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Betaine Market Size, Growth, Outlook, Trends And Forecast 2024-2033
Betaine Market Size
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
The growing prevalence of malnutrition is expected to propel the growth of the betaine market going forward. Malnutrition refers to deficiencies, excesses, or imbalances in a person's intake of energy and/or nutrients. It occurs when the body is deprived of vitamins, minerals, and other nutrients it needs to maintain healthy tissues and organ function. Betaine plays a crucial role in preventing and addressing malnutrition, particularly in populations with limited access to diverse and nutrient-rich diets. Betaine's multifaceted roles in cellular metabolism, homocysteine regulation, and gut health make it a valuable nutrient for addressing malnutrition and promoting overall well-being. For instance, in June 2023, according to Joint Child Malnutrition Estimates (JME) by the World Health Organization, a Switzerland-based specialized agency of the United Nations, 37 million children are now living with overweight globally. The stunting rate saw an unfortunate increase of over 2 million in 2022 compared to 2020 in South Asia and the Sub-Saharan Africa region. Therefore, the growing prevalence of malnutrition is driving the growth of the betaine market.
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.
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Major Key Players of the Market:
Associated British Foods Plc, BASF SE, DuPont de Nemours Inc., Nutreco N.V., Solvay S.A., American Crystal Sugar Company, Amino GmbH, Kao Corporation, Stepan Company, Sunwin Biotech Shandong Co. Ltd., The Lubrizol Corporation, Merck KGaA, Inolex Inc., Navneet Chemical, Prasol Chemicals Pvt. Ltd., Alpspure Lifesciences Private Limited, Akshar Enterprises, Orison Chemicals Limited., Evonik Industries, Suki Skincare, Esprix Technologies, Trouw Nutrition, Dow, E. I. du Pont de Nemours and Company, AB Vista, HEALTHY (HANGZHOU) HUSBANDRY SCI-TECH, Tianshi Siliao, Agrana, Asahi Kasei, Niacet Corporation
Betaine Market 2024 Key Insights:
• 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%.
• Growing Demand For Personal Care And Cosmetic Products Fuels Betaine Market Growth
• Betaine Market Embraces Technological Advancements With AI-Driven Production Solutions
• North America was the largest region in the betaine market in 2023
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