The thriving food and beverages industry paves way for the growth of the bio vanillin market. Besides the expansion of the sector, the market is considerably gaining from a paradigm shift in consumer choices. Their inclination towards clean labels and organic ingredients has created an environment conducive to the growth of the bio vanillin market.
In the pharmaceutical sector, bio vanillin is used as a flavoring agent since they eliminate the sour taste and odor of medicines. Bio vanillin is also a key intermediate during the processing of pharmaceuticals such as therapeutic medicines and drugs for cancer treatment and in topical cosmetic lotions. Fragrances and perfumes are the second most lucrative business sector in the bio vanillin market after food and beverages due to increased per capita spending on personal grooming.
The bio vanillin market will benefit from their increasing disposable incomes and consequent willingness to spend on a product with better taste and higher nutritive value. Companies are nowadays operating in a dynamic business and therefore it is important that they keep track of the ever-evolving tastes and preferences of consumers to stay relevant in the market.
Bio vanillin caters to the changing choices of consumers and has application in the tastiest of foods like ice cream and chocolates. This is a key factor encouraging growth in the bio vanillin market.
Regionally, the global bio vanillin market covers North America, Latin America, Europe, the Asia Pacific excluding Japan and the Middle East, and Africa. Among these regions, Asia Pacific is expected to lead the market.
The rising demand from growing biotechnology markets such as India, China, Indonesia, Vietnam, and Malaysia is driving the market in the region. In addition to this, the demand for bio vanillin is expected to remain high in Europe and North America. Bio vanillin price, stronger regulatory support, and environmental concerns are crucial factors driving the bio vanillin market in developed regions.
The major players in the bio vanillin market are Evolva Holding, Firmenich SA, Solvay, De Monchy Aromatics, Advanced Biotech, Givaudan, Omega Ingredients Limited, ENNOLYS, Comax MFG Corp, Beijing LYS Chemicals Co., ADM, Axxence Aromatic GmbH, Archer Daniels Midland Company, BERJÃ INC, Champon Vanilla Inc, Borregaard, Jiaxing Zhonghua Chemical Co., Shanghai Xinjia Perfume Co., Le Saffre, Zibo Svolei Fragrance Co., Ltd., Takasago International Corporation, Suzhou Function Group Co Ltd, and Apple Flavor & Fragrance Group Co. among other domestic and global players.
The bio vanillin market comprises a few players with extensive regional footprint and impressive production capacities. Besides new product launches, the market players often focus on forging strategic alliances to stay at the top of their game.
The demand for bio vanillin is expected to remain high in North America and Europe. Regulatory support from authorities will aid market growth in developed regions. Bio vanillin is positioned as one of the premium products used in drinks, foods, and fragrances. This is helping the market to exhibit strong growth in North America and Europe.
The global bio vanillin market size to be valued at USD 227.7 million by 2024 and is expected to grow at a compound annual growth rate (CAGR) of 6.8% during the forecast period. Positive outlook towards the food & beverage industry in the emerging marketplaces such as China, India, Vietnam, and Malaysia in light of new product launches by early adoption of biotechnologically derived vanillin is expected to promote industry growth over the forecast period. The increase of the food & beverage industry will remain a vital factor for this market on account of its capability to add taste and flavor to various food products. An increasing trend among consumers to maintain a healthy lifestyle will ultimately lead to increasing penetration of bio vanillin in the food industry. This factor is expected to propel expansion of the product over the forecast period.
Increasing consumer acceptance of the product on account of superb fragrance properties offered by it, without having any side effects on the health of consumers is expected to promote bio vanillin industry growth in the near future.
The cosmetic industry is evolving as consumers prefer natural cosmetics over chemical products. Vanillin is a popular ingredient in cosmetics and personal care products because it imparts a pleasant fragrance to the product. Additionally, it adds an aroma with warm floral notes to a variety of end products which is an important factor driving the demand for bio vanillin and its products. Additionally, the Westernization of food eating habits has increased the popularity of bio vanillin food products. Consumers are looking for experimental and innovative food options because the market has a wide variety of food such as barbeques and regional cuisines. The rising popularity of cross-cultural food is also boosting the demand for bio vanillin.
Consumers are becoming more health-conscious and aware of the health risks associated with artificial food ingredients. The implementation of stringent labelling regulations around the world is supporting the growth of the global market. Moreover, rising concerns about allergies caused by added substances necessitate that manufacturer adheres to labelling regulations and include recognizable ingredients on tags that consumers understand to ensure label transparency. Such manufacturers increasingly prefer bio vanillin over synthetic alternatives and is driving the growth of the market.
Due to climate fluctuations, the poor availability of vanilla pods is one of the important factors to create a restrain in the growth of the bio vanillin market. The increasing popularity and rising demand for bio vanillin are anticipated to be hampered by the market's scarcity. The higher cost of raw materials affect the price of the finished product, acting as a restraint. Concerns regarding these effects are also expected to limit the market growth during the forecast period.
Fragrances were the second largest segment of the market valued at USD 30.9 million in 2015. Consumer acceptance towards biotechnologically derived fragrances has been a critical factor for manufacturers to increase research and development efforts towards producing bio vanillin based fragrances.
Asia Pacific bio vanillin demand exceeded 60 tons in 2015, dominating the global market. Emerging markets such as India, China, Malaysia, Vietnam and Indonesia are expected to play a significant role in the development of the industry over the forecast period as a result of the rising need of flavors from the bakery and confectionery sector.
Europe and North America will remain key markets for the product and witness stable volume growth over the forecast at a CAGR of 7.2% and 5.3%, respectively. Strong regulatory support is expected to be a critical factor for propelling growth. In these regions, bio vanillin is positioned as a premium product fragment element in drinks, fragrances, and foods which will be responsible for increasing expansion.
New product launches coupled with the establishment of strategic partnerships to develop new technologies are expected to be key features of the market. In February 2013, International Flavors & Fragrances partnered with Evolva Holding for the production of biotechnology-based vanillin. In March 2016, Evolva Holding announced that they are expected to increase their production capacity which would help them in establishing a strong global business presence.
This report forecasts revenue growth at global, regional & country levels and provides an analysis on the latest trends and opportunities in each of the sub-segments from 2013 to 2024. For the purpose of this study, Grand View Research has segmented the bio vanillin market on the basis of end-use and region.
Jan 30, 2023 (The Expresswire) --Vanillin Market Overview 2023 Complete report [99 Pages] aims to deliver a top to bottom analysis of the current and future market development situation to outperform market competitors with relevant techniques. The report provides detailed research of the Vanillin Market size, growth, share, segments, sale, revenue, manufacturers, and technologies, as well as its major drivers, challenges, distribution models, product type(Natural Vanillin, Chemically Synthesized Vanillin, Biology Vanillin ) along with SWOT and PESTAL analysis.
The research report focuses on various factors that enhance the market's growth. It constitutes trends, segments, restraints, and drivers that transform the market in either a positive or negative manner. Research also provides the scope of different segments and applications that can potentially impact the market in the future. The detailed information is based on the current situation and historic achievements.
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The current market dossier provides market growth potential, opportunities, drivers, industry-specific challenges and risks, market share, and the Vanillin market's growth rate. The report also covers economic fluctuations, import-export trade, and global market
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