World Amino Acids. Freedonia Industry Study #1264. Brochure Table of Contents. Study Publication Date: May 2000 Price: $4,500 Pages: 218

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1 Freedonia Industry Study #1264 World Amino Acids Study Publication Date: May 2000 Price: $4,500 Pages: 218 World Amino Acids, a new study from The Freedonia Group, is designed to provide you with an in-depth analysis of the major trends in the world market for amino acids and the outlook for product segments and major markets -- critical information to help you with strategic planning. This brochure gives you an indication of the scope, depth and value of Freedonia's new study, World Amino Acids. Ordering information is included on the back page of the brochure. Brochure Table of Contents Study Highlights... 2 Study Table of Contents and List of Tables and Charts... 4 Sample Pages and Tables from: Market Environment... 6 World Demand... 7 Supply and Demand by Country & Region... 8 Industry Structure... 9 Company Profiles List of Companies Profiled Forecasting Methodology About the Company Advantages of Freedonia Reports About Our Customers Related Studies Ordering Information... 16

2 Study Highlights World Highlights World demand for amino acids is projected to advance 5.6 percent per annum to $7.5 billion in Animal feed additives are expected to be the leading category of amino acid products as livestock breeders around the globe seek to reduce input costs. Among products consumed by humans, trends toward healthier, active lifestyles, coupled with strong incentives promoting preventive medicine, will lead to an expanding retail market for dietary supplements and nutritional products containing amino acids. The Asia/Pacific region will continue to be the leader in amino acid production and consumption, largely due to the enormous size of the MSG market in that part of the world. Industry Structure The global amino acids industry consists of large diversified companies, fine chemical producers with commanding positions in one or a few markets, and specialized firms that produce small-volume, valueadded products for pharmaceuticals and other highend markets. * Amino acids are protein components that serve as ingredients of animal feeds, foods and beverages, dietary supplements, cosmetics and various specialized preparations (e.g., meal substitutes, enteral feeding preparations and parenteral nutritional solutions). Specific types examined include lysine, methionine, glutamic acid and phenylalanine. Historical data (1989, 1994, 1999) and forecasts to 2004 and 2009 are provided for amino acids by type and end-use application. Trade data are provided on a regional basis. For the purposes of this study, the term livestock refers to cattle, swine and poultry. Leading players include Anjinomoto, Degussa-Huels, Aventis, Novus International and Kyowa Hakko Kogyo; these five participants held slightly more than 50 percent of the world market in Freedonia Industry Study 2

3 Study Highlights World Amino Acids Demand by Region, 1999 (million dollars) Europe 20.7% North America 29.1% Other World 9.9% Asia/Pacific 40.3% World Amino Acids Demand by Product (million dollars) % Annual Growth Item /94 04/99 World Population (mil persons) $ amino acids/capita World GDP (bil US97$) $ amino acids/000$ GDP Amino Acids Demand By Product: Sample Table Glutamic Acid Methionine Lysine Phenylalanine Other $/lb Amino Acids Demand (mil lbs) Copyright by The Freedonia Group, Inc. Order form on last page 3

4 Table of Contents Tables and Charts are featured for each region and country. Historical data and forecasts are presented for 1994, 1999, 2004 and Tables for each region and country, the following series are covered: Population (million persons) $ amino acids/capita Amino Acids Demand By Product: Glutamic Acid Methionine Lysine Phenylalanine Other I. EXECUTIVE SUMMARY Summary Table... 3 II. MARKET ENVIRONMENT General... 4 Global Economic Overview... 5 Table - World Macroeconomic Outlook... 6 Economic Factors... 6 Table - World Gross Domestic Product by Region & Country... 9 Demographic Trends...10 Table - World Population by Region & Country...11 Global Food & Beverage Industry Outlook Table - World Food & Beverage Shipments...15 Global Agricultural Industry Overview Table - Selected World Agricultural Indicators Global Pharmaceutical Industry Outlook...17 Table - World Pharmaceutical Shipments Global Specialty Nutritional Products Outlook...20 Table - World Nutritional Product Shipments...21 Dietary Supplements...21 Other Specialty Nutritional Products...22 Regulatory Considerations...24 International Trade...27 Table - Amino Acids: International Trade...29 Market & Pricing Trends...29 Table - World Amino Acids: Market & Pricing Trends...31 By Country/Region + net exports Amino Acid Shipments $/lb. Amino Acids Demand (million lbs.) % Country/Region Demand World Amino Acids Demand (million $) III. WORLD DEMAND General World Amino Acids Demand by Region...32 Table - World Amino Acids Demand by Region Chart - World Amino Acids Demand by Region, World Amino Acids Demand by Type...36 Table - World Amino Acids Demand by Type...37 Chart - World Amino Acids Demand by Type, Glutamic Acid...38 Table - World Glutamic Acid Demand...40 Methionine...41 Table - World Methionine Demand...44 Lysine...44 Table - World Lysine Demand...47 Phenylalanine...47 Table - World Phenylalanine Demand...49 Other...49 Table - World Other Amino Acids Demand...53 World Amino Acids Demand by Market...53 Table - World Amino Acids Demand by Market...54 Chart - World Amino Acids Demand by Market, Food & Beverage...55 Table - Amino Acids: World Food & Beverage Demand Freedonia Industry Study

