Global Betaine Market - Segmented by Type, End-User Industry, Form, Application and Geography - Growth, Trends and Forecast (2018 - 2023)
The Betaine market is expected to grow at a moderate rate during the forecast period (2018 - 2023). North America is estimated to lead the market owing to its rapid growth in the food industry. The market is expected to increase rapidly in the emerging markets, due to the increase in demand from the end-users. On the other hand, the regulations in the European region pose a great challenge for the betaine market.
Soaring Demand in Food Industry
The usage of betaine in the food industry has increased in the past few years, owing to the rising consumer awareness regarding health benefits related to the consumption of betaine. It is majorly used in functional drinks to increase the nutritional value. The prime reason for the increased demand and usage in the food industry is the rising demand among consumers regarding the usage of natural products in beverages. It is also used in the over-the-counter products, such as digestive aid and stomach acidifier. The European Food Safety Authority (EFSA) has approved the usage of betaine in food products, with a maximum dosage ranging between 1-7% depending on the type of food product.
Betaine is added in animal feed as it aids in reducing the ill-effects of osmotic stress in various animals, such as fish and poultry, consequently, it increasing their average lifespan. In addition, it is also used in poultry to reduce the stress of production, and, in turn, enhances the quantity and quality of egg production.
Rise in R&D Activities to Gain Competitive Edge
In the United States, manufacturers are launching new products combined with increased R&D activities in order to gain a competitive edge over their competitors. The above trend is expected to drive the growth of the market. The consumption of betaine in personal care products is declining, due to the unavailability of data regarding the effects of betaine on the human health. Consumers are becoming reluctant to buy products containing cocamidopropyl betaine (CAPB) since it causes allergic reactions if used in large quantities.
North America to Lead the Market
The North America is the largest producer of betaine, as there is a strong demand from the personal care, animal feed, and functional drink market in the region, followed by an increasing demand from the Europe and Asia-Pacific. There is a sharp increase in the demand from the Asia-Pacific, recently, owing to an increase in the consumption of the end-products from the developing nations. China is the largest market in Asia-Pacific, followed by India and Japan.
Key Developments in the Market
March 2018: Amino GmbH started the initiation of AMixCo Premix GmbH dedicated to entering the market of amino acid premixes.
Jan 2018: United Sugars Corporation announced Wyoming Sugar Company as its newest member. By joining United Sugars, Wyoming Sugar will access the capabilities of the largest marketer of sugar to industrial customers in the US.
Major Players: DowDuPont, Associated British Foods P.LC., BASF SE, and American Crystal Sugar Company, among others.
Reasons to Purchase this Report
To understand the impact of end-user applications on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To identify the countries that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in Excel)
Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.