LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global bio vanillin market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global bio vanillin market will grow at a CAGR of over 8% during the forecast period. Consumer awareness regarding the adverse effects of artificial food ingredients is a major factor driving the market’s growth.
The global bio vanillin market is heavily influenced by the increase in the awareness of consumers regarding the benefits of healthy and hygienic food. Buyers have turned out to be more aware of the hazardous, long-term side effects of synthetic and artificial food ingredients such as toxicity, allergies, and even cancer. Consumers particularly prefer food and beverage products with natural food additives such as bio vanillin. They are looking for items that have a clean, green mark on their pack, as they think of them as more secure and healthier.
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In this report, Technavio highlights the surge in demand from the confectionery industry as one of the key emerging trends driving the global bio vanillin market:
Surge in demand from the confectionery industry
The demand for bio vanillin is increasing with the rising consumption of confectionery products due to the changing lifestyle of consumers. Vanilla flavor stands out as one of the most common and broadly utilized flavors in a wide assortment of bakery and confectionery products such as dry chocolates, chocolate drinks, cookies, pastries, cakes, ice creams, biscuits, madeleines, waffles, wafers, fillings, toppings, and custards.
“Unique sensory qualities that offer new taste sensations have made bio vanillin to be widely accepted among consumers. It reduces sugar and fat in confectionery products without compromising on the taste. Key factors driving the demand for bio vanillin are its strong flavor profile, enhancement of sweet notes, masking off-notes, higher solubility, and flowability. The growth of the confectionery industry is likely to support the growth of the bio vanillin market over the forecast period,” says a senior analyst at Technavio for research on specialty chemicals.
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Global bio vanillin market segmentation
This market research report segments the global bio vanillin market into the following applications (food and beverage, fragrances, and pharmaceuticals) and key regions (the Americas, APAC, and EMEA).
The food and beverage segment held the largest market share in 2017, accounting for nearly 58% of the market. The market share for this application is expected to decrease by 2022. The fastest growing application is fragrances, which will account for 29% of the total market share by 2022.
EMEA was the leading region for the global bio vanillin market in 2017, accounting for a market share of 39%. By 2022, EMEA and the Americas are expected to see a decline in market share, whereas, APAC will witness growth.
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