NEW YORK, Oct. 20, 2016 /PRNewswire/ -- The global bio-vanillin market is expected to reach USD 227.7 million by 2024, according to a new report by Grand View Research, Inc. Bio vanillin is used in a broad range of applications including food & beverages, cosmetics, and pharmaceuticals on account of its superior flavor inducing properties which will result in propelling demand over the forecast period.
Increasing production through the microbial conversion process will be a major factor in realizing the full potential of bio vanillin over the forecast period. This factor will have a positive impact on the overall market. Its ability to mask the bitter taste in medicines will also play a significant role in increasing its penetration in the pharmaceutical sector.
Further key findings from the report suggest:
Pharmaceuticals are expected to remain a high potential segment for the product owing to its increasing application as a flavoring agent in various medicinal syrups and tablets. It is projected to experience significant volume gains at a CAGR of 8.3% over the forecast period. Moreover, its non-dispersive properties make it a viable option for use as an intermediate for synthesizing pharmaceuticals.
Fragrances were the second largest segment and accounted for 24.2% of the global volume share in 2015. Flavors and fragrances have a broad range of applications in various industries including cosmetics, detergents, personal care products, and chemical formulations. Growing consumer awareness about natural products has also influenced the demand for natural fragrances.
Asia Pacific was the largest market accounting for 37.9% of the global volume share in 2015. The growth of the food & beverage sector in emerging economies including China and India has been a primary growth factor for driving the demand for flavors & fragrances.
Asia Pacific was the largest producer of natural vanillin owing to the presence of vast farmlands of the crop in Malaysia. However, high demand for vanillin which outpaces the production on account of the presence of numerous food & beverage and pharmaceutical manufacturers has resulted in manufacturers looking at alternative methods of increasing production. Growing demand for biobased products due to their environment friendly characteristics and properties equivalent to synthetic counterparts has led to an increasing commercialization and usage of bio vanillin over the past few years, and the trend is anticipated to continue over the forecast period.
Europe is expected to witness substantial gains over the forecast period on account of high consumer demand for biobased products. Moreover, the presence of stringent regulatory framework supporting the use of biobased products, especially in food & beverages and fragrances, is expected to propel the demand for bio vanillin in the region over the forecast period.
Major bio vanillin manufacturers include Ennloys, Solvay S.A., Apple Flavor & Fragrance Group Co Ltd, International Flavors & Fragrances, Inc. and Evolva Holding. Joint ventures and partnerships are expected to be a key feature of the market to develop advanced biotechnology.
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