Global Methionine Market: Key Highlights
Global Methionine Market: Key Market Dynamics
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Global Methionine Market: Regional Overview
Asia-Pacific is expected to account the largest market share in the methionine market. The highest market share of Asas-Pacific region is mainly attributed to the animal feed production and onsumption of animal-based products due to the growing economy, high disposable income of consumers, and increasing population and standard of living. China’s methionine demand is rising faster than the global average, due to the rising demand for meat products from China’s wealthy middle class. The enormous growth can be explained by the surging demand for animal feed used in the livestock and farming industries. Since the population almost doubled to 1.4 billion people, the country’s demand for meat and animal feed has exploded.
North America methionine market is expected to grow at a moderate growth rate during the forecasted period. Increasing prevalence of obesity and cardiovascular diseases (CVD) among the population is expected to fuel demand for dietary supplements in the region. The market in Central and South America will be fuelled by increasing livestock production and the growing pharmaceutical industry.
Global Methionine Market: Key Players Overview
Evonik Industries AG (Evonik) is a Germany-based one of the leading specialty chemicals company across the globe. The company operates through the following business segment The Nutrition & Care, The Resource Efficiency, The Performance Materials, and The Services. Evonik Industries AG is active in over 100 countries around the world with 28 production facilities and more than 36,000 employees. In June 2019, Evonik Industries AG opened a second world-scale plant for methionine production in Singapore. With this new plant, Evonik Industries AG’s annual global capacity of DL-methionine increased to approximately 730,000 metric tons.
Adisseo is one of the global leaders in animal nutrients manufacturing. The company has over 2,250 employees across all continents. Asia’s highly promising market which represented 30% of the company sales. in March 2018, Adisseo started the construction of a new liquid methionine factory in Nanjing, China. This factory is designed to produce 180,000 tons of liquid methionine every year. After the completion of the new factory, Adisseo will be able to double its total capacity in Nanjing. The new factory is be expected to come into operation by the middle of 2021.
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