Global Glycine Market - 2021-2028
The Global Glycine Market is expected to grow at a CAGR of 3.9% in the forecast period 2021-2028.
Increasing global meat consumption coupled with the rising livestock production, increasing demand for personal care products such as cosmetics and the growth of the global pharmaceutical industry coupled with the rising applications of glycine in the use of pharma industry are the major factors propelling the growth of the global glycine market.
The growing market for global beef and veal production is a major factor boosting the global glycine market. Glycine provides essential protein, fibre, and energy to the livestock in the form of feed additives, which results in increased yield and also helps save costs incurred on adding additional protein and supplement additives. According to the statistics published by the US department of Agriculture, the global beef and veal production increased from 59,710 tons in 2015 to 60,478 tons in 2016. This value increased to 61,624 tons in 2017 finally reaching 62,878 tons in 2018. Owing to these factors, the global glycine market is anticipated to grow at a healthy rate in the future
However, volatility in raw material prices and stringent regulations imposed by the trade organizations upon the trade and consumption of glycine and glycine products might hamper the growth of the global glycine market in the future.
Based on the grade, the market is segmented as food grade, technical grade and pharmaceutical grade. The food grade is the dominant segment of the global glycine market owing to rising global food consumption.
According to the statistics by the World Bank, the World population increased from 7.46 billion in 2016 to 7.55 billion in 2017 reaching 7.63 billion in 2017. According to the Food and agricultural organization, the projected global economic growth of about 2.9% annually would lead to a significant reduction or near elimination of absolute poverty in the developing countries of the world. Demand for cereals, for both food and animal feed uses is expected to reach some 3 billion tons by 2050 from 2.1 billion tons in 2018. Owing to these factors, the global food grade segment is anticipated to dominate the global glycine market in the future.
Based on the application, the market is segmented as food and beverage industry, pharmaceutical industry, cosmetic industry and chemical industry. The growth of the global pharmaceutical industry is one of the major factors for the growth of glycine applications in pharma industry which in turn is boosting the growth of the global glycine market. According to the statistics published by the European Federation of Pharmaceutical Industries and Associations (EFPIA), The research-based pharmaceutical industry played a critical role in restoring Europe to growth and ensuring future competitiveness in an advancing global economy. In 2017 it invested an estimated € 35,200 million in R&D in Europe. In 2017 North America accounted for 48.1% of world pharmaceutical sales compared with 22.2% for Europe. 64.1% of sales of new medicines launched during the period 2012-2017 were on the US market, compared with 18.1% on the European market. Owing to these factors, the pharmaceutical industry application segment is anticipated to dominate the global glycine market in the future.
The Global Glycine Market is segmented into North America, Europe, Asia Pacific, South America and Middle East and Africa. The Asia Pacific region is further segmented into the countries such as China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific. The Asia Pacific region is the dominant segment in the Glycine Market owing to the high agricultural outputs in countries such as China, India, and Japan and the flourishing personal care industry in the Asia Pacific region.
According to the statistics published by the European Federation of Pharmaceutical Industries and Associations (EFPIA), during the period 2013-2017 the Chinese and Indian pharma markets grew by 9.4% and 11.0% respectively compared to an average market growth of 4.4% for the top 5 European Union markets and 7.3% for the US market. Furthermore, high agricultural outputs from countries such as China is another major factor contributing to the growth of the market. According to the China statistical yearbook, the total sown area of farm crops increased from 165446 million hectares in 2014 to 166374 million hectares in 2016 finally reaching 166650 million hectares in 2017. Owing to these reasons, the Asia Pacific region is anticipated to dominate the Global Glycine Market in the future.
New product launches, expansion of facilities, mergers and acquisitions and strategic partnerships are vital strategies adopted by most of the companies to contribute to the growth of the company and improve their market growth rate.
For instance, in April 2019, Henderson launched a new product HyperGH 14X, all-natural HGH supplement system intended for bodybuilding and sports performance enthusiasts. The key ingredients of the product which make it unique are Ingredients includes are L-Tyrosine, L-Lysine, L-Glycine, L-Glutamine, L-Arginine, GTF Chromium, L-Ornithine, Phosphatidylcholine, Pituitary Powder, L-Valine, Colostrum, Gaba, Deer Antler Velvet, Astragalus Root Extract, and Tribulus Terrestris Extract.