The vanillin market is expected to observe growth at a CAGR of 6.6% and touch a valuation of USD 1.12 bn by 2032, while it holds a revenue of USD 519 Mn in 2022
People’s shopping habits have experienced tremendous change. They consume organic foods that have been organically preserved. The increased demand for functional products rich in vitamins and other critical minerals to maintain optimal health is predicted to boost vanillin sales. As a result, the demand for vanillin, which possesses anti-oxidative and anti-inflammatory effects, is predicted to rise. Vanillin’s use as a key flavour agent in a variety of foods and beverages raises global demand for it.
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Demand for vanillin is rising with its used bakery in products like cakes, bread rolls, cookies, chocolates, and confectionary items like sauces and syrups. It is also used in the cosmetic industry to add a peculiar aroma to different soaps, shampoos, and fragrances and in animal feeds. These widespread applications are expected to drive the demand for vanillin. As consumers prefer clean-label products demand for natural vanillin is expected to rise in multitude.
Due to the shortage of natural vanilla beans used for vanillin extraction. Key firms are investing in developing technology to generate vanillin in labs, which is raising vanillin demand. As the population grows, so will the demand for food, and companies that produce vanillin, which is not hazardous to eating, are likely to gain cash in the near future. Many companies are collaborating and extending their production facilities in order to increase production to meet consumer demand, which is driving vanillin sales.
Sales of vanillin is attributed to the increasing consumer snaking habit as they continue to work from home in order to control the spread of virus is expected to propel the demand in vanillin. Urbanization and consumer willingness to splurge on food additives for enhanced food flavor and texture is expected to bring in many opportunities for vanillin market in North America and Europe. The consumption of vanillin is already high in Asia pacific counties like China due to presence of ample manufacturing units.
Key Takeaways from Market Study
- The vanillin market is expected to increase at CAGRs of 6.1% in North America to is expected to reach a valuation of USD 216 Mn.
- Asia Pacific is expected to account for 30% market share during the assessment year.
- The European vanillin market is expected to reach at USD 130 Mn by the end of the forecast period.
- Rising consumer inclination for organic products with no chemical additives is driving sales of natural vanillin products in the market globally, increasing the sales of vanillin
- By application, the food and beverage industry holds the highest market share and is expected to increase at a CAGR of 6.5%.
“Manufacturers concentrating on technology to formulate vanillin in-house are expected to generate maximum revenue. Brands that emphasize sustainable practices and focus on packaging and labelling are expected to stand out among the competition.” says a Future Market Insights analyst.
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Competitive Landscape
Key manufacturers of vanillin are emphasizing research & development to offer differentiated products with no chemical components. Key players are working together and developing new product lines to enter untapped market places. New market players also push the demand for vanillin.
- Recently, Solvay is expanding its European organic vanillin production capabilities by 60 metric tonnes, demonstrating its dedication to satisfy long-term growth projections for natural food and beverage ingredients. Demand for vanillin rises with the additional capacity is targeted to support Solvay’s global customer base for its natural and clean label needs in food.
- Prinova NAGASE group has introduced its new vanillin natural under its Aroma chemicals LLC that covers the market applications of flavor & fragrance while it comes in the standard carton pack of 25 kg, increasing the sales of vanillin globally.
- Lately, Merck has tied up with a new chemical form of vanillin for industrial applications, focusing on solubility and effectiveness, fueling the sales of vanillin extracts and products in new regional spaces.
Vanillin Market by Category
By Application:
- Food
- Beverage
- Pharmaceuticals
- Other Applications
By Form:
- Natural Vanillin
- Synthetic Vanillin
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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