Betaine Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Betaine Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Betaine Market is projected to register a CAGR of more than 6% during the forecast period.

In 2020, COVID-19 had a detrimental effect on the market.However, the market has now been estimated to have reached pre-pandemic levels and is expected to grow steadily in the future.

• The market that was looked at is growing because more businesses are using it as a surfactant, the food and beverage industry is using it more, and the personal care industry wants more of it.
• On the flip side, synthetic cosmetics leading to skin and hair problems are likely to act as restraints for the studied market.
• During the forecast period, the studied market is likely to have opportunities related to the use of betaine as a stress reliever for animals.
• North America dominated the market across the world, owing to the high demand for personal care products, food, beverages, and dietary supplements in the region.

• Betaine has been used a lot in the personal care industry instead of surfactants made from sulfur.It acts effectively as an irritation-mitigating agent and is mainly used in baby shampoos and ultra-mild personal care products.
• Water retention and moisturizing properties make betaine a widely useful raw material for the cosmetic industry.
• Besides, it is widely used as a surfactant, emulsifier, and emollient in personal care products such as lotions, shampoos, skin cleansers, etc.
• The demand for personal care products has been increasing at a noticeable rate in regions like Asia-Pacific and the Middle East, thanks to cultural change, the influence of western culture, increased cosmetic demand from the youth population, and rising women's employment.
• In India, beauty and personal care products are driving demand for India’s e-commerce growth. According to the Unicommerce data, e-commerce sales volume grew 69.4% in FY22 compared to 44% in FY21, of which the beauty and personal care category posted a growth of 143% in volumes year-on-year.
• Additionally, according to the Indonesian Bureau of Statistics (BPS), until December 2022, the cosmetics industry grew by 9.61% compared to the same period in the previous year. The main platform is e-commerce, with which the country is experiencing growth in the personal care industry.
• Moreover, according to the trade map, Indonesia imported over 309 million dollars' worth of cosmetics and skincare in 2021. In 2021, China held the largest proportion of the beauty and skincare import market in Indonesia, at 20.2 percent, followed by South Korea at 19 percent.

Hence, all such trends are likely to drive the demand for personal care products across the world, which is further likely to drive the demand for the betaine market during the forecast period.

• The North American region dominated the global market. Betaine's demand in the region is primarily driven by the strong demand from the industries engaged in the production of personal care, animal feed, dietary supplements, and functional drink products.
• Due to rising demand in the pharmaceutical and personal care industries, the United States is the largest market in the area.The country is the world's largest producer of pharmaceutical and personal care products.
• Happi Magazine says that the market for skin care products in the US alone was worth more than USD 18 billion in 2021, with face care making up most of that.
• The country has been putting a lot of money into research and development to come up with new personal care products that don't contain sulfur.In the coming years, the development of generic medicines is also likely to give the betaine market new chances.
• According to Happi Magazine, in the United States, face cleansers were the greatest multi-store skin care sales in 2021. Sales for this segment totaled over $1.65 billion in that year. Hence, supporting the growth of the market
• Hence, owing to all the above-mentioned factors, the demand for betaine in the market is expected to increase significantly in the region during the forecast period.

The betaine market is highly fragmented in nature. Some of the major players in the market include BASF SE, Dow, Evonik Industries AG, Solvay, and Kao Corporation, among others (in no particular order).

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support