May, 2023 - Market Research Future has published a Report on the Global Zinc Methionine Chelates market
Global Zinc Methionine Chelates market
According to the MRFR analysis, the global zinc methionine chelates market size is projected to reach USD 27,794.5 million by 2030 at a CAGR of 6.34%. Minerals are an important class of nutrients that contributes significantly to the growth and development of organisms. They participate in several biological and chemical functions in the body of an organism. They also take the role of catalyst, electrolytes, antioxidants, etc. based on the intended application. Trace minerals are the set of minerals that are present and required in small amounts for better development and growth of an organism. Trace minerals include zinc, iron, manganese, copper, chromium, iodine, selenium, cobalt, fluoride, and molybdenum. The primary functions of these trace elements include tissue repair, metabolic function, and growth & development functions. Chelation is a chemical process that involves the bonding of a metal in an ion state with a chelating agent, called a ligand. The ligand serves as the carrier which holds the organic molecule together by binding with one or more points. Zinc methionine chelates, also referred to as organic trace minerals are developed to increase their bioavailability and absorption in the targeted organism.
Zinc methionine chelates are an amino acid complex of zinc ions. The chelating agent in zinc methionine is methionine, an amino acid. Owing to the diversified and vital benefits of zinc in animals and humans make it an important part of overall health and body maintenance. The major two applications of zinc methionine chelate include pharmaceutical & dietary supplements and animal feed. The global zinc methionine chelates market is projected to reach USD 16,368.0 thousand by 2030 at a CAGR of 6.34% from 2022 to 2030. The growing demand for organic and natural feed products along with the increased adoption of chelated minerals as dietary supplements are positively impacting the growth of the market.
Based on form, the global zinc methionine chelates market is segmented into powder, liquid, and others. The powder segment accounted for the largest market share of 51.45% in 2021. The increasing use of zinc methionine powder in end-use industries is expected to drive the growth of the segment. Based on the application, the market is segmented into pharmaceuticals & dietary supplements, and animal feed. The animal feed segment accounted for the largest market share of 73.59% in 2021 and is expected to register a CAGR of 6.37% during the forecast period. The growing importance of animal nutrition and feed additives is positively impacting the growth of the segment during the forecast period.
Zinc for animal and human consumption is either in organic or inorganic compound forms. Owing to higher bioavailability, better absorption, and improved utilization of zinc, zinc chelates are being chosen as an alternative to organic zinc compounds like zinc oxide and zinc sulfates. Amino acid chelates of zinc are the most common form of zinc chelates. Zinc methionine is formed by the 1:1 molecule combination of zinc ion and methionine amino acid. Methionine is one of the essential amino acids involved in the body's protein, has antioxidant properties, and supports essential fatty acid metabolism. The various benefits of zinc methionine include support and maintenance of cellular health, eye health, skin health, prostate health, hair health, nail health, reproductive health, and digestive health. It also benefits muscle function and nerve functions.
Based on form, the zinc methionine chelates are available in powder, granules, treats, capsules, and tablets. The powder form of zinc methionine chelates is one of the commonly used forms and appears white. Whereas the liquid form of zinc methionine tends to have lesser bio-efficacy than the solid forms. The varied applications of zinc methionine chelate include its incorporation in animal feed and owing to its multi-benefits in the growth and development of various livestock species. The different animals that have zinc methionine in animal feed comprise cows, buffalo, horses, pigs, chicks, fish, shrimps, dogs, cats, and goats. Also, to prevent and treat zinc deficiency-related diseases in humans and animals, zinc methionine is produced in pharmaceuticals and dietary supplement formulations.The major growth drivers of the market are the increasing demand for organic and natural feed products and the Increased adoption of chelated minerals as dietary supplements expected to create lucrative growth opportunities for players operating in the zinc methionine chelates market during the forecast period. However, the regulations imposed by the governments on the products may hinder the growth of the product.
COVID-19 Impact on Zinc Methionine Chelates Market
The outbreak of COVID-19 has resulted in a lockdown across regions, border restrictions, and a breakdown of transportation networks. The economic uncertainty due to the pandemic outbreak is much more intricate than in past pandemics. The availability of labor is an important consideration, and there is a general labor shortage in the manufacture of zinc methionine chelates products. The labor work which has directly hampered the production process witnessed the slowing down of the process.
The spreading of the coronavirus has affected the zinc methionine chelates market, which has led to strict lockdown restrictions across many countries around the globe as the COVID-19 pandemic has disrupted the production process worldwide. During the pandemic, the government imposed certain economic restrictions. Companies producing important commodities were allowed to function with 50% of their personnel which has benefited the major player to sustain. The zinc methionine chelates are obtained with the chelating of zinc and amino acids which go through different manufacturing processes. Subsequently, slowing down these processes has hampered the demand and supply of the product during the pandemic, which has created an enormous gap.
The pandemic has disrupted the global supply chain and interrupted the entire value chain, from raw material procurement to manufacturing, packaging, and distribution. The outbreak has negatively impacted the entire supply chain in the animal feed industry. Lockdown restrictions have increased transportation trouble, resulting in the untimely delivery of raw materials required to produce zinc methionine-chelates. However, the declining cases of the of covid-19 have given some relief to the major producers. The declining phase of cases has further benefited the proper supply of raw materials. The Supply chain prominently consists of ingredient suppliers, manufacturers, and specialty stores. Hereafter, the slowing down cases of the pandemic has made the major players in the market take some major actions. The players are now focusing on restructuring the supply chain with standardized SOPs.
The increased raw material cost of the ingredients and production cost has surged the overall pricing of the zinc methionine chelates. During the pandemic, the disturbed supply chain increased raw material prices. These inflated prices caused the final pricing of the chelated mineral product. However, the pandemic resulted in the panic buying of zinc methionine-chelates, which has helped in adverse demand while covid-19 pandemic.
The high competition among the players have encouraged the players to produce quality products in the market. In order to build new and quality products, numerous companies benefit from mergers, acquisitions, and product development. To preserve their positions and broaden their geographic reach, the players in the worldwide zinc methionine chelates market are using a variety of strategies, including expansion, mergers and acquisitions, alliances, joint ventures, and expansion. To gain the largest possible market share, expansion was the growth strategy that was most frequently used by market participants.
There are numerous international, national, and regional players in the worldwide zinc methionine chelates industry. There is a lot of competition in this sector, and everyone is trying to increase their portion of customers' wallets. When comparing prices and quality, as well as product availability across regions, different suppliers will use different metrics. In order to be competitive, suppliers must offer reasonably priced, high-quality zinc methionine chelates . Market and economic conditions, government laws, and technological progress all affect how quickly and how large market actors can expand. As a result, businesses in this sector need to concentrate on increasing output and refining their offerings to keep up with consumer demand. These companies are investing heavily in creating new products. Although worldwide companies account for the vast majority of sales, smaller regional and local firms are also present.