Tannin Market is projected to reach $4.0 billion by 2030, growing at a CAGR of 5.7% from 2021 to 2030

According to a new report published by Allied Market Research, titled, "Global Tannin Market: Opportunity Analysis and Industry Forecast, 2021-2030," the global tannin market was valued at $2.3 billion in 2020, and is projected to reach $4.0 billion by 2030, growing at a CAGR of 5.7% from 2021 to 2030.

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Tannin refers to astringent biomolecule extracted from plants and fruits. It is found in various parts of plants, including barks, stem tissues, roots, seeds, and leaves. Moreover, plants have a large amount of tannin, which protects them from predators and helps with their growth regulation. Fruits with rich tannin content include cranberries, blueberries, strawberries, hazelnuts, pecans, walnuts, grapes, and oranges. Moreover, tannins are found in coffee, tea, red wine, and beer. Furthermore, tannins are used in medicines such as witch hazel, a source of tannin, used popularly in skincare and personal care products.

Surge in demand from leather tannery, wine, paints & coatings, and adhesive manufacturing industries act as a key driving force of the global tannin market. In addition, increase in demand for footwear, purses, and bags, owing to improvement in economic standards is expected to positively influence the tannin market. The global leather industry may witness gains at over 5% by 2024. Growing leather upholsteries demand in automobile sector due to consumer inclination toward better vehicle aesthetics is expected to further foster the product demand. Moreover, rise in demand for wood adhesives due to compatibility with wide range of substrates along with low production cost and faster curing time is likely to drive the industry growth. This is attributed to the fact that tannin has wide application scope in wooden furniture, musical instrument, and floorings. Furthermore, tannin is essential feedstock for manufacturing wood adhesives, thereby stimulating industry growth. However, carcinogenic effects of tannin are expected to hamper the growth of the tannin market during the forecast period. Conversely, rise in number of start-ups offering innovative products and technologies is expected to provide growth opportunities for the tannin market during the forecast period.

By source, the global tannin market size is bifurcated into plants and brown algae. The plants segment dominated the global tannin market with more than half of the total tannin market share in 2020, as processes of manufacturing tannin from plants are easy.

On the basis of product, the market is segregated into hydrolysable, non-hydrolysable, and phlorotannin. The hydrolysable segment dominated the global tannin market with more than two-fifths of the total market share in 2020, as hydrolysable products have beneficial antibacterial effects and are used in the manufacturing of pharmaceuticals.

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Depending on application, the global tannin market is fragmented leather tanning, wine production, wood adhesives, anticorrosive primers, and others. . The leather tanning segment dominated the global tannin market with more than three-fifths of the total market share in 2020, owing to surge in demand for leather from furniture, automotive, and apparel industries.

Region wise, the global tannin market is studied across North America, Europe, Asia-Pacific, and LAMEA. Europe emerged as the leader with nearly two-fifths of the total market share in 2020, owing to development of the wine industry across the region.

The major players profiled in the global tannin market report are Tannin Corporation, S.A. Ajinomoto Omnichem N.V., Polson Pty. Ltd., Forestal Mimosa Ltd., Ever S.R.L., and UCL Company (Pty) Ltd., Laffort SA, Zhushan County Tianxin Medical & Chemical Co., Ltd., W. Ulrich GmbH, and Tanin Sevnica D.D.

COVID-19 impact analysis

According to the International Monetary Fund (IMF), owing to the outbreak of novel coronavirus (COVID-19), the global economy shrunk by 3.0% in 2020. Many countries are under stringent lockdown, which have forced several sectors to shut down their operations. This has halted manufacturing activities and reduced the demand and production of tannin.
The COVID-19 pandemic has had a negative impact on the overall leather industry, including the footwear, apparel, and accessories. Retailers faced severe losses during the first two quarters of 2020. According to a report by the World Footwear, the sales of footwear declined by close to 32.0% in the U.S. at the end of the first two quarters of 2020. Low demand for footwear, in general, is subsequently expected to decrease the sales of leather shoes. Many manufacturers in the market have historically relied on China for finished products as well as raw materials used in the manufacturing of various leather goods. The pandemic has, however, disrupted the supply chain, causing severe losses in terms of product shipment and on-time delivery. Due to this, the demand for tannin from leather manufacturers and tanners has declined significantly in 2020, and is likely to be to affected in 2021. However, the demand for tannin from leather industry is anticipated to recover in the first half of 2022, as various leather goods manufacturing players are about to restart their manufacturing activities.
The COVID-19 pandemic has disrupted the global wine distribution channel due to the extensive closure of and restrictions on hotels and restaurants across the world. The sudden outbreak of pandemic has affected around 77.0% of hotels, with turnover falling by 60.0% across the sector, while restaurants witnessed decline by 91.0% by the end of 2020 across the globe. Owing to decline in sales of wine across the globe, the production of wine has reduced, which, in turn, affected the consumption of tannin from wineries, thereby negatively impacting the growth of the market.
Tannin is widely used in production of wood adhesive. Attributed to the outbreak of COVID-19 pandemic, the construction of various residential, commercial, and industrial projects has been halted amid lockdown. As a result, the demand for wood adhesives to be used in glue laminated beams, windows, and doors has been declined. In addition, amid lockdown, various wood adhesive manufacturing plants have shut down their production activities, which resulted in decline in demand for tannin.

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Key Findings Of The Study

In 2020, Europe dominated the global tannin market with around 39.0% share, in terms of revenue, and is projected to grow at the highest CAGR of 4.5% in terms of value.
The North America is projected to grow at the highest CAGR of 6.3% in terms of revenue.
The plants segment dominated the global tannin market with around 52.7% of the share in terms of revenue, and is estimated to register the highest CAGR of 6.2%.
The hydrolysable segment dominated the global tannin market with around 43.6% of the share in terms of revenue.
The phlorotannin segment is projected to grow at the highest CAGR of 6.3% in terms of revenue.
The leather tanning segment dominated the global tannin market with 61.7% of the share in terms of revenue.
The wood adhesive segment is projected to grow at the highest CAGR of 6.6% in terms of revenue.

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