New York, Aug. 17, 2023 (GLOBE NEWSWIRE) -- Global consumption of vanillin is estimated to be 35,106 tons in 2023. As per this elaborate study by Persistence Market Research, this figure is expected to increase to 76,613 tons by 2033, expanding at a compound annual growth rate (CAGR) of 8.1% during the forecast period (2023 to 2033).
The market for vanillin in developing countries has been spurred by a shift in preference for convenience food, driven by rapid urbanization, expanding workforce, and rising disposable income. Increasing demand for food products in emerging economies has led to a rise in demand for vanillin owing to its use in various food applications.
Consumers are progressively experimenting with innovative and novel food products intending to satiate their taste buds. Moreover, manufacturers in the food sector are focusing on product innovation and development to produce new food products with increased functional and nutritional features to meet the ever-increasing demand from customers.
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Consumers' discretionary income is increasing in several emerging regions, including Asia Pacific, the Middle East, and Africa, making it easier for people to purchase distinctive and creative food products.
One key reason for the growing consumer demand for new and creative food products is the uniqueness thereof, allowing consumers to sample diverse flavors and a wider variety of cuisines, which will boost market growth.
Key Takeaways from Market Study
- The global vanillin market is valued at US$ 3.01 billion in 2023 and is forecasted to expand at a value CAGR of 9.3% between 2023 and 2033.
- Demand for vanillin in Latin America is expected to reach a volume of 1,851 tons by 2033.
- Europe and North America together account for a volume share of 59% of the global market.
- Synthetic vanillin holds a leading market share, with its consumption reaching 32,941 tons in 2023.
- Based on application, the food & beverages sector holds a market volume share of 80.3% and is anticipated to advance at a CAGR of 8.1% during the forecast period.
- The Australian market is expected to exhibit a volume CAGR of 9.8% from 2023 to 2033.
“Rising inclination toward food products made from natural ingredients has augmented the sales of high-quality natural vanillin and has led to research and innovation opportunities to explore alternative botanical sources for natural vanillin extraction. Furthermore, producers are concentrating on increasing their production capacity of natural vanillin,” says a Persistence Market Research Analyst.
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Competitive Landscape
Manufacturers of vanillin are investing in research and development (R&D) and strengthening their operations worldwide. Participants in the global vanillin market are strategically distributing their products across various countries, reflecting a consistent trend of increasing consumption driven by rising global demand for natural and clean-label products among consumers.
Major Key Players are Apple Flavor & Fragrance Group Co., Ltd., Axxence Aromatic GmbH, Borregaard, Conagen, Inc., Comax MFG Corp., De Monchy Aromatics, Ennloys, Evolva Holding SA, Factoria-Kiev Ltd, Jiaxing Zhonghua Chemical Co., Ltd., Liaoning Shixing Pharmaceutical & Chemical Co. Ltd., MOELLHAUSEN S.P.A., Omega Ingredients Ltd., Prinova Group LLC., Solvay SA
Recent Developments
- Borregaard produces customized vanillin blends such as EuroVanillin Bakery, EuroVanillin Borrebon, EuroVanillin Butter, EuroVanillin Caramel, EuroVanillin Chocolate, EuroVanillin Cream and EuroVanillin Dairy. Customized solutions allow consumers to turn to one manufacturer to meet their product-specific needs and requirements.
- Apple Flavor & Fragrance Group Co., Ltd. also focuses on research and development activities to develop new and innovative products. The company invested 4% to 6% of its sales in research and development. The company has 40 patents through the core competence of its R&D, including 36 patents for inventions and 1 for its utility model.
- Evolva Holding SA collaborates with leading companies, research institutions, and organizations to accelerate vanillin development and commercialization. By forming strategic partnerships, the company can leverage the expertise and resources of its collaborative partners to bring innovative solutions to the market more efficiently. Research and development is a key component of Evolva's business strategy.
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More Valuable Insights Available
Persistence Market Research, in its new report, offers an impartial analysis of the global vanillin market, presenting historical data for 2018 to 2022 and estimation statistics for 2023 to 2033.
The study offers compelling insights based on nature (natural, synthetic [ethyl vanillin, methyl vanillin] and application (food & beverages [bakery & confectionery, beverages, dairy], pharmaceuticals, animal feed, tobacco flavoring), across seven major regions of the world.
For additional insights on how the global vanillin market will shape up over the decade, write to media@persistencemarketresearch.com
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