Vanillin Market to Grow by 2025: Analysis, Development Scope and Future Prospect
10 June 2019: The global Vanillin Market size is expected to value at USD 724.5 million by 2025. The market is subject to witness a substantial growth due to the rise in demand from food & beverage industry. Additionally, growing demand from various end-user industries such as food & beverage, cosmetics, and pharmaceuticals are expected to drive the growth of vanillin in upcoming years. Globally, the vanillin market is predicted to grow at CAGR of 7.0% in forecast period, providing numerous opportunities for market players to invest in research and development in the market.
Vanillin is commonly used as flavoring ingredient to enrich taste of cuisine or packaged food products. Application of the vanillin include bakery products, confectioneries, ice-cream, chocolates, and non-alcoholic beverages. Thus, increase in demand form packaged food industry due to its wide range application is predicted to fuel the growth of vanillin industry over the forecast period. Growing popularity of the market from pharmaceutical sector is attributed to ability of vanillin to mask undesirable taste of livestock fodder or medicines. Vanillin is also used as an intermediate for the manufacturing of agro-chemicals and drugs. Increase in demand from personal care industry and cosmetics industry from various parts of the globe is estimated to augment the growth of the market in upcoming years.
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Vanillin adds distinctive flavor and taste to the food products, leading to increasing demand from number of packaged food manufactures. Vanillin contains low calorie ingredients and essential antioxidants. Such advantages makes it suitable for its use in various bakery products and alcoholic & non-alcoholic beverages. Changing food patterns and increasing health awareness among young population is largely influencing market demand for vanillin, in the recent years.
Additionally, shifting focus towards organic food products and healthy life style is expected to fuel the growth of vanillin market in coming years. However, growing concerns regarding the workers safety and hazardous operational conditions during manufacturing activities are expected to hamper market growth, in near future. In addition, increase in the number of laws and regulation regarding excessive of vanillin and use of synthetic ingredients by various governmental bodies such as REACH, Code of Federal Regulations, and NIOSH are responsible for restraining market growth to certain extent.
Furthermore, labeling and packaging of vanillin are harmful to health of an individual working in close proximity with the product causing eye irritation, skin infections, acute toxicity, aquatic chronic disorders and acute aquatic toxicity, thus negatively affecting market growth. Yet, increasing demand from Asia Pacific and European owing to the presence of large-scale food & beverage industry and businesses are anticipated to fuel market growth during the forecast period.
Synthetic vanillin is one the fastest growing segment in vanillin industry with highest revenue generation in the last couple of years. Growing popularity of synthetic vanillin is attributed to the lower cost associated with synthetic vanillin in comparison with bio-based vanillin and increasing demand from Asia-Pacific region. Synthetic vanillin is derived from various types of petrochemicals, while bio-based vanillin is produced from real vanilla extract. However, rise in concerns for excessive use of synthetic vanillin in food products and its adverse effects on health condition are predicted to limit the market growth in the years to come.
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The vanillin market is divided by region such as North America, Europe, Asia-Pacific, Latin America and Africa. European region has shown major growth in recent years owing to the growing health awareness, growing demand of packaged food, and existence of prominent industry players in the region. Asia-Pacific region is predicted to hold major market share in the vanillin industry with massive growth in forecast period. Countries such as India, China and Japan are leading the Asia-Pacific market with growing demand from the various end-user industries, changing food patterns, dietary preferences, rise in per capita income, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the vanillin industry are Apple Flavor & Fragrance Group Co., Camlin Fine Sciences Limited, De Monchy Aromatics Limited, International Flavors & Fragrances, Inc., Ennloys Enterprises, Evolva Holding S.A., Advanced Biotech Pvt. Ltd., Omega Ingredients Limited., and Comax Flavors.
Vanillin End-use Outlook (Volume, Tons; Revenue, USD Million, 2014 – 2025)
• Food & Beverage
Vanillin Regional Outlook (Volume, Tons; Revenue, USD Million, 2014 – 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
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