(MENAFN- iCrowdNewsWire) Steady growth in demand for glycine within the food industry is primarily contribute towards the growth of global glycine market . Witnessing a moderate CAGR over 2019 – 2029 , glycine consumption will reach the mark of US$ 1 Bn by 2029 end. As per the findings of a new study published by Persistence Market research (PMR), increasing demand for meat and meat products will also remain
Besides, glycine continues to find extensive application in dietary supplements. It acts as a chemical building block in variety of industrial, technical, and synthetic applications such as pesticides and herbicides, which would remain among the key boosters to the growth of glycine market during the following years.
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Key Takeaways – Global Glycine Market
- Food- & feed-grade glycine has low-chloride level, and offers exceptional purity, in line with requirements of food products such as food supplements and energy drinks, making it the most lucrative segment amongst grade types. Feed-grade glycine is used as a protein and amino acid additive in animal and pet feeds.
- Demand for food- & feed-grade glycine is also anticipated to be driven by growing meat consumption, especially in North America, where around 60% of all protein consumed is through animal meat. This high demand for glycine in North America is anticipated to create sizeable opportunities for exporters, especially from China and India where the production of glycine is high.
- The U.S. has imposed anti-dumping duties on the import of glycine from China. To avoid these anti-dumping rates, many producers and traders based in China are exporting their products to the U.S., routed through Cambodia and Canada.
- Growing demand for glyphosate is creating immense opportunities for manufacturers of tech-grade glycine, which is used as feedstock. In China, 90% of glycine is used in the production of herbicide glyphosate.
- Increasing applications of glycine in the pharmaceuticals industry are estimated to push market growth. Glycine is used as a component of amino acid mixtures for oral and parenteral use.
As manufacturers are focusing on production capacity expansions, it is expected that the average prices for glycine will be lower than that seen in the last few years. This will play a key role in driving demand for the product in foreseeable future.
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Glycine Market Competitive Landscape Analysis
The global glycine market is fairly fragmented, with leading players accounting for more than 40% of the overall market size as of 2018. Some of the key market players included in this report are Evonik Industries AG, Hubei Xingfa Chemicals Group Co. Ltd., and Sumitomo Chemical Co., Ltd. , among others. Manufacturers are striving to develop cost-effective products with high purity levels to strengthen their position in the glycine market.
Glycine Market : Conclusion
Growing applications of glycine in pharmaceutical, pet food, cosmetic, and chemical industries are providing a major boost to the growth of the glycine market. North America is estimated to account for a prominent share of the market and remain an attractive region in the global market. The U.S. is a top consumer of glycine, whereas China, Germany, and Belgium are major producers and exporters. Manufacturers are focusing on launching new grades of glycine to adhering to the regulatory norms.
- Evonik Industries AG
- Yuki Gosei Kogyo Co., Ltd.
- BASF SE
- Sumitomo Chemical Co., Ltd.
- Cargill Incorporated
- Hubei Xingfa Chemicals Group Co. Ltd.
- Showa Denko KK
- Ajinomoto Health & Nutrition North America, Inc.
- CPS Performance Materials
- Shijiazhuang Donghua Jinlong Chemical Co., Ltd.
- Chattem Chemicals, Inc.
- AMINO GmbH
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