|11-12-2018 02:20 PM CET - Business, Economy, Finances, Banking & Insurance||
Global Methionine Market Expected to reach USD 4.45 Billion by 202,Key Players-Novus International Inc., Evonik Industries AG, Bluestar Adisseo Company, Sumitomo Chemical Company Limited, Arkema Group.
Press release from: Research Cosmos
Global Methionine Market Size Analysis:
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 growing demand for poultry meat is pushing the farmers to use the amino acid in animal feed to increase the productivity of their farm, leading to market growth. Methionine is an essential amino acid that cannot be biosynthesized in the body of an animal and, therefore, is taken outside. It is commonly used as a feed additive in the poultry industry to increase productivity. The main benefits of the amino acid are the increase in animal growth, healing of wounds in humans and the treatment of various diseases such as Parkinson's disease, liver disorders and digestive problems.
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Global Methionine Market Drivers and Restraints:
The demand for food is increasing at an exponential rate due to the higher consumption of meat. For example, according to data provided by the Food and Agriculture Organization of the United Nations (FAO), by 2050, production of animal protein is expected to increase by about 1.7% per year. It is expected that meat production will increase by almost 70%, aquaculture by 90% and dairy products by 55%. Therefore, with the increasing demand for poultry feed, the demand for this amino acid will also increase, which in turn should stimulate the growth of the methionine market.
The main players in the methionine market are currently under intensive research and development to expand their production facilities to meet the growing demand for animal feed. For example, in December 2016, Sumitomo Chemical built an animal feed factory in Japan. It is expected that this facility will generate approximately 100,000 metric tons per year. In addition, in October 2016, the German chemical company Evonik Industries AG began work on the construction of the second largest DL-methionine amino acid production plant in Singapore. Therefore, such R & D activities by key actors should stimulate market growth.
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The production of the amino acid is based on the use of chemical raw materials such as methyl mercaptan, propylene and hydrogen cyanide. When methylmercaptan is exposed for a prolonged period, it damages the central nervous system and the respiratory center, causing death from respiratory paralysis and nausea. Propylene causes allergic reactions and potential toxicity in the kidneys. Methionine can also cause vomiting, diarrhea and loss of appetite when taken in excess. As a result, due to the dangerous effects of the raw materials used in the production of the amino acid, the demand is decreasing, which hinders the growth of the methionine market.
Global Methionine Market Geographic Segmentation:
At the global level, APAC was the largest market for methionine, accounting for more than 40.0% of the sales of amino acids in 2017. This is due to the modernization of the livestock sector and the large production of pigs, poultry and cattle in the region. In addition, 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 of the APAC region.
Key players in Global Methionine Market:
Some of the prominent players of the market include 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.
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