5 IV. Animal Feed...57 Table - Amino Acids: World Animal Feed Demand...60 Pharmaceuticals & Nutraceuticals...60 Table - Amino Acids: World Pharmaceutical & Nutraceutical Demand...63 Other Table - Amino Acids: World Demand in Other Markets...66 NORTH AMERICA General...67 United States...69 Products...70 Suppliers Canada...74 Products...75 Suppliers...76 Mexico...77 Products...78 Suppliers...79 V. EUROPE General...81 Germany...83 Products...85 Suppliers...86 France...87 Products...88 Suppliers...89 United Kingdom...90 Products...91 Suppliers...93 Italy...94 Products...95 Suppliers...96 Spain...98 Products...99 Suppliers Switzerland Products Suppliers Other Western Europe Products Suppliers Eastern Europe Products Suppliers VI. ASIA/PACIFIC General China VII. VIII. Products Suppliers Indonesia Products Suppliers Japan Products Suppliers South Korea Products Suppliers Thailand Products Suppliers Taiwan Products Suppliers Vietnam Products Suppliers Australia Products Suppliers Other Asia/Pacific Products Suppliers OTHER WORLD General Latin America Products Suppliers Africa/Mideast Products Suppliers INDUSTRY STRUCTURE General Market Share Chart - Global Amino Acids Market Share, Marketing & Distribution Factors Research & Development Manufacturing Requirements Competitive Strategies Licensing & Related Agreements Table - Selected Cooperative Agreements Mergers & Acquisitions Table - Selected Acquisitions & Divestitures Table - Amino Acids Sales by Company, Company Profiles Order form on last page 5

6 Market Environment The Market Environment Section discusses key indicators that drive demand for amino acids, including regulatory considerations, the outlook for specialty nutritional products and Freedonia s uniquely developed macroeconomic indicators. This information provides you with an understanding and an analysis of the climate in which the global amino acids industry operates and helps you build your market strategy to sustain long-term growth. MARKET ENVIRONMENT Dietary Supplements Dietary supplements are a distant second to fortified foods and beverages among all specialty nutritionals. Nevertheless, they warrant their own discussion vis-a-vis amino acids because of the opportunities they present for amino acid manufacturers and marketers. Classified as over-the-counter drugs, homeopathic remedies or alternative medicines, combined global demand for supplemental dietary preparations will SAMPLE PAGE reach $31 billion in 2004, up over eleven percent annually from Growth will partially reflect an increasing number of individuals with above normal vitamin, mineral and nutrient requirements. More significantly, the rapidly rising popularity of herbal medicines for disease prevention and treatment will greatly broaden overall opportunities. Intensifying competition among suppliers, downward pricing pressures and the tightening of government regulations will inhibit dietary supplements from achieving even faster demand growth worldwide. Several other factors will impact the dietary supplements market, including: heightened health consciousness among aging populations in industrialized nations increased interest in self treatment and preventive medicine in countries where health insurance is being pared an expanding base of products that are perceived to be beneficial entry into the market of large pharmaceutical companies with brandname Copyright by The Freedonia Group, Inc. 6 Freedonia Industry Study

