Solvay SA, Givaudan SA, Firmenich SA, Apple Flavor & Fragrance Group Co. Ltd, and Advanced Biotech are some of the leading companies operating in the global bio vanillin market. These companies offer an extensive range of products, which have helped them gain a strong foothold in the global bio villain market, says Transparency Market Research (TMR), in a recent study. Their focus is on manufacturing quality products with innovative flavor and fragrances that can be used for baking and in beverages and cosmetic industries.
“While diversifying products hold key to emerging at the market’s fore, many companies are also targeting mergers and acquisitions to expand their regional footprint,” said a lead TMR analyst. Also for building a better consumer base, the focus on upping the product quality is unlikely to phase out. Overall, strategies adopted by the leading players have augmented the market operations greatly.
According to TMR, the global bio vanillin market is expected to rise at a positive CAGR of 7.4% between 2017 and 2025. At this pace, the market will reach US$14.34 mn before 2025 ends, from its valuation of US$7.60 mn in 2016. Considering revenue-based share held by various application segments, the food sector emerged dominant in 2016. It constituted nearly 50.82% of the market in the year.
Europe Emerges as Largest Revenue Generating Segment
Regionally, Europe held the largest market share of 33.14% in 2016. The rising demand for bio-based products on account of their environment-friendly nature is driving the bio vanillin market in Europe. While it is expected to remain dominant through the forecast period, Asia Pacific is prophesized to exhibit a higher CAGR. Asia Pacific will prove to be an attractive market as consumers in the region have become more health conscious. Volume-wise Asia Pacific held the leading share in the market in 2016, and will remain dominant through the forecast period.
Booming Food and Beverages Industry to Fuel Demand for Bio Vanillin
The market is primarily gaining from the increasing demand from the food and beverages industry. The industry has attained a booming status over the past few years. Especially with recent innovations and the changing lifestyle preferences of consumers, it is expected that the food and beverages industry will continue exhibiting strong growth through the forecast period. During this time, the developments witnessed in the industry will bolster opportunities for the bio vanillin market as well.
Currently, Asia Pacific boasts highly lucrative opportunities for the bio vanillin market, especially in countries such as India, China, and Indonesia. As these nations boast strong food and beverage industry, they will continue gaining traction for the bio vanillin market. Also the rising popularity of natural ingredients worldwide has helped the market to tread a positive curve over the past few years. The European Food Safety Authority (EFSA) and the Food and Drug Administration (FDA) have created high quality standards for food safety. Since natural ingredients are considered safer, they witness a considerably high demand around the world, which is why the demand for bio vanillin is increasing at a fast pace.
Low Cost of Synthetic Vanillin to Emerge as Major Challenge
On the downside, the low of cost synthetic vanillin is creating challenges for the global bio vanillin market. This has also led to the rising use of synthetic vanillin as a cheaper alternative for bio vanillin. Also the production of natural vanillin is a labor-intensive method, which makes it expensive thus negatively impacting the overall market. Nevertheless, the bio vanillin market is still at a nascent stage. Hence over the next few years it is expected to occupy a considerable share in the global vanillin market.
The review is based on a TMR report, titled “Bio Vanillin Market (Application - Food, Beverages, Pharmaceuticals, and Fragrances) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 - 2025.”
The report segments the global bio vanillin market as:
Global Bio Vanillin Market: By Application
- Baked goods
Global Bio Vanillin Market: By Geography
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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