Increasing Usage of Glycine in Personal Care Products and in Products for Animal Consumption Drive the Demand in the North America Glycine Market

Valley Cottage, NY -- (SBWire) -- 01/31/2019 --Although U.S is anticipated to dominate the North America glycine market, the Canada glycine market is likely to witness a healthy CAGR in terms of both value and volume

Demand for glycine in North America is likely to witness stagnant growth in the near future as the market has relatively matured. Sales revenue stood at close to US$ 300 Mn in 2016 and is projected to demonstrate a CAGR of 3.5% and reach more than US$ 350 Mn by 2024, representing an incremental opportunity of more than US$ 90 Mn. It has been witnessed that the growth rate of domestic production, capacity utilization and financial performance has been declining since past few years. Consumption of glycine in North America stands at more than 100,000 Tonnes and is slated to record a CAGR of 2.6% and amount to more than 150,000 Tonnes by 2024. Key players in this region are focusing on developing glycine tailored to specific applications.

Sales revenue of glycine in the U.S. is projected to cross US$ 300 Mn by 2024 end. This country dominates the glycine market in North America and is likely to remain attractive in the years to come. In the U.S., exponential growth rates will be hard to sustain in the long run as the market will eventually mature. However, the growing applications of glycine in cosmetic products coupled with the growth of the feed industry is likely to support the glycine market in the U.S. In Canada, the import of glycine is continuously rising. To avoid the antidumping duty from the U.S., many glycine producers from China export their material to the U.S. through Canada as Canada does not apply any import duty on glycine.

Request for sample report: https://www.persistencemarketresearch.com/samples/4304

Increasing usage of glycine in personal care products and in products for animal consumption drive the demand in the North America glycine market

Increasing meat consumption in North America, coupled with high livestock production, such as broiler, swine and cattle leads to an increase in the demand for animal feed additives. This trend is forecasted to become a key driving factor for the market growth of glycine over the forecasted years. Growing meat consumption (owing to meat being a source of protein) in North America region is slated to positively influence the market growth of glycine. For instance, in the U.S., around 60% of protein is consumed through animal meat, as compared to the global average of about 30%. Glyphosate, a synthetic amino acid is the most widely used biocide in North America. The demand for glyphosate is projected to remain high throughout the forecast period, driven by the growing adoption of herbicide tolerant (HT), genetically modified (GM) crop, which in turn fosters the demand for glycine. Further, the shift towards sophisticated farming practices, increased emphasis on enhancing crop yields and rising demand for crop protection solutions in agriculture in North America are other driving factors.

In personal care products such as antiperspirants and cosmetics, glycine is used to reduce the acidity of other ingredients. Increasing application of glycine in personal care products is expected to be one of the major growth factors for the glycine market in North America. The cosmetic industry is one of the biggest end users of glycine. Increasing demand for cosmetic products due to change in the lifestyle of consumers has a positive impact on the glycine market in the region. For example, it has been estimated that in the U.S glycine is used more than 30% as an additive in cosmetics and personal care products, most notably deodorants and antiperspirants.

Glycine is also used as an intermediate material in products intended for animal consumption, such as vitamins and other nutraceuticals and pet food. It has been estimated that in the U.S., glycine is used as an intermediate material in around 55% of the products intended for animal consumption. This increasing usage is expected to fuel the growth of the glycine market in North America.

Request Report TOC @ https://www.persistencemarketresearch.com/methodology/4304

Tech and feed grade applications likely to dominate the North America glycine market during the projected period

Tech grade and feed grade are expected to show high growth in the North America region. The tech grade segment was estimated to account for a market value share of more than 15% by 2016 end and is projected to gain 30 basis points by 2024. The feed grade segment is estimated to account for a market value share of more than 65% by 2024 and is likely to witness steady growth throughout the forecast period.