7 World Demand The World Demand Section highlights the global amino acid market over the past ten years and summarizes contributing growth factors. Animal Feed WORLD DEMAND This information helps you: Focus your sales and marketing efforts on high growth areas. Propose new areas for development Demand for amino acids in animal feed formulations is projected to grow 6.5 percent per annum to 2.4 billion pounds in 2004, valued billion. Over the next SAMPLE PAGE decade, revenues in this segment will be accounted for almost entirely by methionine, lysine, threonine and, to a lesser extent, tryptophan. Other amino acids are less likely to penetrate this market due to high pricing and/or ready availability in livestock diets. Healthy gains by the four existing additives will be attributable to agronomic advantages to farmers seeking to reduce input costs, as well as by legislative mandates in industrialized countries calling for reductions in livestock nitrogen excretion. The world animal feed additives market for amino acids is closely tied to global livestock inventories, primarily those of swine and poultry. Although pork consumption is expected to remain stagnant or increase slightly, poultry demand -- broilers, adult chickens and turkeys -- is projected to post strong gains in the coming years, as health consciousness permeates additional world markets and prompts a reduction in the consumption of red meat. This trend should be particularly beneficial to methionine and lysine demand, as these two amino acids are the first and second limiting amino acids, respectively, for poultry. Amino acid-based feed consumption is expected to experience its strongest growth in Western economies where technologically oriented farms have flourished (e.g., the US); World in many Methionine cases, such farms Demand are run by large, corporate enterprises. Nevertheless, adoption of amino acid feed additives will not be limited to North Item America and Western Europe; 1989 Argentina, 1994 for example, 1999is characterized by familyowned farms, but has a tradition of embracing novel technologies and is expected Livestock Inventories* be (mil among head) the significant consumers of methionine, 15832lysine and threonine $ methionine/000 head Methionine Demand (mil $) $/lb Methionine Demand (mil lbs) % methionine Amino Acids Demand (mil $) *poultry and swine Copyright by The Freedonia Group, Inc. SAMPLE TABLE Order form on last page 7

8 Supply & Demand by Country & Region The Countries Sections analyze supply and demand trends and consider the threats and opportunities in each country and region. France - Suppliers EUROPE EUROLYSINE is the leading lysine supplier to the French market. The company SAMPLE PAGE is a wholly owned subsidiary of Ajinomoto and has an annual lysine capacity of approximately 120 million pounds at its plant in Amines, France. Degussa, one of the major methionine suppliers to the French market, manufactures methionine at its plant in Ham, France; the company s Fine Chemicals group offers such specialty ASIA/PACIFIC amino acids as L-proline, L-serine, DL-valine and D- phenylalanine through its Rexim (France) subsidiary. In November 1999, Degussa-Huels announced plans to expand Rexim s Ham facility; this $22 million Indonesia - Products project will raise Rexim s capacity for specialty amino acids as well as enzyme synthesis. Aventis also supplies methionine to the French market; it is the only Monosodium glutamate is by far the major amino acid product sold in the manufacturer to offer both liquid (RHODIMET AT88) and dry (RHODIMET Indonesian market, with combined capacities exceeding 500 million pounds; NP99) formulations of methionine to the global livestock market. Aventis is backintegrated to acrolein, a critical intermediate in methionine production. however, Indonesian MSG exports have been rising at a significantly faster rate than domestic consumption, indicative of the fact that the Indonesian MSG market is relatively mature vis-a-vis markets in other parts of the Asia/Pacific region, Other Latin fine chemical America: companies Amino participate Acids in the Demand French market by Type as well, supplying many of which import MSG in quantity from Indonesia (e.g., Taiwan, Cambodia, the pharmaceutical and cosmetic (million markets. dollars) Isochem, for example, SNPE s Singapore). pharmaceuticals and active ingredients subsidiary, inaugurated a cgmp (good manufacturing practices) plant at Toulouse, France, for multistage production, The Indonesian MSG industry Itemhas continued to make advances, despite the primarily of amino acids in April setbacks associated with the Asian financial crisis of the late 1990s. Indonesia s principal advantage in MSG has been the country s ready access to molasses, the major raw material used in Latin the fermentation America of Population MSG. Molasses (mil) is typically obtained as a byproduct of sugar $ amino production; acids/capita however, since most Indonesian MSG producers are not integrated into sugar, molasses supplies can periodically Amino Acids Demand tighten, as the sugar industry can often get a better price by exporting its molasses Methionine rather than supplying it to MSG manufacturers. In some cases, rather than starting Phenylalanine from molasses, producers import Lysine unrefined glutamic acid and convert it to MSG In addition, a number of so-called Glutamic repacking Acid companies -- mainly in Central 43 42SAMPLE 41 TABLE Java -- do not actually produce Other MSG; rather, they buy MSG in bulk and resell it 29 in smaller packages. $/lb Lysine is expected to offer outstanding opportunities in Indonesia over the next Amino Acids Demand (mil lbs) % Latin America Other World Amino Acids Demand Copyright by The Freedonia Group, Inc. 8 Freedonia Industry Study

