Market Research Report
Global Vanillin Market - 2019-2026
|Published by||DataM Intelligence||Product code||818173|
Delivery time: 1-2 business days
|Global Vanillin Market - 2019-2026|
|Published: March 1, 2020||Content info:||
Global Vanillin Market Overview
The global vanillin market was worth the US $XX billion in 2018 and is expected to reach US $XX billion by 2026, at a CAGR of XX% during the forecast period.
Vanillin is the extract of the vanilla bean. Vanillin is most prominent as the superior flavor and aroma compound in vanilla. Vanilla beans constitute a pleasant smell that occurs naturally in vanilla beans. It is in the form of a needle with white or very slightly yellow color. This belongs to the class of benzaldehydes. It acts as a plant metabolite, a flavoring agent, an antioxidant and an anticonvulsant. It is used as a flavoring agent in foods, beverages, pharmaceuticals, and cosmetics. Thus, an increase in demand for this product in various end-user sectors is predicted to grow at a high CAGR over the forecast period.
Global Vanillin Market - Market Dynamics
Growth in the end-user industries - such as food and beverage, cosmetics, pharmaceuticals, and others, is one of the major factors that is driving the global vanillin market growth. As vanillin is an essential aromatic compound extensively used to enhance the aroma and flavor of the different end products. It is widely used as a flavoring agent in food products and as an aromatic additive for incense, perfumes, medicines, candles, and air fresheners. For instance, annual revenue of perfumes in the US alone is approximately $4 billion. Thus, high and increasing demand for perfumes and fragrances is boosting the global vanillin market growth.
However, factors like high prices of bio vanillin are likely to hinder the market demand for bio vanillin. Also, other replaceable flavors give a sturdy competition to the global vanillin market.
Global Vanillin Market - Segment Analysis
Based on the type the global vanillin market is broadly segmented as synthetic and bio-based vanillin. Between these, synthetic vanillin accounted for major market share in 2018. It is owing to the scarcity and expense of natural vanilla extract. Synthetic vanillin is made from either guaiacol or from lignin, a constituent of wood which is a byproduct of the paper industry. Over the forecast period, bio-based vanillin segment is expected to grow at a higher CAGR of XX% owing to potential demand for natural ingredients in food and beverages along with changing the opinion of the consumers towards a healthy lifestyle is predicted to drive the growth of the bio-vanillin market during the forecast period.
Based on the application the global vanillin market is segmented into the food and beverage industry, pharmaceuticals, cosmetics, and others. Among all these, food & beverages segment holds the major market share and is projected to grow at a higher CAGR. The application is used in the food industry to flavor for different foods, and to change the quintessence of existing item. Vanillin enhances the aroma, flavor, and taste of various food & beverage products, keeping the nutritional value of foods unaltered. Also, vanillin is primarily used in the manufacturing of dairy products and low-calorie content foods & beverages. Thus, its demand from food & beverage segment is anticipated to increase over the forecast period.
Global Vanillin Market - Geographical Analysis
The global vanillin market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific occupied the major share in the global vanillin market and is expected to grow at a higher CAGR of XX% over the forecast period. It is owing to the rapid growth in the food and beverage industries in this region. Enormous consumer base coupled with the rapid industrialization. Also, growth in pharmaceutical and cosmetics sectors is one of the main reasons for driving market demand in this region. For instance, sales of natural and organic beauty and spa products in Asia increased by 21% in 2017, compared to single digits in Europe and North America during the same year.
Global Vanillin Market - Competitive Analysis
Significant players of the global vanillin market are Apple Flavor & Fragrance Group Co., Ltd., Borregaard, Ennloys, Evolva Holding S.A., International Flavors & Fragrances, Inc., Jiaxing Zhonghua Chemical Industry Co., Ltd., Prinova Group LLC, Solvay S.A., Synnova Chemicals, Virginia Dare, and others. The diversified product portfolio is the major factor that is responsible for strengthening the position of these companies in the market. In addition, most of the key companies are adopting several key strategies, such as new product developments, acquisitions, and expansions, to increase their share in the global vanillin market. For instance, in September 2016 International Flavors & Fragrances (IFF), acquired David Michael & company incorporated. In November 2017, Solvay increased its production capacity of European natural vanillin by 60 metric tons.