The Global Methionine Market was estimated at 1,443.95 kilotons in 2020 and the market is projected to register a CAGR of over 6% during the forecast period.
The market was negatively impacted due to COVID-19 in 2020. The transportation limitations implemented across the globe in response to the pandemic disrupted the supply chain of major raw materials required for methionine production like sulfur, methanol, ammonia, propylene, etc. This slowed down methionine production in several countries. The lockdown also slowed down the operations of several end-user industries of the market studied, which has resulted in reduced demand for methionine, in comparison to the pre-COVID-19 period. However, the condition is expected to recover in 2021, thereby restoring the growth trajectory of the market over the forecast period.
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– 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 the increasingly time-pressed consumers have embraced the convenience of freezer and microwave cooking. Demands such as these are driving growth of the poultry industry and in turn driving the market growth.
– Complex process of manufacturing methionine and negative impact of COVID-19 pandemic are likely to hinder the market growth.
Key Market Trends
Increasing Demand from Animal Feed
– Animal feed dominated the methionine market, with a share of more than 90%.
– For the cattle, poultry, swine, and aquaculture industries, methionine is used (extensively) 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 body, so it is provided to them in their feed, as a nutritional additive.
– The amount of methionine is quite low in natural ingredients, and hence, it is provided as nutrient feed additive during the animal feed. Methionine helps improve the efficiency of utilization of protein in animals. It also aids metabolism, quick growth, and muscle bulk growth. It also helps in performance during heat stress and to reduce nitrogen excretion.
– The right type of feed is necessary to provide nutritious ingredients to animals, and so, methionine is a beneficial raw material for the animal feed industry. Methionine products help improve health, provide a proper diet for animals, and lower the cost of feed. These products also help in sustainable production and improve the environment.
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