Betaine Market by Scope, Growth Prospective, Application & Forecast by 2024
Betaine is a type of amino acid compound, which is known by the name, trimethylglycine. It is a nutrient found in different types of food sources such as wheat bran, sugar beets, spinach, bulgar grain, and veal. The animal husbandry industry is expanding in the developing countries of Asia-Pacific, leading to higher consumption of feed. The betaine market is rapidly expanding in the European nations, after the approval of use of trimethylglycine in feed, food, and beverages by the regulatory bodies. The demand for the compound is also driven by its uses in food and beverages, and cosmetic industries, owing to water-holding and moisturizing properties.
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On the basis of form, the market is categorized into cocamidopropyl betaine, betaine monohydrate, betaine anhydrous, and others (betaine HCL, betaine aspartate, and betaine citrate). Demand for cocamidopropyl betaine is expected to grow at a significant pace, owing to its rising demand from end-use industries such as personal care and cosmetics. Moreover, the increase in the popularity of energy and sports drinks is expected to boost the betaine market in the near future.
Based on region, the betaine market is categorized into Europe, North America, Asia-pacific, Latin America, and Middle East and Africa. Among all the regions, Asia-Pacific region held a significant share in the market driven by the demand for betaine-based products used in personal care, cosmetics, and healthcare. Over the coming years, the region will continue to dominate the market as a result of rising awareness on health in countries such as China, India, and Vietnam.
With rapid economic development, the betaine market is growing exponentially in emerging economies. The growing income and focus on healthy life style, the demand for betaine-based health supplements such as drinks and other nutrients are rising at a rapid pace. In coming years, emerging countries are expected to witness rise in the middle-class population that will further boost the demand for health-related products. Owing to the rising demand for the health-related products, the market will continue to grow at a rapid pace during the forecast period.
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