According to a new study by FMI, sales of taurine are expected to be valuated at ~US$ 250 Mn, towards the end of 2019. While gains will be underpinned by a slew of factors, including changing regulatory scenarios, the report suggests that wide applications of taurine, and research and development for the launch of innovative products will also contribute significantly to the sales of taurine in the near future.
The study opines that taurine market primarily relies on its various applications in food, beverages, and animal feed industries. Naturally sourced taurine is high in demand compared to the synthetic one due to demand of natural products increasing along with higher absorption level of naturally sourced taurine.
According to the report, use of taurine in beverages is more than that in any other application. The use of taurine in beverages is the highest amongst all applications within which taurine is mostly being used in energy drinks. This is due to ongoing demand for food products and beverages globally, especially in developed countries.
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Applications in Animal Feed, Processed Food, and Flavouring Agents Uplift Prospects
The consumption of meat and meat products is increasing across globe, due to continuous demand from developed nations and increasing demand from the developing nations. In order to fulfill the increasing demand, livestock production is becoming more commercialized. Many livestock producers are preferring to use animal feed products and ingredients to maximize meat production. Taurine is used in animal feed and pet food products to increase the nutritional content of the feed. Increasing demand for meat and meat products, therefore, is driving the global taurine market.
But the consumption of taurine should be under the proper observation of the expert as overdosing could lead to life-threatening side effects. This can lead to a decrease in the consumption of taurine supplements and hinder the market growth. Proper regulations by the authorities could control the consumption rates and its addition to products.
Food and food processing industry is flourishing due to increasing consumer preference for convenient food products. Taurine acts as an emulsifier and flavoring agent, used in various food products such as dairy, bakery, cereal, and baby products. Besides food products, taurine also finds its application in tobacco products, used as a flavoring agent. Increasing consumption of processed food products is increasing the demand for taurine in the global market.
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Taurine is also documented to be present in algae, fungi, edible seaweed, and some species of insects. There has been ongoing research for alternative sources of protein, including taurine. The research and development activities for elevating cell-associated taurine in algae can open new opportunity in global taurine market. Also, ongoing demand for natural products will boost demand for taurine in global market.
Health Benefits Associated with Taurine Consumption Pushing Sales
Taurine is endogenously present in brain, heart, liver of the humans and plays a vital role in few physiological processes. Its metabolic actions include bile acid conjugation, osmoregulation, and membrane stabilization. Deficiency of taurine can lead to various conditions such as cardiovascular diseases, retinal degradation, epilepsy, etc. The supplementation of taurine has been proven to be beneficial for health. Demand for dietary supplements has been increasing in the world, due to increasing health consciousness. Thus, consumption of taurine containing supplements is increasing in the market, in turn increasing demand for taurine. According to the report, demand for taurine in dietary supplements as an ingredient is growing at a high rate with a CAGR of ~5% by 2029.
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This FMI study offers incisive insights into the taurine market for the forecast period between 2019 and 2029. The taurine market is projected to record a CAGR of 6% through 2029.