Impact Assessment of COVID-19 Outbreak on Taurine Market
Taurine Market: Introduction
According to the report, the global taurine market was valued at US$ 0.2 Bn in 2020 and is projected to expand at a CAGR of 5.3% from 2021 to 2031. Leading manufacturers and exporters of food & beverage, substantial government support, and presence of several key players are anticipated to drive the market in Asia Pacific.
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North America accounted for market share of 27.9% in 2020. The market in the region is expected to expand at a high CAGR from 2021 to 2031. Rise in importance of health, increase in disposable income, and competitive lifestyle are likely to fuel the demand for energy drinks and taurine-based supplements in North America.
The taurine market in Europe is projected to expand at a CAGR of 5.4% from 2021 to 2031. Increase in consumption of energy drinks & functional foods, rise in spending on pet food & animal feed, and surge in disposable incomes augment the market in Europe.
Advent of New Technology to Drive Global Market
The global taurine market has witnessed significant investments by multinational corporates over the past few years. These business conglomerates have invested in companies operating in the taurine.
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Food Grade Segment Dominated Taurine Market
In terms of type, the global taurine market has been bifurcated into food grade and pharmaceutical grade. The food grade segment dominated the global taurine market in 2020 and the trend is anticipated to continue during the forecast period. Rise in demand for taurine-based food products such as beverages, animal feed, and food supplements is expected to drive the segment during the forecast period.
Beverage to be Key Application Segment
Based on application, the global taurine market has been classified into health care products, pet food, beverage, and others. The beverage segment dominated the global taurine market in 2020 and the trend is likely to continue during the forecast period.
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Liquid-based Serum to be Promising Segment
In terms of form, the global taurine market has been divided into tablets/capsule, liquid-based serum, and others. The liquid-based serum segment held major share of the global taurine market in 2020.
Asia Pacific to Dominate Global Market
In terms of region, the global taurine market has been segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. Asia Pacific is projected to account for a leading share of the global taurine market during the forecast period. The taurine market in Asia Pacific is anticipated to grow at a rapid pace over the next few years. India, China, and South Korea are expected to be lucrative markets in the near future.
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Growth Strategies of Key Players
Key players operating in the global taurine market are Taisho Pharmaceutical Holdings Co., Ltd., Grand Pharmaceutical Group Limited, AWI-Awell Ingredients Co., Ltd., The Honjo Chemical Corporation, Qianjiang Yongan Pharmaceutical Co., Ltd., A. 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, and Avanscure LifeSciences Pvt. Ltd.
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