Portland, OR, Nov. 02, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global tannin market was pegged at $2.3 billion in 2020, and is expected to reach $4.0 billion by 2030, growing at a CAGR of 5.7% from 2021 to 2030.
Increase in need for leather and wine, rise in use of tannin in leather processing drive the growth of the global tannin market. However, various side effects of tannin hinder the market growth. On the contrary, rise in use of leather in the automotive and clothing industry is expected to open new opportunities for the market players in the future.
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Covid-19 scenario:
- The Covid-19 pandemic severely affected the food & beverage market. Moreover, the prolonged lockdown increased the prices of food products and disrupted the supply chain.
- The strict restriction on travel and trade negatively affected the production and distribution channels. However, easing restrictions on trade has increased the supply of the products.
The report segments the global tannin market on the basis of source, type, end users, sales channel, and region.
Based on sources, the plants segment held the lion’s share in 2020, accounting for more than half of the market. In addition, the segment is projected to manifest the highest CAGR of 6.2% from 2021 to 2030.
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On the basis of type, the phlorotannin segment is expected to register the highest CAGR of 6.3% during the forecast period. However, the hydrolyzable segment dominated the market in 2020, contributing to more than two-fifths of the market.
The global tannin market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Europe held the largest share in 2020, accounting for nearly two-fifths of the market. However, the market across North America is anticipated to portray the highest CAGR of 6.3% during the forecast period.
The global tannin market includes an in-depth analysis of the prime market players such as Tannin Corporation, S.A. Ajinomoto OmniChem, W. Ulirich GmbH, Laffort S.A., Ever s.r.l., Silvateam S.p.a., Polson Pty. Ltd., Tannin Sevnica d.d., Tanac S.A., Forestal Mimosa Ltd.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
