Market Analysis Report Bio Vanillin Market | Page 2

Your Catalyst to a Lucrative Business
The bio vanillin market is split into applications and regions. Applications comprise food & beverages,
pharmaceuticals, and fragrances. Food & beverages dominated the market with over 65% of the total
volume shares in 2015. Surging demand for foods with a sweet aftertaste can propel the market in the
forecast period.
‘Fragrances’ was the second largest market in 2015. With a market share of 24%, this segment stood
at nearly USD 31 million in the same year. It may expand at an 8.3% CAGR from 2016 to 2024.
Fragrances are vastly used in cosmetics, personal care products, detergents, and chemical
formulations. Pharmaceuticals can gain at over 8% CAGR (with respect to volumes) in the forecast
period. This is attributed to the growing trend of using flavorings in syrups and tablets.
Based on regions, the industry is segmented into Europe, North America, Latin America, Asia Pacific,
and the Middle East & Africa (MEA). Asia Pacific bio vanillin led the worldwide market in 2015 with a
40% share in terms of volume. Use of the product in bakery and confectionery products in nations like,
Malaysia, Indonesia, Vietnam, China, and India will impel market growth.
The bio vanillin industry will grow at a steady pace in regions, such as North America and Europe.
North America is estimated to grow at a CAGR of over 5%. Europe is estimated to expand at over 7%
CAGR in the years to come. Regulatory norms will play a crucial role in the development of these
markets.
This product is widely used in a host of fragrances, foods, and drinks. Such a trend will contribute
substantially to the growth of this market in the forthcoming years.
Major competitors in the global industry are Apple Flavors & Fragrances Group Company Limited,
Solvay SA, International Flavors & Fragrances, and Ennloys. Companies engage in strategic
partnerships & technological developments for occupying more shares.
Browse Related Category Market Reports @ https://www.hexaresearch.com/research-category/nutraceuticals-
and-functional-foods-industry
Follow Us: