Betaine Market Overview To Record Ascending Growth By 2030
Betaine Market Overview
The major factors driving the market's growth are increasing usage in the food and beverage industry, increased commercial usage as a surfactant, and rising demand from the personal care industry. It is used in the food and beverage industries for dietary supplements and in the pharmaceutical industry to treat liver disorders and heart disease. Furthermore, the rising consumption of energy and sports drinks by athletes and the younger population is fueling the market growth. Furthermore, increased use of Betaine in cosmetics is significantly fueling the growth of the Global Betaine Market.
The betaine market size is expected to reach USD 5.5 billion by 2030, growing at a 5.30% CAGR between 2023 and 2030.
The COVID-19 outbreak caused issues in some manufacturing units. This was due to the government-imposed lockdown and shutdown events on the entire country. The outbreak of the pandemic has reduced demand for the product. The labor force was severely underutilized. Investors are putting money into the market and taking precautions to avoid losses during the forecast period. The betadine market was expected to gain momentum and increase the betadine market share. Supply chain disruptions have resulted in additional work stoppages and labor shortages.
Market segmentation:
The Global Betaine Market is Segmented based on form, Product Type, and application.
According to the form:
- Betaine HCL
- Betaine Monohydrate
- Cocamidopropyl Betaine
- Betaine Anhydrous
- Others
According to the product type:
- Synthetic Betaine
- Natural Betaine
According to the application:
- Detergents
- Animal Feed
- Cosmetics
- Food & Beverages
- Personal Care
- Others
Regional analysis:
The Global Betaine Market Overview is divided into Asia-Pacific, Europe, North America, and the Rest of the World based on the regional analysis.
The North American market dominated the global market. The region's betaine demand is primarily driven by strong demand from industries producing personal care, animal feed, dietary supplements, and function drink products. Because of increased demand from the pharmaceutical and personal care industries, the United States has the region's largest market. The country is the world's largest pharmaceuticals and personal care product manufacturer. The country has heavily invested in research and development to innovate new personal care products using sulfur-free raw materials. The development of generic medicines is also expected to provide new opportunities for the betaine market in the coming years. As a result, as people's awareness of health and wellness has grown, so has the demand for dietary supplements. As a result, to meet demand, the production of dietary supplements has increased, adding to the region's demand for Betaine.
It has also been discovered that the Asia-Pacific region accounts for 29.20% at the beginning of the forecast period in 2018. The demand for personal care products increased animal feed use, and the expansion of the pharma end-user industries is propelling the betadine market size. Furthermore, the country-level market in the Asia Pacific region is concentrated in China, India, and Japan.
Recent developments:
- In July 2019, BASF SE and SOLAZYME launched Betaine, a new and innovative product. This trade name was assigned following the name Dehyton AO 45. This betaine product is the best substitute for hand products, aminopropyl, liquid soaps, shampoo, and dishwashing products.
- In 2019, DowDuPont announced the complete acquisition of FMC Corporation's Health and Nutrition business, excluding the Omega-3 and Crop Protection businesses.
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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