Albany, NY, July 20, 2016 (GLOBE NEWSWIRE) -- A new market intelligence study by Transparency Market Research presents a detailed overview of the global vanillin market. The report is titled “Vanillin Market - Global Industry Analysis, Size, Share, Trends and Forecast 2023.” The market research study provides a comprehensive analysis of the growth drivers, factors limiting growth, current trends, and projections of the market for the period from 2015 to 2023.
The extract of the vanilla bean contains an organic compound, vanillin, which is used extensively as a flavoring agent across the food industry to make ice creams, chocolates, biscuits, bread, cakes, and biscuits. Due to the high demand from the food and beverage industry, vanillin is chemically synthesized in addition to extracting from the seed pods of Vanilla planifolia. The existing global demand for vanillin is fulfilled majorly through synthetic vanillin. Apart from its applications in the food industry, vanillin is also used as a flavoring agent in toothpastes, tobacco, and other pharmaceutical applications.
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The research report on the global vanillin market has been segmented on the basis of vanillin type and geography. The report presents a comprehensive analysis of the growth of each of the product segments during the forecast period.
Describing the competitive hierarchy, the report identifies the major players involved in the vanillin industry, with insights into their financial standings, product types, and research and development activities. An analysis of strengths, weaknesses, opportunities, and threats of each of these companies has been provided in the report.
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The rapid growth of the bakery and confectionary industry worldwide is expected to drive the growth of the global vanillin market. Extensively used as a flavoring agent for making cakes, chocolates, ice creams and beverages, vanillin is expected to be high in demand in the next six years due to the wide spectrum of its food applications. The growing demand for flavored toothpaste and tobacco will further augment the growth of the market. Various other pharmaceutical applications of vanillin are expected to contribute towards the market’s growth during the forecast horizon.
On the basis of product type, the global vanillin market has been segmented into natural and synthetic vanillin. Natural vanillin is extracted from the seed pods of Vanilla planifolia. The harvested pods are cured over several months as the natural green seed pods lack the vanilla flavor. Chemically, vanillin is synthesized from guaiacol. The two major forms of vanillin are ethyl vanillin and methyl vanillin. While ethyl vanillin has a mild flavor and is in the form of white to slightly yellow colored crystals, methyl vanillin has a stronger flavor than ethyl vanillin and is one of the essential synthetic essences.
Among the key regions in the global vanillin market, Asia Pacific is anticipated to be the fastest growing region during the forecast period. The high potential demand for vanillin from countries such as Malaysia, Indonesia, Japan, China, India, and Thailand will drive the growth of this regional market. North America and Europe are also expected to significantly contribute towards the growth of the overall vanillin market.
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Major Companies in Global Vanillin Market
Some of the key players in the global vanillin market are JiaxingZhonghua Chemical Industry Co., Ltd., Solvay SA, Evolva Holding SA, and Prinova Group LLC. The major manufacturers are focusing on increasing their production capacities to meet the growing demand for vanillin. For example, Solvay SA has doubled its natural vanillin production capacity at its Melle plant since December 2013.
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About TMR
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decisionmakers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.