Methionine Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The methionine market was estimated at 1,443.95 kilotons in 2020, and the market is projected to register a CAGR of over 6% during the forecast period (2021-2026).
The market was negatively impacted due to COVID-19 in 2020. The transportation limitations implemented across the world in response to the pandemic disrupted the supply chain of major raw materials required for methionine production like sulfur, methanol, ammonia, propylene, etc. This slowed down methionine production in several countries. The lockdown also slowed down the operations of several end-user industries of the market studied, which has resulted in reduced demand for methionine in comparison to the pre-COVID-19 period. However, the condition is expected to recover in 2021, thereby restoring the growth trajectory of the market over the forecast period.
Key HighlightsThe methionine market is highly consolidated, with the top four players accounting for more than 80% of the market. Key players in the methionine market include Adisseo, Evonik Industries AG, NOVUS INTERNATIONAL, Sumitomo Chemical Co. Ltd, and Chongqing Unisplendour Chemical Co. Ltd, among others.
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