PUBLISHER: SkyQuest | PRODUCT CODE: 1225669
PUBLISHER: SkyQuest | PRODUCT CODE: 1225669
Global Methionine Market was valued at USD 1.87 billion in 2021 and it is expected to reach a value of USD 2.72 billion by 2028, at a CAGR of 5.5% over the forecast period (2022-2028).
It is anticipated that a major factor influencing product demand would be the increase in meat consumption as a source of protein around the world. Because of shifting dietary patterns, the rise of frozen meat and meat products, and the establishment of meat shops, countries like China and India have been seeing rising rates of meat consumption. Animal feed additive consumption is anticipated to increase as a result.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Methionine market and various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Global methionine market is segmented on the basis of type, end-user, raw material, and region as well. By raw material, the market is segmented into plant-based and animal-based. By end-user, the market is categorized into animal feed, poultry, food & dietary supplements, pharmaceuticals, and others. By type, the market is segmented into L- Methionine, MHA, DL-Methionine. By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Growing meat consumption is anticipated to continue to be a major market driver, especially in Asia Pacific and South America. The global meat business has expanded as a result of these areas' growing populations. It is anticipated that a major factor influencing product demand would be the increase in meat consumption as a source of protein around the world. Because of shifting dietary patterns, the rise of frozen meat and meat products, and the establishment of meat shops, countries like China and India have been seeing rising rates of meat consumption. Animal feed additive consumption is anticipated to increase as a result.
The two main factors predicted to restrain the expansion of the global methionine market over the projected period are the steadily rising cost of energy and the scarcity of raw materials for the increased manufacturing of methionine. Also, it is predicted that the growing number of initiatives and programmes supporting vegetarianism and reducing the use of meat products will impede the expansion of the global industry.
For the next few years, it is also projected that increasing use of sports supplements will help meet methionine demand. Athletes and bodybuilders are the main consumers of sports supplements to improve performance. Due to their numerous health benefits and rising consumer awareness, supplements like energy drinks, diet pills, nutritional supplements, weight loss meals, and nutrition bars are becoming more and more popular.