Tannin Market Rising Trends, Key Leading Players, Trends Analysis, Industry Share And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Tannin Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The tannin market size has grown strongly in recent years. It will grow from $2.47 billion in 2023 to $2.67 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to increasing demand in leather processing, growth in the wine industry, rise in the use of adhesives, expansion in the textile industry, and increasing alcohol production.

The tannin market size is expected to see strong growth in the next few years. It will grow to $3.61 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to increasing demand for eco-friendly and sustainable products, increasing awareness of health benefits associated with tannins, rising investments in research and development, rising demand for natural dyes, and rising demand for tannin-based chelating agents. Major trends in the forecast period include technological advancements, organic cosmetics, traditional medicine, eco-friendly packaging, and personalized nutrition.

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Market Drivers and Trends:

The increasing demand from the leather industry is expected to propel the growth of the tannin market going forward. The leather industry refers to the sector engaged in processing animal hides and skins into leather and manufacturing various leather products, such as garments, footwear, and accessories. The demand from the leather industry is in light with growing fashion trends, the expansion of the automotive sector, the increased popularity of premium home furnishings, and advancements in sustainable leather production methods. Tannin is used in the leather industry as a key ingredient in the tanning process, where it helps convert raw animal hides into durable, flexible leather by binding with the proteins in the hides to prevent decomposition and improve the material's strength and quality. For instance, in July 2024, according to the CBI Ministry of Foreign Affairs, a Netherlands-based governmental organization, the value of leather accessory imports to Europe increased to €2.97 billion ($3.24 billion) in 2022, up from €2.74 billion ($2.99 billion) in 2021, reflecting a growth in demand. Therefore, the increasing demand from the leather industry is driving the growth of the tannin market.

Major companies operating in the tannin market are focused on developing innovative products with sustainable tan leather that are both environmentally sustainable and safe for consumers. Sustainable tan leather refers to leather that is produced using environmentally friendly and ethically responsible methods, particularly in the tanning process. For instance, in August 2023, Bentley Motors Limited, a UK-based manufacturer and marketer of luxury cars and SUVs, launched Olive Tan Leather as part of its sustainability journey. The tanning agent derived from organic by-product of olive oil pressing. It is specifically derived from wastewater collected during the olive pressing process. This method is free from harmful metals, minerals, and aldehydes, and requires less water compared to traditional tanning processes.

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Major Key Players of the Market:

Ajinomoto Co. Inc., Balchem Corporation, Indena S.p.A., Sisco Research Laboratories Pvt. Ltd., Mimosa S.A., Silvateam S.p.A., Parchem Fine & Specialty Chemicals, American Chemical Society (ACS), Digitell Inc., Polson Ltd., Hardwood Floors Magazine, W. Ulrich GmbH, Laffort SA, Wein Bauer Inc., Ataman Kimya, Coatings World, Ever S.R.L., Frontiers Media S.A., Golden Bean, Jyoti Dye Chem Agency, Novachem Ltd., TANAC Inc., VinePair Inc.

Tannin Market 2024 Key Insights:

• The tannin market size is expected to see strong growth in the next few years. It will grow to $3.61 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%.
• Rising Demand From The Leather Industry Drives Growth In The Tannin Market
• Innovative Developments in the Tannin Market And Focus On Sustainable Leather
• Europe was the largest region in the tannin market in 2023

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