Market players are focusing on the expansion of the capacity to gain a competitive edge
DUBAI, UAE / ACCESSWIRE / February 4, 2021 / FMI states in its recent study on taurine that the market will record an impressive CAGR of 7.2% through 2031. Demand for taurine is anticipated to continue surging owing to the increase in sales of infant food.
"Key manufacturers are planning to further expand production as well as storage capacity to fulfill the increasing demand. They are also planning to find novel alternate ways of production of taurine in a more environment-friendly way to eliminate the extraction of taurine from animals." says the FMI analyst.
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Taurine Market - Important Highlights
- The beverage sector is anticipated to be one of the fastest-growing sectors in the market with a CAGR of over 8% in Asia
- China is projected to be the most lucrative market in East Asia and the biggest producer in the global market.
- Germany expected to remain as one of the most valued markets, due to its high focus on the healthcare sector
- The U.S. is anticipated to witness high demand for taurine and account for a dominant share of 82.6% of the North American market.
Taurine Market - Drivers
- Rising awareness about the associated health benefits and assistance in diabetic and cancer management will generate growth prospects.
- The application of taurine due to its essential amino acid content will drive the market growth in the area of neonatal and infant food.
- The industry will be further driven by its wide application across the pet food market.
- Surging demand for cosmetics products will boost the growth of the market during the projected years.
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Taurine Market - Restraints
- The increasing worry among masses regarding animal cruelty remains as one of the key restraints of the market.
- Acan potentially cause side effects if not taken in moderate amounts, which is likely to cause hindrance in market growth.
COVID-19 Impact on Taurine Market
During the onset of COVID, the market was driven by the stockpiling of food items which were followed by a lockdown. As health and hygiene were on the top priority list of customers, there was a rapid increase in sales in the Taurine market due to their source of essential nutrients. During the onset of lockdown, there was an increase in demand generated from the eCommerce stores.
Competitive Landscape
The taurine market players are leaning towards the expansion of the production facilities besides opting for strategic collaborations to attain a competitive edge.
Companies like Qianjiang Yongan Pharmaceutical Co., Ltd., Songzhou Hu, and Vita works Ip, Llc is building a novel production process of taurine for the global market.
A few of the key companies functioning in the global market include Qianjiang Yongan Pharmaceutical Co., Ltd., MTC Industries Inc., New Zealand Pharmaceuticals Ltd., Stauber USA., The Honjo Chemical Corporation, Foodchem International Corporation, Ajinomoto Co., Inc., Jiangsu Yuanyang Chemical Co., Ltd.
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About the Study
The study offers readers a comprehensive assessment of the taurine market. Global, regional, and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights based on application(food and beverages, dietary supplements, pet feed, cosmetics, and others) and across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
Table Of Content
1. Market Introduction
1.1. Global Taurine Market- Research Scope
1.2. Global Taurine Market - Introduction
1.3. Global Taurine Market - Definition
2. Scenario Assessment of the Impact of COVID-19 on Taurine Market
2.1. Scenario Assessment of the Impact of COVID-19 on Taurine Market
2.2. Market Scenario and the Forward Path
2.3. Possible Scenarios for Economic Impact
2.4. Impact on Food Sectors related to Taurine Market
2.5. Health Food Sales Will Increase Amid COVID-19 Concerns Which is Beneficial for Taurine Market
2.6. China Taurine Market Value (US$ Mn) Scenario Forecast, 2021 & 2031
2.7. U.S. Taurine Market Value (US$ Mn) Scenario Forecast, 2021 & 2031
2.8. Euro Zone Taurine Market Value (US$ Mn) Scenario Forecast, 2021 & 2031
2.9. Asia Zone Taurine Market Value (US$ Mn) Scenario Forecast, 2021 & 2031
2.10. Rest of the World Taurine Market Value (US$ Mn) Scenario Forecast, 2021 & 2031
2.11. Current Scenario/Immediate Actions
2.12. Key Factors Impacting the Market
3. Key Trends
4. Product Innovation / Development Trends
4.1. Desirable Health Claims by Manufacturers and Brand Owners
4.2. Shift Towards Natural Ingredients from Artificial Products
4.3. Cultural Customization to Target Specific Populations and Ethnic Groups
4.4. Creating New Delivery Mechanisms
4.5. Preferential Inclination towards Non-Modified Functional Ingredients
4.6. Brand Differentiation through Packaging
5. Global Taurine Market Dynamics
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About Future Market Insights
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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SOURCE: Future Market Insights