Global Bio Vanillin Market: Snapshot
Bio vanillin is the chief component extracted from vanilla beans which is widely used as a flavoring agent in food, beverages and pharmaceuticals. Bio vanillin is preferred over synthetic vanillin as it is a healthier and safer substitute compared to synthetic vanillin. Bio vanillin has been used as a premium ingredient in medicines, personal care products and perfumes and it is expected to drive the market over the forecast period.
Food regulatory authorities in the U.S. and Europe have contributed to the growth of bio vanillin market owing to the stringent rules and regulations for bio based products. Bio vanillin offers an amusing fragrance and causes minimal or no damage to human health. Wide acceptance of bio vanillin owing to its natural label over synthetic vanillin products has been the key driver of growth for the bio vanillin market.
Rise in the number of food and beverage industry has fuelled the demand for bio vanillin over the forecast period. Natural or bio vanillin accounts for 2 to 3% of the global vanillin market and it is way more costly than synthetic vanillin. Chemical industries are expanding rapidly in order to substitute synthetic materials with renewable ones. Biotechnological methods are practiced for deriving bio vanillin as it causes minimal threat to the environment and causes no toxic wastes.
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High price of bio vanillin coupled with the supply deficit is expected to restrict the market over the years to come. However, the bio vanillin market is on the rise and in its growing stage, and is expected to create potential opportunities for the years to come. It is expected to reach US$14.34 mn by the end of 2025 from US$7.60 mn in 2016. If these figures hold true, the global bio vanillin market will exhibit a CAGR of 7.4% between 2017 and 2025.
Food Emerges as Leading Application Segment
The global bio vanillin market is classified in terms of application and geography. By application, the bio vanillin market has been segregated into food, beverages, pharmaceuticals, and fragrances. Food occupied for the most dominant segment constituting nearly 50.82% of the market in 2016 and it is expected to retain its position over the forecast period. Bio vanillin has majority of its application in food and beverage industry and so this application segment occupies for a dominant share of the overall bio vanillin market over the forecast period.
Natural labeling of foods by the foods authorities of various regions has propelled the demand for bio vanillin in the food industry. Food application segment has been further sub-segmented into ice-cream, baked goods, chocolates and other types of food such as mayonnaise, cheese, sauces and spreads, among others. Baked goods segment accounted for a considerable market share over the forecast period owing to the wide usage of bio vanillin in breads, cakes and cookies among others.
The key players in the bio vanillin market are Solvay SA, Givaudan SA, Firmenich SA, Apple Flavor & Fragrance Group Co., Ltd., Advanced Biotech, Evolva Holding SA, Lesaffre, Archer Daniels Midland Company, Aurochemicals and Borregaard.
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Europe to Remain Dominant Regional Segment based on Revenue
Regionally, the global bio vanillin market has been segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. In terms of revenue, Europe held the dominant share of 33.14% in the global market in 2016 and it is likely to retain its dominance over the forecast period. Regulatory guidelines for natural product have been crucial driving factors of growth for the bio vanillin market in this region. Wide popularity of bio vanillin as a premium ingredient in the food and pharmaceuticals industry also stoked sales in the Europe bio vanillin market.
However, Asia-Pacific is the most attractive market for bio vanillin as it has tremendous growth potential over the years to come. Expansion of the food and beverages industry is one of the key driving factors for the growth of the bio vanillin market in Asia Pacific. The rising demand from emerging economies such as China, India and Indonesia, among others will boost the bio vanillin market over the forecast period. Asia-Pacific is likely to remain the major region in terms of volume over the forecast period. Besides this, North America has proven a lucrative market for the bio vanillin market owing to the health consciousness among consumers, coupled with the rise in the consumer preference for natural products.