9 Industry Structure Sample page from Freedonia Industry Study Gain #1111 a better World global Security understanding Products of & Systemscompetition and analyze your your company's position in the industry with information about: market share licensing and related agreements manufacturing requirements competitive strategies research and development marketing and distribution mergers and acquisitions INDUSTRY STRUCTURE Research & Development Research and development is a vital ingredient in the long term health and survival of most businesses and particularly necessary in the amino acids industry, where new, value-added uses are constantly being sought. In addition, investment in research can -- and companies hope, will -- lead to the development of proprietary technology. For amino acid producers, most of this novel technology has come in the area of fermentation. For example, in its US facilities, Kyowa Hakko Kogyo has made technical improvements to the fermentation of amino acids from corn. SAMPLE PAGE Biotechnology -- especially genomics -- is likely to have the most significant longterm impact on the development of fermentation products in general and amino acids in particular. In 1999, Kyowa Hakko Kogyo deciphered the genome of the amino acid-producing bacterium C. glutamicum; in collaboration with Degussa, LION Bioscience (Heidelberg, Germany) also embarked on an effort to sequence C. glutamicum. Both companies believe that by determining the full DNA sequence of an organism involved in bulk chemical production, they will be able to isolate genes leading to fermentation processes with higher yields, and to the discovery of novel metabolic pathways that will permit commercial production of other amino acids. To date, genes involved in the synthesis of methionine, lysine and threonine have all been extensively characterized. Manufacturing Requirements Reflecting the limited pricing flexibility of most compounds, producers of amino acids have pursued cost-saving strategies based on technological advances in manufacturing processes. Beyond cost considerations, stricter GMP (good manufacturing practices) regulations on compounds sold to food, pharmaceutical and dietary supplement markets will force raw material suppliers to provide end Copyright by The Freedonia Group, Inc. Order form on last page 9

10 Company Profiles The Profiles Section analyzes 24 companies active in the world amino acid industry. These profiles represent a sampling or cross-section of the types of companies involved in the industry. Divisions, subsidiaries, joint ventures, etc., are discussed under appropriate parent companies. Kyowa Hakko Kogyo Company Limited 1-6-1, Ohtemachi Chiyoda-ku, Tokyo 100 Japan COMPANY PROFILES Sources for profiles included: Information provided by key staff members in the respective companies Annual reports 10-K reports Security analysts reports Corporate product literature BioKyowa Incorporated 5469 Nash Road Cape Girardeau, MO Kyowa Hakko Kogyo operates in four business segments: Pharmaceuticals and Bio-Products; Liquor and Food; Chemicals; and Others. Manufacturing, clinical drug testing, research and development, and marketing is conducted in Asia, the US and Europe. Kyowa Hakko Kogyo s sales in FY 1999 totaled $3.2 billion ($2.8 billion derived from Japan, $165 million derived from North and Latin America, $116 million derived from Europe, $135 million derived from Asia and $7 million derived from the rest of the world). The Company employed 5,045 in FY Kyowa Hakko Kogyo generated approximately $335 million in global amino SAMPLE PAGE acids revenues in 1999, making it the fifth leading firm in the market, with a 5.9 percent share. Like rival Ajinomoto, Kyowa Hakko Kogyo has pursued a diversification strategy, which has allowed it to establish strong positions in lysine, monosodium glutamate and a variety of other amino acids primarily for sale to the food, feed and pharmaceutical markets. The Company produces amino acids, among other products, through its $1.6 billion Pharmaceuticals and Bio-Products segment and its $935 million Liquor and Copyright by The Freedonia Group, Inc. 10 Freedonia Industry Study

