The report segments the global vanillin market by application in the food and beverages, fragrances, and pharmaceutical sectors. The report also provides an analysis of the market’s growth across different geographic regions such as the Americas, APAC, and EMEA. It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global vanillin market, according to Technavio researchers:
- Increased consumption of synthetic vanillin: a major market driver
- Increasing disposable incomes: key market trend
- In 2017, the food and beverages segment dominated the market by occupying almost 56% share
- Apple Flavor & Fragrance Group, Advanced Biotech, Evolva, Jiaxing Zhonghua Chemical, and Solvay are the leading players in the market
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Increased consumption of synthetic vanillin: a major market driver
Increased consumption of synthetic vanillin is one of the major factors driving the global vanillin market. The global vanillin market is expected to witness considerable growth rate due to the limited supply of natural vanilla worldwide. Topical farmers involved in vanilla plantations are being daunted by constant price fluctuations. This is majorly due to huge supply and demand gap associated with vanilla. Further, vanilla is considered as one of the smallest among the luxury crops (tropical).
According to a senior analyst at Technavio for specialty chemicals research, “Madagascar, the largest vanilla producer in the world, was experiencing decreased vanilla production due to bad weather conditions in early 2017. This has also resulted in low-quality vanilla. Such concerns surrounding the production of natural vanilla has led to a surge in demand for vanillin, as a substitute for natural vanilla.”
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Increasing disposable incomes: key market trend
Globally, three billion people are expected to enter the middle-class segment in the next 20 years. The sales of food and beverages, pharmaceuticals, and personal care products from the growing middle-class population is a significant factor for the growth of the market. This is likely to create a significant opportunity for bio vanillin products also. APAC and the Americas are the key emerging markets for convenience foods and cosmetic products with a lot of opportunities for major players to expand their businesses.
Regional landscape: APAC to dominate the market
During the forecast period, 43% of the incremental growth is expected from the APAC region, followed by EMEA and the Americas. The increasing consumption of processed foods has led manufacturers of vanillin to capitalize on vanillin production methods using synthetic routes. Although synthetic vanillin does not match up to the exact flavor of vanilla, it finds application in most vanilla products due to its lower cost of production as compared to naturally available vanilla. Therefore, the global vanillin market is being driven by the expensive value of natural vanilla. This is expected to contribute positively toward market expansion during the forecast period.
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