Betaine Market - Growth, Trends, and Forecast (2020 - 2025)
The market for betaine is expected to witness a CAGR of about 6% during the forecast period. The major factors driving the growth of the market studied are its increased commercial usage as a surfactant and increasing demand from the personal care industry. On the flip side, synthetic cosmetics leading to skin and hair problems serves as one of the restraints for the studied market.
The personal care segment dominated the market and is expected to grow during the forecast period, with increasing hygiene awareness and increasing demand for cosmetic products.
The use of betaine as an antistress agent for animals is likely to provide opportunities for the studied market, during the forecast period.
North America dominated the market across the world, owing to high demand from personal care products, and food, beverage, and dietary supplements in the region.
Key Market Trends
Personal Care Segment to Dominate the Market Demand
Betaine is extensively used in the personal care industry as an alternative to sulphurbased surfactants. The segment accounts for more than 50% of the global betaine consumption.
Water retention and moisturizing properties of betaine make it a widely useful raw material for the cosmetic industry.
Besides, it is widely used as a surfactant, emulsifier, and emollient in personal care products, such as lotion, shampoos, skin cleansers, etc.
Today, the global cosmetic industry has been focusing on innovation and the development of new products with safe and sulfurfree natural ingredients. This is expected to have a favorable impact on the betaine demand, as it is considered to be a mild surfactant, which holds a minimal risk of skin and eye irritation problems.
The demand for personal care products has been increasing at a noticeable rate in the regions, like AsiaPacific and the Middle East, with cultural change, the influence of western culture, increased cosmetic demand from the youth population, and rising women employment.
Hence, all such trends are likely to drive the demand for personal care products across the world, which is further likely to drive the demand for the betaine market, during the forecast period.
North America Region to Dominate the Market
North America region dominated the global market share. Betaine demand in the region is majorly driven by the strong demand from the industries engaged in the production of personal care, animal feed, dietary supplements, and function drink products.
The United States represents the largest market in the region, due to increased demand from the pharmaceutical and personal care industries. The country is the largest producer of pharmaceutical and personal care products in the world.
The country has been investing heavily in research and development to innovate new personal care products with the help of sulfurfree raw materials and the development of generic medicines is also expected to provide new opportunities for the betaine market over the coming years.
Besides, the high dependency of the population on junk and readytoeat food products has also led to increased obesity issues among the population. This, in turn, has increased awareness of calorie reduction, weight loss, and the importance of protein intake.
Hence, with the increase in health and wellness awareness among the population, the demand for dietary supplements has increased substantially. Therefore, in order to cater to the demand, the production of dietary supplements has also been increasing, which is further adding to the demand for betaine in the region.
The betaine market is highly fragmented, where numerous players hold an insignificant share of the market. Some of the noticeable players in the market include BASF SE, Dow, Evonik Industries AG, Solvay, and Kao Corporation, amongst others.
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