11 Companies Profiled Abbott Laboratories Aceto Corporation Ajinomoto Company Incorporated Euro-Aspartame SA EUROLYSINE SA Heartland Lysine Incorporated Archer-Daniels-Midland Company Asahi Chemical Industry Company Limited Aventis SA Rhone-Poulenc Animal Nutrition TCP Behai BASF AG Baxter International Incorporated Clintec Nutrition Cargill Incorporated Midwest Lysine LLC Cheil Jedang Corporation PT Cheil Samsung Indonesia Daesang Corporation DSM NV Holland Sweetener Company Goodrich (BF) Company Great Lakes Chemical Corporation NSC Technologies LLC Japan Tobacco Incorporated Thai Foods International Kyowa Hakko Kogyo Company Limited Agroferm BioKyowa Incorporated Fermentaciones Mexicanas Shanghai Guan Sheng Yuan Kyowa Novus International Incorporated Pharmacia Corporation Euro-Aspartame SA Monsanto Company Pharmline Incorporated Sumitomo Chemical Company Limited Takeda Chemical Industries Limited Tanabe Seiyaku Company Limited Tate & Lyle plc Amylum Europe NV Orsan SA VEBA AG Degussa-Huels AG Fermas sro Midwest Lysine LLC Rexim Order form on last page 11

12 Forecasting Methodology Freedonia does not just collect and reprint data; Freedonia develops data. Our analysts thoroughly investigate an industry by extensively interviewing key industry participants and analyzing information from sources such as associations, government and trade literature. Once this research is complete, Freedonia establishes one set of forecasts. All writing, editing and forecasting is done in-house to assure quality and consistency. In cases where data does not exist, Freedonia develops the data based on input/output ratios, bills of materials and flow charts. The following chart summarizes Freedonia's methodology. The Freedonia Economics Group Consistent framework of indicators on... Food & Beverage Shipments Gross Domestic Product World Population... and many others Freedonia In-house Research Quantitative forecasting Industry structure & market share analyses Product analyses & forecasts Methodology for World Amino Acids Extensive Interviews Key participants Industry experts End-users Proprietary Electronic Database Trade publications Government reports Corporate literature Online databases... and many others 12 Freedonia Industry Study

13 About The Freedonia Group The Freedonia Group, Inc. is a leading international industry study/ database company. Since 1985, Freedonia has published over 1,500 titles covering areas such as plastics, chemicals, coatings and adhesives, building materials, industrial components and equipment, health care, packaging, household goods, security, and many other industries. Freedonia has produced a wide variety of titles, including: World Nutraceuticals Food & Beverage Additives Pharmaceutical Chemicals Industrial Starch & Other Corn Chemicals Because Freedonia is a reliable information source, our forecasts are cited in numerous publications such as The Wall Street Journal, The Financial Times, Chemical Week and Chemical Market Reporter. Advantages of Freedonia Reports In-house operations Because all of our staff work at the same location, interaction between analysts and departments provides a strong system of checks and balances. Consistency Our Economics Group develops indicators that are used by all analysts. Therefore, every Freedonia study is based on a consistent set of economic assumptions (GDP, world population, food and beverage shipments, etc.). Reliable forecasts Because all of our forecasts consider the environment in which a product or industry is operating, as well as threats and opportunities to the market, Freedonia forecasts are reliable indicators of future performance. One-on-one interviews All studies are produced by conducting interviews with key industry participants and end-users. Proprietary electronic database Freedonia s analysts can tap into an extensive in-house electronic database containing corporate literature (including private company information), trade publications, government reports and many other sources of information. Order form on last page 13

