The global bio vanillin market is subject to witness a substantial growth due to the rising 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 bio vanillin in upcoming years. Globally, the market is predicted to grow at higher CAGR of 8.32% in forecast period, providing numerous opportunities for market players to invest in research and development in the bio vanillin 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, increasing demand form packaged food industry due to its wide range application is predicted to fuel the growth of the market over the forecast period.
Growing popularity of the bio vanillin 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. Increasing demand from personal care industry and cosmetics industry from various parts of the globe is estimated to augment the growth of vanillin market in upcoming years.
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 bio vanillin, in the recent years. Additionally, shifting focus towards organic food products and healthy life style is expected to fuel the growth of the market in the upcoming years.
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However, 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. Numerous safety measure has to be implemented while performing task such as labeling and packaging. 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.
The market is broadly categorized into three major segments based on the application type such as food & beverages industry, flavors & fragrances industry and pharmaceutical sector. The food & beverages industry is considered as one of the fastest growing segment in the market with substantial revenue generation in the last few years. Growing popularity of bio vanillin in the food & beverages segment is attributed to its ability to enhance the aroma, flavor, shelf life, and taste of various food & beverage products.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies during manufacturing of bio vanillin, growing health awareness, growing demand of packaged food, increase in the number of research & development activities in the region, and existence of well-established industrial infrastructure.
Asia-Pacific region is predicted to hold major market share in the bio vanillin market with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with growing demand from the various end-user industries, changing food patterns, dietary preferences, rising per capita income, and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the bio vanillin market are Ennloys Co., Solvay S.A., Apple Flavor & Fragrance Group Co., Ltd., International Flavors & Fragrances, Inc., and Evolva Holding Ltd.
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