technical-grade glycine will have showcased a value CAGR of 4.5%.

Corresponding to the rising production of feed-grade glycine, animal feed production will remain as the largest application in the global market. By 2024, close to 50% of global glycine market will be accounted by consumption of glycine in animal feed production. Glycine as a chemical catalyst will also gain popularity across the globe, bringing in more than US$ 340 Mn by the end of forecast period.

Japanese glycine manufacturers such as Yuki Gosei Kogyo Co., Ltd. and Showa Denko KK, along with Chinese companies – Shijiazhuang Donghua Jinlong Chemical Co., Ltd. and Hubei Xingfa Chemicals Group Co. Ltd. – have been identified as prominent players in the global glycine market.

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Owing to their participation, the Asia-Pacific glycine market is predicted to soar at highest CAGR through 2024. Meanwhile, North America will remain the world’s largest market, accounting for almost one-third of global revenues. US-based glycine manufacturers, profiled in the report, include Chattem Chemicals, Inc., GEO Specialty Chemicals, Inc., and Ajinomoto North America, Inc. Moreover, Europe’s glycine revenues are also expected to soar robustly, with companies such as Evonik Industries AG and AMINO GmbH instrumenting the region’s revenue growth.

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This release was published on openPR.