Evonik (Germany) and Adisseo (France) are the Key Playrers in the Methionine Market
Methionine is one of the essential amino acids, which is required for tissue repair and its growth, enhancement of pliability, the tone of hair and skin, and to strengthen nails. It is used in the production of various nutritional products such as infant milk, parenteral nutrition, health foods, and sports supplements. It is also recognized as the first limiting amino acid in poultry, high-yielding cows, and pigs’ feed. The market size of methionine is projected to reach USD 4.45 Billion by 2022, at a CAGR of 5.7% between 2017 and 2022. The rise in the consumption of animal-based products, increasing health issues, and implementation of innovative animal husbandry practices to improve meat quality, especially in the Asia Pacific region are driving the demand for methionine globally. However, negative perception about methionine is a major challenge faced by methionine manufacturers.
Key companies profiled in this report are Evonik (Germany), Adisseo (France), Novus International (US), CJ CHEILJEDANG (South Korea), Sumitomo Chemical (Japan), AJINOMOTO (Japan), Phibro (US), Prinova Group (US), Sunrise Nutrachem (China), and Chongqing Unisplendour Chemical (China). The increasing utilization of methionine in food, animal feed, and the pharmaceutical industry, coupled with the improving standards of living of consumers in emerging regions have driven companies to adopt several business strategies to stay competitive in the global methionine market. Companies have adopted new product launches, expansions, agreements, joint ventures, and acquisitions as their key growth strategies.
Evonik (Germany), one of the largest methionine manufacturers in the world, has adopted expansions as its key strategy. For example, in November 2016, the company started the production of a methionine-based product called AQUAVI Met-Met in Antwerp (Belgium). This development has helped the company to increase its product portfolio and competitiveness, especially in the aquaculture feed industry.
Adisseo (France) has also adopted expansions as one of its key strategies to stay competitive in the methionine market. For example, in January 2017, the company increased the capacity of its Burgos (Spain) liquid methionine production site. This expansion is a result of the success of its product named Rhodimet AT88, which fueled the need for capacity expansion. This expansion has helped the company to cater the rising customer demand.
Related Reports:
Methionine Market by Type (L-Methionine, MHA, Dl-Methionine), Application (Animal Feed, Food & Dietary Supplements, Pharmaceuticals), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, South America) - Global Forecast to 2022
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