Wilmington, Delaware, United States, May 22, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global taurine market is anticipated to grow at a 3.7% CAGR from 2023 to 2031. A market valuation of USD 300 million is expected by the end of the forecast period.
The increasing demand for taurine in the bodybuilding and fitness industries is expected to drive market growth. Additionally, macroeconomic factors such as growing aspirations for personal development, rising demand for cosmetics, and increasing health awareness contribute to the positive impact on the global market.
The market's growth is further expected to be driven by factors like the high consumption of taurine supplements by athletes and sportspeople and the growing awareness of the benefits of maintaining healthy skin. The market is poised for growth because of increased research and development activities and the introduction of new products.
Furthermore, the market is most likely to experience substantial growth opportunities due to the robust demand from diverse end-use sectors, particularly healthcare. This demand is expected to open up new avenues for market expansion in the foreseeable future.
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Key Takeaways from the Market Report
- The global taurine market is expected to be worth US$ 223.39 million as of 2023.
- From 2023 to 2031, the market is expected to grow with a CAGR of 3.7%.
- By type, the food grade segment is expected to dominate the market in 2023 by growing at a CAGR of 4% during the forecast period.
- By application, healthcare products segment is expected to lead the market while exhibiting a CAGR of 4.2% during the forecast period.
- Demand for taurine in China is projected to grow at a CAGR of 3.8% during the forecast period.
Taurine Market: Growth Drivers & Trends
- The increasing awareness of the importance of healthy skin is driving the demand for taurine in the market, as it is known to help reduce the appearance of fine lines and wrinkles. Also, the beneficial effects of taurine in the food and pharmaceutical industries are further contributing to the global market demand for this product.
- The growing trend of energy drinks such as red bull and others across the globe is expected to drive the demand for taurine during the forecast period.
- The rising demand for taurine in pet food is anticipated to propel market growth. The market is expected to grow due to the numerous benefits of taurine, including its ability to prevent dehydration, maintain healthy blood pressure, and improve heart health.
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Taurine Market: Regional Analysis
- North America dominated the market in 2022 and is expected to retain this trend of dominance by accumulating a 41% market share in 2023. The market in this region is expected to grow with a CAGR of 3.6% throughout the forecast period.
- In 2023, the United States is expected to witness a substantial rise in dog and dietary supplement consumption. This shift in consumer behavior can be attributed to the increased pet adoption rates and heightened awareness among consumers regarding the significance of maintaining a healthy lifestyle and enhancing immunity. Furthermore, the continued focus on preventing heart disease is also anticipated to influence American consumers to embrace healthier lifestyles.
- Asia-Pacific is expected to grow with a significant CAGR of 3.9% throughout the forecast period. The market is expected to grow due to presence of leading manufacturers and exporters of food & beverages in this region.
- Europe is projected to grow at a CAGR of 3.8% in taurine market during the forecast period. The region is characterized by clusters of health-conscious consumers with significant disposable income who are choosing taurine supplements to improve their overall health.
Taurine Market: Prominent Players
The global market for taurine is characterized by several regional and global entities. Some key taurine providers profiled by TMR include:
- Taisho Pharmaceutical Holdings Co., Ltd.
- Grand Pharmaceutical Group Limited
- AWI-Awell Ingredients Co., Ltd.
- The Honjo Chemical Corporation
- Qianjiang Yongan Pharmaceutical Co., Ltd.
- B. Enterprises
- Atlantic Chemicals Trading GmbH
- Kyowa Hakko Bio Co., Ltd.
- Jiangsu Yuanyang Pharmaceutical Co., Ltd
- Hubei Grand Fuchi Pharmaceutical & Chemicals Co., Ltd.
- Advance Inorganics
- Aakriti Trading Company
- Avanscure LifeSciences Pvt. Ltd.
Prominent developments in the taurine market domain by key players are as follows:
- The Korea Ginseng Corporation has introduced Koreselect products, a range of special function supplements that include ashwagandha, elderberry, beetroot, milk thistle, American ginseng, and women's probiotics.
- Starting from January 1, 2022, Taisho Pharmaceutical Co., Ltd. has formed a partnership with New Zealand Rugby (NZR), including the renowned national rugby team, the All Blacks, becoming a Premium Global Sponsor of NZR.
- In December 2022, Orkla Foods Europe made an agreement to acquire the entire shareholding of Khell-Food Kft., the prominent producer of ready-made sandwiches and baguettes in Hungary.
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Taurine Market- Key Segments
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