Increase in Poultry Consumption Is Driving the Methionine Market Growth
The market growth is mainly driven by increasing demand for animal feed in the poultry industry, rise in poultry consumption, and surge in R&D activities by key players.
New York, NY -- (SBWire) -- 08/09/2018 --The global methionine market size has been witnessing a brisk growth since the past few years. The market is growing due to the increase in demand for bird meat leads to increase in demand for poultry, which prompts farmers to use the amino acid into animal diet to increase their farm productivity.
Surge in poultry consumption is primarily linked to four significant factors, namely, population growth, chicken prices relative to those for competitive meats, improvements in incomes, and dietary preferences. With the increasing population, the demand for food will also increase, thereby leading to surge in poultry consumption. As per the global poultry trend data, poultry meat uptake is forecast to increase by 1.7 kg per person from 13.2 kg in 2013 to 14.9 kg in 2023. Furthermore, in 2014, around 315 million tonnes of meat were produced worldwide.
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According to a research done by Worldwatch Institute's Nourishing the Planet project, global meat production and consumption have increased rapidly in recent decades. Worldwide meat production has tripled over the last four decades and increased by 20% in just the last 10 years. Meanwhile, industrial countries are consuming growing amounts of meat, nearly double the consumption in developing countries. Hence, with the increase in consumption, the demand for animal feed additive is also increasing, thereby leading to the market growth.
North America was the third largest market of methionine, with respective volume and value contributions of 19.7% and 21.7% in 2017. The market in the region is mainly driven by the presence of key players such as Novus International Inc. and Archer Daniels Midland (ADM) Company.
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These companies are highly investing toward increasing their methionine production facility in order to cater to the growing animal feed demand. For instance, in November 2017, Novus International Inc. announced to open a new Alimet (a methionine hydroxy analog) manufacturing facility in Texas, the U.S, by 2020. With this facility expansion, the company will increase its existing annual methionine production by 120,000 metric tons.
In the U.S., approximately 90% of poultry feed is composed of corn and soybean; however, methionine is one of the first limiting amino acids used in chicken feed. Further, the U.S. is home to maximum number of high yielding dairy cows in the world and is responsible for about 12.5% of global milk production. High-yielding dairy cows have particularly high methionine requirements. This further increases the demand for methionine in the region, thereby leading to its market growth.
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