Bio Vanillin Market is Likely to go Beyond USD 226 million by 2024
The worldwide BioVanillin Market is anticipated to surpass USD 226
million by 2024. Applications in premium products, like perfumes and food
& beverages can boost the market over the forecast period (2016-2024). Bio
vanillin is used extensively in medicines and foods because it can effectively
prevent any bitter taste. Application in areas, such as cosmetics,
pharmaceuticals, and food & beverages will catapult demand in the
forthcoming years.
The support and encouragement of food regulatory authorities in North
America and Europe will impact the market positively. These authorities have
identified ingredients that are obtained as naturally derived products from
microbial processing. Regulatory standards that discourage synthetic products
may encourage industrial demand. Additionally, customer awareness and growing
popularity could fuel demand for bio vanillin during the forecast period.
Production of bio vanillin through biotechnological methods generates
lesser unwanted side products. For instance, there is lower toxicity, minimal emission
of greenhouse gases, and lesser energy consumption. These factors make
biotechnological methods a ‘greener’ alternative.
The global bio vanillin industry is still in its infancy. Manufacturers
are claiming their products to be natural. A few products have also been
approved by regulatory bodies. As per regulations of the European Parliament
and the Council, bio vanillin produced by biotechnological methods using
natural inputs are termed ‘natural flavoring’. This however, needs
specification of source.
The bio vanillin market is split into applications and regions.
Applications comprise food & beverages, pharmaceuticals, and fragrances.
Food & beverages dominated the market with over 65% of the total volume
shares in 2015. Surging demand for foods with a sweet aftertaste can propel the
market in the forecast period.
‘Fragrances’ was the second largest market in 2015. With a market share
of 24%, this segment stood at nearly USD 31 million in the same year. It may
expand at an 8.3% CAGR from 2016 to 2024. Fragrances are vastly used in
cosmetics, personal care products, detergents, and chemical formulations.
Pharmaceuticals can gain at over 8% CAGR (with respect to volumes) in the
forecast period. This is attributed to the growing trend of using flavorings in
syrups and tablets.
Based on regions, the industry is segmented into Europe, North America,
Latin America, Asia Pacific, and the Middle East & Africa (MEA). Asia
Pacific bio vanillin led the worldwide market in 2015 with a 40% share in terms
of volume. Use of the product in bakery and confectionery products in nations
like, Malaysia, Indonesia, Vietnam, China, and India will impel market growth.
The bio vanillin industry will grow at a steady pace in regions, such as
North America and Europe. North America is estimated to grow at a CAGR of over
5%. Europe is estimated to expand at over 7% CAGR in the years to come.
Regulatory norms will play a crucial role in the development of these markets.
This product is widely used in a host of fragrances, foods, and drinks.
Such a trend will contribute substantially to the growth of this market in the
forthcoming years.
Major competitors in the global industry are Apple Flavors &
Fragrances Group Company Limited, Solvay SA, International Flavors &
Fragrances, and Ennloys. Companies engage in strategic partnerships &
technological developments for occupying more shares.
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