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.
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