The players in the global bio vanillin market are focusing on manufacturing quality products. The focus is also on innovative fragrances and flavors, which can be used in the cosmetic industry, apart from the beverage and baking industries, states a new report by Transparency Market Research (TMR). Some of the leading players in the market are: Solvay SA, Givaudan SA, Apple Flavor & Fragrance Group Co. Ltd, Firmenich SA, and Advanced Biotech. These top companies provide a wide range of products and this has led them to gain a strong foothold in the global bio vanillin market. One of the key strategies adopted by players in the market is diversification of products. Participating in mergers and acquisitions so as to expand their regional footprint is another strategy implemented by leading players.
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According to a report by TMR, the global bio vanillin market is expected to rise from US$7.60 mn in 2016 to be worth US$14.34 mn by 2025, expanding at a 7.4% CAGR from 2017 to 2025. On the basis of application, the food sector is leading in the market. It held a whopping 50.82% of the market in 2016. By region, Europe is leading in the bio vanillin market and it constituted over 33.14% of the market in 2016. The eco-friendly nature of bio-based products will drive the demand of bio vanillin in Europe. It is expected to remain in its leading position in the market throughout the period from 2017 to 2025. By volume however, Asia Pacific held the leading share in 2016. Moreover, the market in Asia Pacific will expand at the fastest rate in the years to come on account of the growing health consciousness among consumers in the region.
Thriving Food and Beverage Industry Remains Key Growth Driver for Bio Vanillin Market
The global bio vanillin market is driven by the high demand from the food and beverages sector. The food and beverage industry across the globe is thriving and this spells good news for the global bio vanillin market. The growing innovation in the field and the altering preference of consumers will ensure a continuous growth of the food and beverage industry, which in turn will boost the demand for bio vanillin in the period from 2017 to 2025. Countries such as Indonesia, China, and India, with their high population are expected to have a flourishing food and beverage industry, thereby driving the bio vanillin market. The growing popularity of ingredients that are natural will fuel the growth of this market. High quality standards set by the European Food Safety Authority (EFSA) and the Food and Drug Administration (FDA) for maintaining food safety will also act as a motivating factor and will drive the demand for bio vanillin.
Threat of Substitute by Synthetic Vanillin to Challenge Market
The cost of synthetic vanillin is low and this will act as a restraint in the market as bio vanillin will be substituted for, by synthetic vanillin. The production of natural vanillin requires intense labor and thus, turns out to be expensive. This again shall act as a challenge for the growth of the global bio vanillin market. Nevertheless, it is expected that in the years to come, the global bio vanillin market will gain traction, as at present the market is merely at a nascent stage.