Global Bio Vanillin Market to exceed USD 19 million by 2023
Bio Vanillin Market Size By Application, Competitive Market Share & Forecast, Downstream Application Potential (Methoxyhydroquino
A paradigm shift can be seen from the use of synthetic product towards the bio-renewable products, pertaining to the health consciousness of the consumers. This major concern is primarily effecting the food & beverage industry on a large scale and hence promoting the growth of health as well as environmental friendly products.
While there has been a number of bio-renewable products introduced lately, the growth of the Bio Vanillin market is worth noticing. The consumer preferences of natural products over the synthetic items and the demand for new flavors are driving the growth of this market. The high demand for Vanillin is due to its massive usage in various sectors. Relevant to the food & beverage industry, it can be used as a flavoring agent, food preservative (however, this usage is hampered owing to its strong smell), and precursor in the manufacture of different flavorings. Vanillin also finds extensive application in fragrances and pharmaceutical preparations.
According to a detailed study on Bio Vanillin Market, Bio Vanillin market share is estimated to exceed USD 19 million by 2023. The two most lucrative sectors (application segments) tending to contribute significantly to the Bio- Vanillin market are Food & Beverages which dominated the application landscape with worth over USD 8 million in 2015 followed by the fragrance industry which is expected to grow at a CAGR of 6.61% during the period of 2016-23.
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Taking into consideration the regional aspect, the Bio-Vanillin market has marked its presence across the entire globe. In 2015, Europe was the industry leader and is predicted to be worth more than USD 5.5 million in 2023. This growth is driven by the ecological measures to regulate greenhouse gas emissions along with the demand for products derived from biomass.
Also, North America would witness noticeable growth during the years 2016-2023 expecting to register a CAGR of more than 12.5 %. This growth would also be driven majorly by the ecological demands to reduce carbon flow along with brewery sector growth. In addition, the product positioning and the inclination towards the natural products will also contribute towards the regional share.
APAC will also be a major region spotting the growth in this market. This growth would be driven by the rise of food & beverages as well as the pharmaceutical industries. Further, the fragrance sector would also be an important factor contributing towards the regional growth owing to the changing lifestyle trends, demand for superior fragrances, and development per capita.
The Bio-Vanillin market is in the nascent stage and is expected to develop rapidly in the upcoming years. The end user manufacturers are readily willing to pay premium prices due to the rising demand from the consumers for the natural products. The rising demand shall witness collaboration of various industry players for Bio Vanillin product development and growth. Some of the key industry participants in this market are Solvay, Evolva, Ennloys, and Apple Flavor & Fragrance Group.
Taking into consideration the strong driving forces behind the growth of Bio-Vanillin market, it can be certainly expected to affect the related industries such as Food & Beverage, Pharmaceutical, and fragrance at a very large scale. The market, which was approximately worth USD 11.5 million in 2015, is expected to register a CAGR of more than 13% with its use crossing 500 tons in the coming six years (2016-23), according to Global Market Insights Inc.
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