The global betaine market size is estimated to exceed USD 3.5 billion by 2022 and is expected to grow at an estimated CAGR of over 6% from 2015 to 2022. Increasing nutritional products and dietary supplements demand is expected to drive the market over the forecast period.
Health benefits associated with product consumption such as improved metabolism, muscle strength, power, and endurance are anticipated to fuel product demand over the next seven years. Intrinsic properties such as high water holding capacity promote its use in cosmetics and toiletries which is expected to have a positive impact on betaine market growth over the foreseeable future.
Betaine is used in feed additives to improve metabolism in animals. Rising nutritional deficiencies in feedstock are expected to spur nutritional value feed additives demand over the forecast period. Although betaine is present in wheat products, certain body abnormalities such as visual abnormalities and developmental delay can be associated with its deficiency.
Over-consumption of the product is expected to pose side effects. This is anticipated to hinder betaine market growth over the forecast period. Recent product developments including product in new hydrochloride form is expected to enhance market growth over the forecast period.
Increasing preference towards substitutes such as DL-Methionine and Dimethylthetin throughout various end-use industries is expected to hamper market growth over the forecast period. DL-Methionine and choline diets are adopted for broilers to enhance their weight and performance. These substitutes pose stiff competition for product market in diet replacement.
On the basis of products, the betaine industry has been segmented into natural and synthetic. Synthetic form dominated the global demand in 2014. Natural betaine is expected to gain significance over its synthetic form, owing to its improved characteristics such as enhanced lean growth, tolerance to heat stress, and reduced energy requirements.
Product supplements are expected to gain significance in sports drinks and diets owing to enhanced muscular strength and power while protecting cells from stress-induced damage. Energy supplements and protein powders are expected to witness significant growth owing to increasing consumer awareness about healthy diet intake and sports activities.
On the basis of end-use, the betaine market has been classified into food & beverage, animal feed, and industrial. Other industrial applications include plastics, detergents, cosmetics, paints, and coatings. Food and beverage was the largest end-use segment in 2014 and is expected to drive global demand over the forecast period.
North America dominated the global demand in 2014 and is estimated to witness stagnant growth rates over the forecast period. Growing demand from industrial sectors including detergents and de-icers has been a major factor driving market growth in the region, particularly in the U.S. over the past few years.
Asia Pacific is estimated to overtake North America by 2020 in terms of demand to become the largest regional betaine market over the forecast period on account of increasing consumption of health drinks and dietary supplements in emerging economies of India and China. Regulatory bodies in Europe such as Novel Foods Regulation and FEEDAP promoted the use of betaine in the food and beverage industry owing to its positive effects and are projected to facilitate market penetration in the region over the forecast period.
Various companies are investing heavily in R&D to enhance their portfolio by offering bio-based products to personal care and home care applications. BASF, in collaboration with Solazyme, launched algae-based betaine for foam-based applications such as shampoos, dishwashing liquids, and liquid soaps.
Danisco, enzymes and bio-based solution provider, and Tereos entered a partnership agreement for betaine extraction from the bio-ethanol production facility. Key betaine industry players include BASF SE, Amino GmbH, Solvay, DuPont, Lubrizol, American Crystal Sugar Company, Associated British Foods Plc, Nutreco N.V., KAO Corp., Stepan Company, and Sunwin Chemicals.
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Weaker consumer demand for lifestyle and wellbeing products due to social restrictions and lockdown policies shall have a negative impact on the demand patterns of cosmetic ingredients and certain categories of food additives. However, easing restrictions and public discourse about restarting economic activities in the consumer goods marketspace indicates that, the recovery of demand is imminent. The report will account for Covid19 as a key market contributor.