Glycine Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1300
Glycine Market size has its strong application outlook in pharmaceuticals, animal and human food along with personal care industry which will drive industry growth. Rising food demand coupled with growing population are the factors enhancing industry growth. Global meat consumption was 835.50 million tons in 2015 with a growth of over 2% from 2014. This growth is attributed to the changing food habits, standard of living and shifting consumer preference towards ready to eat food. Increasing consumption of food supplements and protein drinks has led to upsurge in global glycine market.
Global cosmetic industry is anticipated to witness a growth of over 4% till 2024. Increasing product usage as an additive in cosmetics such as deodorants, disinfectants and air fresheners will propel the glycine market.
Rising agriculture sector growth will have a positive impact on industry in the forecast period. High product usage as a chemical feedstock in producing herbicides and crop disinfectants to kill weeds will fuel the product demand. Glycine is used as a defensive agent for maintaining pH value and in preventing damage to the samples.
Global pharmaceutical market is valued over USD 1,000 billion in 2015. Rising demand for medicines in strokes, mental disorders, benign prostatic hyperplasia and kidney treatment will drive the product development. It also supports prevention of kidney from ill effects of drugs and alcohol.
In grade segment, food grade segment will witness significant gains in the forecast period. Rapidly increasing population, growing food industry and rising agriculture sector will propel the industry growth. Tech food grade product improves the usefulness and delivery of nutrients. High application scope in metal plating, chemical synthesis, rubber foam sponge along with mineral complexing for optimal absorption in human or animal will support the business growth.
Pharma grade segment will observe notable gains in the forecasted timeframe. Increasing demand from pharmaceutical sector will supplement the product demand. Growing concerns pertaining to human diseases along with increasing population particularly in Asia Pacific will drive the demand in this segment.
Asia Pacific glycine market will witness significant growth. China glycine market has witnessed a healthy growth since 2007, owing to expanding glyphosate industry. Additionally, China’s meat consumption was over USD 250 billion in 2015 and it is anticipated to grow by 3% annually fueling the product demand.
North America glycine market is estimated to observe high growth in the forecast period. High livestock production accompanied by surging food demand will propel the U.S. glycine market size. Growing glyphosate industry driven by increasing adoption of genetically modified and herbicides tolerant crop are the major driving factors of the industry demand.
Everchanging economic and political conditions has extensively influenced the Latin America glycine market growth. Regulatory compliance, rising food industries and increasing production of soybean and cotton in Mexico and Brazil will support the regional industry growth. Argentina and Brazil beef industry is estimated to grow over 2.5% by 2024.
Increased production of palm oil, fruits, corn, and other vegetables will fuel the MEA glycine market. Moreover, expansion in consumer packaged goods particularly in South Africa will propel the product penetration.
Emphasis on R&D initiatives to enhance product innovation and development along with expanding glycine market particularly in Latin America and Asia Pacific is estimated to drive the industry demand.
Volatility in raw material supply coupled with hostile weather conditions will influence the raw material price trends. Stringent environmental regulations pertaining to glycine consumption coupled with shifting manufacturer preference for economical raw materials may restrain the overall revenue growth.
Global glycine market share is competitive with frequent mergers, acquisitions and alliances. The key industry players include Geo Specialty Chemicals, Dow Chemical, Evonik Industries, Royal DSM, Cargill, ADM, Showa Denko KK, Ajinomoto Inc and Prinova U.S. LLC. Other prominent players include Yuki Gosei Kogyo Co., Ltd., Zexing Group, Guangrong Chemical and Donghua Jinlong Chemical.
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