ID: MRFR/F-B & N/1968-CR | May 2019 | Region: Global | 110 pages
Global Betaine Market is Expected to Register a CAGR of 4.84% to Reach USD 4,479.0 Million by 2024.
Betaine, also known as Glycine Betaine, betaine anhydrous, or trimethylglycine, is a compound obtained naturally or synthetically. It is a by-product of refineries producing sugar from beetroot. The other natural sources of betaine include wheat bran, quinoa, spinach, amaranth grain, rye grain, bulgar grain, sweet potato, turkey breast, beef, and veal. Betaine is used in various applications such as food & beverages, animal feed, pharmaceuticals and nutraceuticals, and cosmetics.
Impact of COVID-19
The outbreak of COVID-19 has brought a manufacturing and logistics issue due to the imposition of the lockdown. The product demand has declined considerably due to a shortage of manpower, thereby affecting the betaine market growth. However, investors are adopting the required measures to mitigate losses incurred during the pandemic period. Therefore, the market is expected to gain momentum and increase the betaine market share.
The widespread use of betaine in supplements due to its health benefits and growing application in various industries has boosted the demand for betaine. The rising demand for natural ingredients is projected to create lucrative opportunities for betaine manufacturers during the review period. The growing application of betaine in the pharmaceuticals industry is significantly impacting the growth of the global betaine market. However, the negative impacts of overconsumption of betaine are likely to restrain the growth of the market during the forecast period.
Global Betaine Market Revenue, by Application, 2017 (USD Million)
Sources: MRFR Analysis
The Global Betaine Market has been segmented on the basis of category, type, and application.
Based on category, the global betaine market has been segmented into natural betaine and synthetic betaine. The natural betaine segment is expected to exhibit the highest CAGR of 5.05% during the forecast period. The osmolytic property of natural betaine enables it to maintain water balance in a cellular environment and protect the cells from osmotic stress. Due to this factor, natural betaine is used in several industries including animal feed, cosmetics, food & beverages, and pharmaceuticals.
On the basis of type, the market has been divided into cocamidopropyl betaine, betaine anhydrous, and others. The betaine anhydrous segment is expected to lead the market, registering a substantial CAGR to reach USD 1,359.9 million by the end of 2024. The segment is projected to attain market dominance during the forecast period as betaine anhydrous finds widespread application in supplements to lower blood homocysteine levels and enhance athletic performance.
The Global Betaine Market has also been classified, by application, as personal care, animal feed, food & beverages, and others. The personal care segment is expected to lead the market, registering a substantial CAGR to reach USD 1,562.3 million by the end of 2024.
DowDuPont (US), AMINO GmbH (Germany), BASF SE (Germany), Kao Corporation (Japan), Stepan Company (US), SOLVAY (Belgium), Associated British Foods plc (UK), Nutreco N.V. (Netherlands), The Lubrizol Corporation (US), and INOLEX Inc. (US) are some of the key players in the Global Betaine Market
Global Betaine Market Share, by Region, 2017 (%)
Sources: MRFR Analysis
Geographically, the Global Betaine Market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to be the largest market for betaine accounting for an Estimated 32.63% of the total market share in 2018. The regional market is projected to register a moderate growth rate during the forecast period of 2019 to 2024. The growth of the betaine market in the region can be attributed to the increasing demand in the application industries such as animal feed and personal care industries.
Asia-Pacific accounted for a share of 29.20% of the global betaine market in 2018. The growing animal feed, personal care, and pharmaceuticals industries in the region are driving the demand for betaine. China, India, and Japan are the key country-level markets in Asia-Pacific.
Europe is expected to be the fastest-growing betaine market during the review period. The regional market accounted for a considerably low market share of 24.38% in 2018. The growing demand for precision nutrition for livestock has contributed to betaine consumption in the region. The major betaine consuming countries in the region include the UK, Germany, and Spain. However, the sales of health supplements with betaine is limited in the region owing to the risks associated with overconsumption.
Some of the strategies followed by the players operating in the global betaine market were innovation, product development, acquisitions, and business expansions.
Global Betaine Market, by Category
Global Betaine Market, by Type
Global Betaine Market, by Application
Global Betaine Market, by Region
Available Additional Customizations
Frequently Asked Questions (FAQ) :
Dietary supplement section would grow faster in the betaine market.
Betaine anhydrous would take the lead in the European betaine market.
North America would dominate the global betaine market.
The players mentioned in the betaine market report are DuPont (U.S.), Associated British Foods PLC (U.K.), E. I. du Pont de Nemours and Company (U.S.), BASF SE (Germany), Nutreco N.V. (Netherlands), Amino GMBH (Germany), and Kao Corporation (Japan).
The betaine market report has forms like cocamidopropyl betaine, betaine monohydrate, and betaine anhydrous.