Methionine market is anticipated to grow at a considerable CAGR of 5.9% during the forecast period. The major growth factors of the market include expanding consumer choices and rising health awareness increases in the demand for protein-rich foods such as meat, dairy products, seafood, among others. In addition, the rising application of DL-methionine in poultry, pharmaceutical industry, and animal feed industry owing to the high demand for high-quality feedstocks is another factor driving the market growth. The contribution of major players by adopting various strategies such as partnership, expansion, and collaboration has also been increased owing to the rising demand, which in turn will further bolster the market growth. For instance, in October 2020, Evonik expanded its DL-methionine production hub at three locations, Americas, Europe, and Asia to maximize economies of scale and utilize robust processes. This expansion has also strengthened the competitiveness by further improving its cost position.

Apart from this, the high cost of raw material, various programs promoting vegetarianism, and declining consumption of poultry products are some factors expected to hamper the growth of the methionine market over the forecast period.

Segmental Outlook 

The global methionine market is segmented based on its type, and application. Based on its type, the market is segmented into l-methionine, methionine hydroxy analog (MHA), and dl-methionine. Based on the application, the market is segmented into animal feed, food and beverage, and pharmaceuticals. Based on type, the l-methionine segment has witnessed favourable growth owing to its growing application for animal feed due to the rising requirement to maintain the metabolism rate in livestock, meanwhile, the dl-methionine segment has registered a significant growth due to the growing application of DL-methionine in the pharmaceutical, food processing, and animal husbandry sectors.

Among the application segment, the pharmaceuticals sub-segment is expected to grow at a significant CAGR during the forecast period. The rising use of methionine in the pharmaceutical and medical sectors as an raw material and intermediate while manufacturing vitamins and liver-related medicines manufacturing to propel the segment growth. Additionally, the increasing geriatric population is another factor that drives the segment growth as they are affected by numerous diseases, and are more prone to consume medical drug, which in turn fuels the pharmaceutical segment growth in the methionine market. 

Regional Outlooks

The global methionine market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East and Africa, and Latin America) . Among these, the North American regional market is expected to cater to a prominent share of the global methionine market. However, the Asia-Pacific region is projected to witness considerable growth over the forecast period.

Global Methionine Market Growth, by Region 2022-2028

The North American Region is Expected to Hold a Prominent Share in the Global Methionine Market

The North American region is anticipated to hold a prominent share of the global methionine market. The growth is mainly attributed owing to the rising popularity of animal-based food products including poultry, dairy, meat, and seafood. These animal-based foods are low-calorie and high-protein sources which is a result of fortification with amino acids such as methionine. As per the US Department Of Agriculture, 2022, the US has the largest fed-cattle industry globally and is the largest producer of beef, primarily high-quality, grain-fed beef globally. Moreover, North America has the principal location for the manufacture and import of methionine products across the globe. For instance, according to the US International Trade Commission (ITC), in 2020, the US imported $126 million in methionine from Spain, Japan, France, and Malaysia. 

Market Players Outlook

The major companies serving the global methionine market include Evonik Industries Inc., Phibro Animal Health Corp., AnaSpec Inc., Bio-Techne, CJ CheilJedang Corp., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in February 2022, Evonik built a plant at its Mobile County site to produce methyl mercaptan, which is used to manufacture its MetAmino (DL-methionine) product and is used in livestock farming to feed animals in a healthy, efficient and sustainable manner.

The Report Covers

• Market value data analysis of 2021 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global methionine market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.