The vanillin market is expected to observe growth at a CAGR of 6.6% and touch valuation of USD 1.12 bn by 2032, while it holds a revenue of USD 519 Mn in 2022
Consumer buying behavior has changed drastically. They are consuming natural products that do not contain any preservatives. As a result, demand for functional products that are rich in minerals or other essential vitamins to maintain good health is expected to rise, driving up the sales of vanillin. This is expected to push demand for vanillin that has anti-oxidative, anti-inflammatory properties. Vanillin is the key flavoring additive in many food products and beverages, pushing the demand for vanillin globally.
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 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 scarcity of natural vanilla beans used for extraction of vanillin. Key players are investing in developing technologies to produce vanillin in labs, increasing the demand for vanillin. As the population increases the demand for food is expected to rise and so companies that formulate vanillin, which is not harmful for consumption, is expected to generate revenue in the near future. Many companies are collaborating and expanding their production facilities in order to multiply production to fulfil consumer demand, pushing the sales of vanillin.
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.
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
Information Source: https://www.futuremarketinsights.com/reports/vanillin-market