Bio Vanillin Market: Increased Consumption of Organic Products to Fuel Market Growth
According to Transparency Market Research, the global bio vanillin market is anticipated to rise with a strong CAGR of 7.4% within the forecast period from 2017 to 2025.
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Based on application, the market is led by food industry, which accounted for a significant 50.82% share in it in 2016. On the basis of geography, the market is dominated by Europe. The region accounted to over 33.14% share in the market in 2016. The major factor propelling the growth in the region is environment-friendly property of bio-based products. Europe is foreseen to keep on leading the market within the forecast period from 2017 to 2025. However, in terms of volume, Asia Pacific dominates the market.
The global bio vanillin market is boosted by increase in demand from the food and beverages industry. The mentioned industry is flourishing all over the world, which turns out to be a positive news for the global bio vanillin market. The advancement in technologies in the food and beverages industry, along with change in food preferences of the people are expected to spur demand in the industry. Owing to this demand for bio vanillin, its market is anticipated to rise s in coming years. Nations which have very high population, for example Indonesia, India, and China, are likely to experience a growing food and beverage sector, which will fuel the market demand for bio vanillin. The adoption of organic foods is another factor responsible for the market growth. Another encouraging factor supporting the high market demand is better quality standards set by the Food and Drug Administration (FDA) and the European Food Safety Authority (EFSA) regarding food safety.
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The synthetic vanillin has low price. This factor is foreseen to hamper the market growth. This is so, because the synthetic vanillin can replace bio vanillin. The production of organic vanillin needs a lot of labor and hence, it turns out to be costly. This factor is also a hindrance in advancement of the market. However, in coming years the market will pick pace once it passes its nascent stage.
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. TMRâ€™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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