Market Size of Methionine Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 6.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Methionine Market Analysis
The global methionine market is estimated to reach over 1,500 kilotons by the end of this year and is projected to register a CAGR of over 6% during the forecast period.
The market was negatively impacted by COVID-19 in 2020 and until mid-2021. The transportation limitations implemented across the world 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 in the market studied, which resulted in reduced demand for methionine in comparison to the pre-COVID-19 period. However, the market started recovering in early 2021, owing to increased animal feed and pharmaceutical activities.
- 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.
The Asia-Pacific region accounted for the largest share, and it is expected to register the highest CAGR during the forecast period.
