Global Report: 2023 Methionine Market Overview

Author
Foodcom Experts
03.04.2024
7 min reading
Global Report: 2023 Methionine Market Overview
Summary
Table of contents
  • Dynamic growth in the methionine market despite challenges in 2023.
  • The industry has shown flexibility and stability, adapting to changing market conditions.
  • The future of methionine is promising, with projected growth to $11 billion by 2032.

Methionine market analysis

In 2023, the Methionine market showed significant growth and promising prospects for the future. According to the available data, the market size reached around USD 6.2 billion in 2023. Experts forecast a compound annual growth rate (CAGR) of around 6.3% for the period from 2024 to 2032 and expect the market to reach around USD 11.0 billion by 2032. This growth is driven by the crucial role of Methionine as an amino acid that enables the body to produce various essential compounds necessary for the proper functioning of cells.

Q1 2023

The year 2023 began with a price increase in the global Methionine market, driven by increased demand, particularly from Germany and the United States. This increase was supported by rising ammonia production costs. After a significant slump in market sentiment in the last quarter of 2022, the first quarter of 2023 saw a stabilization and positive development in China, which was attributable to numerous domestic and foreign orders.

Q2 2023

In the period from April to June, Methionine prices fell on the European market, with prices for feed Methionine dropping by 0.79% and those for food Methionine by 10.71%. This trend reflected a weakened market due to lower demand and an abundance of resources, particularly in Germany, where the lingering effects of the COVID-19 pandemic were felt.

Q3 2023

The global methionine market was dynamic in the third quarter of 2023, with a number of key players and growth in various regional markets. The global methionine market in 2023 reached a volume of around 1,650 kilotons and is forecast to grow at a compound annual growth rate (CAGR) of 5.5% through 2034.

Q4 2023

Towards the end of 2023, there was some tension in the DL-Methionine market due to planned factory overhauls in March 2024, which led to higher prices and longer delivery times. Consumer demand remained low, with purchases mainly based on current demand.

All in all, despite the challenges, 2023 was a year of significant growth and optimism in the Methionine market. In the face of volatile market conditions, from the surge in demand at the beginning of the year to tensions related to planned factory overhauls at the end of the year, the Methionine industry has shown remarkable adaptability. Price stability and the dynamic development projects of key players in various regional markets underline the sector’s resilience. The growth of the market to a value of USD 6.2 billion in 2023 and projected further growth to USD 11 billion by 2032 indicates strong fundamentals and a positive outlook for the future of Methionine.

 

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