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Methionine Market Analysis, Trends, Developments, and Business Opportunities | P&S Intelligence
In addition, it has proven beneficial in the treatment of copper poisoning, toxic hepatitis, and pneumonia. It is used as a buffering agent in antacids and analgesics to treat the aforementioned ailments. Thus, the increasing use of this amino acid in pharmaceutical applications will help the methionine market advance at a healthy CAGR of 10.2% during 2018–2023. The market revenue is expected to surge from $5,114.3 million in 2017 to $9,121.9 million by 2023.
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In recent years, there has been a significant rise in the consumption of bio-methionine due to the rising public concerns regarding environmental degradation. This is because methionine is primarily derived from petrochemical sources, which are hazardous and hard to handle. To protect the environment from further degradation, methionine producers, such as Sumitomo Chemical Company Limited, BASF SE, Bluestar Adisseo Company, Arkema Group, Ajinomoto Co. Inc., Novus International Inc., and Archer Daniels Midland (ADM) Company, are adopting innovative biochemical processes to derive this amino acid.
In recent years, methionine producers have engaged in product launches and geographical expansions to reach out to a greater number of customers. For example, in May 2016, Sumitomo Chemical Company Limited added a new production line in Japan to expand its production capacity for feed additive methionine. Likewise, in March 2018, Bluestar Adisseo Company began the construction of a new liquid methionine production plant in Nanjing, China. This factory produces 180,000 tons of liquid methionine every year.
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According to P&S Intelligence, the Asia-Pacific (APAC) region dominated the methionine market in the recent past, and it will retain its dominance in the foreseeable future. This can be ascribed to the strong presence of established players and vast demand for animal feed in the region. Moreover, the constant effort being made by the government and agrarian community for modernizing the animal husbandry sector will facilitate the usage of this nutrient in APAC countries.
Thus, the increasing use of methionine in pharmaceutical applications and burgeoning demand for bio-methionine will propel the consumption of this amino acid globally.
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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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