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
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.
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