14 About Our Customers Freedonia's clients include major US and international companies in the manufacturing, services, consulting and financial sectors. Typical purchasers of Freedonia studies : Key Executives Corporate Planners Market Researchers Financial Analysts Information Centers New Product Developers Merger & Acquisition Specialists Since 1985 we have provided research to customers ranging in size from global conglomerates to one person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia research to help with their strategic planning. Some of Freedonia's customers in the amino acid industry include: Anjinomoto Company Incorporated, BASF AG, Cargill Incorporated and Great Lakes Chemical Corporation. About the Author Misha Angrist, Ph.D. Research Analyst Misha Angrist is a research analyst at The Freedonia Group. Focusing on biotechnology, genetics, and plant derived chemicals, Angrist recently completed World Agricultural Biotechnology: GMOs and is assisting on other biotechnology and genetic related research projects. Prior to joining The Freedonia Group, Inc., Dr. Angrist was a research associate in Human Genetics at Case Western Reserve University. He authored several key papers on the genetics of Hirschprung disease. Dr. Angrist holds a B.A. in psychology from Indiana University, Bloomington, an M.S. in biology from the University of Cincinnati, and a Ph.D. in genetics from Case Western Reserve University. 14 Freedonia Industry Study

15 Related Studies From Freedonia For more information about these or other Freedonia titles, please contact us at: The Freedonia Group, Inc. Phone: (440) (800) Fax: (440) Industrial Starch & Other Corn Chemicals Greater demand for naturally derived polymers and fermentation products will contribute to gains for corn starch and other corn-derived chemicals such as sorbitol, citric acid and lysine. This study analyzes the US starch and corn chemical industry, with historical data and forecasts to 2004 and 2009 by product, function and market. The study also examines the market environment, details industry structure and competitive strategies, presents market share data and profiles leading industry participants. # / $3,500 Pharmaceutical Chemicals The US market for pharmaceutical chemicals is analyzed in this study, including bulk actives, inactive ingredients and intermediates. It provides historical (1989, 1994, 1999) data and forecasts (2004, 2009) for pharmaceutical chemicals by therapeutic class (e.g., central nervous system, cardiovascular, hormonal, anti-infective), regulatory status (ethical and over-the-counter) and production source (merchant and captive/toll). The study also details industry structure and market share, and profiles key companies. # / $3,800 World Nutraceuticals World demand for nutraceuticals will grow over 10% per year. Functional food additives will grow the fastest spurred by new products, broadening end-use applications, greater pricing flexibility and increasing number of health conscious consumers. Global demand for herbal extracts will also advance at a strong pace. This study analyzes the $6.8 billion world nutraceutical industry by product group in six geographic regions and 12 individual countries. It also details market share and profiles key producers. # / $4,600 Nutraceuticals - Private Companies Report Several hundred private firms compete in the US nutraceuticals market. Seven of these each generate over $50 million in annual nutraceutical sales, with others holding strong niche positions. This report profiles over 130 privately-held producers, formulators, end-users and distributors (e.g., Cargill, Global Health Sciences, Leiner Health Products, Melaleuca, Nutrilite, Reilly Industries). The report also forecasts industry demand, evaluates company market shares, and lists companies by product and location. # / $3,000 Amino Acids US demand for amino acids will advance over 5% annually. Animal feed additives will remain the largest market at over 60% of demand, while energyboosting dietary supplements will grow the fastest. Anti-aging cosmeceuticals based on cysteine and biodegradable plastics based on aspartic acid will emerge as the most promising applications. This study analyzes the US amino acid industry to 2003 and 2008 by type and end-use application. It also evaluates market share and profiles key companies. # / $3,500 Cosmetic & Toiletry Chemicals US demand for chemicals in cosmetics and toiletries will grow over 5% annually. Market value gains will be driven by a shift toward more druglike active ingredients, and by rising demand for products that protect from sun, heat, pollution, etc. Ingredients used in products targeted at aging and ethnic markets will further spur growth. This study analyzes the $5 billion US cosmetic and toiletry chemical industry to 2003 and 2008 by type, function and market. It also presents market shares and profiles key companies. # / $3,400 Nutraceuticals Nutraceutical demand in the US will grow nearly 10% annually. High value-added nutraceuticals (e.g., natural vitamin E, soy isoflavones, standardized herbal extracts, new functional additives) will grow the fastest, driven by new FDA regulations that will reclassify nutraceuticals as over-the-counter drugs requiring higher quality ingredients. This study analyzes the $1.7 billion US nutraceutical industry to 2003 and 2008 by type and end-use. It also evaluates market share and profiles key industry participants. # / $3,400 Order form on last page 15

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