The Betaine Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Betaine Global Market Report 2024, The betaine market size has grown strongly in recent years. It will grow from $3.89 billion in 2023 to $4.13 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to rising demand in animal feed, increased health awareness, regulatory approvals, market penetration strategies, rise in aquaculture production.
The betaine market size is expected to see strong growth in the next few years. It will grow to $5.25 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to global trade and economic factors, expansion of nutraceutical market, consumer preference for sustainable products, population growth & urbanization, climate change impact. Major trends in the forecast period include biofortification efforts, holistic health approaches, alternative protein sources, plant-based revolution, clean label movement.
The rising demand for personal care and cosmetic products is expected to boost the growth of the betaine market going forward. Personal care and cosmetic products are consumer products for hygienic practices, personal grooming, or beautification and are rinsed off immediately after use. Betaine is widely used in personal care and cosmetic products as it helps the skin adjust to moisture gains and losses by balancing the skin’s hydration. Because of its mildly soothing properties, betaine is commonly used in cleansing blends to help counteract the potentially irritating effects of detergents. For instance, in February 2022, L’Oréal, a French-based personal care company reported a significant rise in 2021, generating global sales of $9.10 (€9.10) billion in 2021, up 15.4% year over year. L’Oréal’s active cosmetics saw the biggest sales spike, up 28.4%, while professional products, were up 18.5%, followed by L’Oréal Luxe and consumer products at 16.5% and 10% respectively. Therefore, the rising demand for personal care and cosmetic products is driving the growth of the betaine market.
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The betaine market covered in this report is segmented –
1) By Type: Synthetic Betaine, Natural Betaine
2) By Form: Betaine Anhydrous, Betaine Monohydrate, Cocamidopropyl Betaine, Betaine Hydrochloride, Other Forms
3) By Application: Food And Beverages, and Dietary Supplements, Animal Feed, Personal Care, Detergent, Other Applications
Technological advancements are a key trend in gaining popularity in the betaine market. Major companies operating in the betaine market are focused on developing innovative and technologically advanced solutions using artificial intelligence to strengthen their position in the market. For instance, in February 2021, Libra Speciality Chemicals Ltd., a UK-based chemical manufacturer, installed modern technology to produce innovative low-salt betaines, while advancing the existing plant’s capacity from 32,000 to 50,000 tons per year. The company developed and installed a flagship, high-tech, multistage membrane system to manufacture low-salt betaine surfactants, that is fully driven by an artificial intelligence (AI) operating system and only requires one operator to fully function. According to Libra, its technology can create betaines with 0.5% or even 0.05% salt, allowing formulators to include them at 10-12% and thus, design a larger range of finished goods.
Major Players:
- Associated British Foods PLC
- BASF SE
- DuPont de Nemours Inc.
- Nutreco N.V., Solvay S.A.
- American Crystal Sugar Company
The betaine market report table of contents includes:
1. Executive Summary
2. Betaine Market Characteristics
3. Betaine Market Trends And Strategies
4. Betaine Market – Macro Economic Scenario
5. Global Betaine Market Size and Growth
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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