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Bio Vanillin Market size is forecast to reach $ 267.8 million by 2025, growing at a CAGR of 5.68% during the forecast period 2020-2025. Increasing consumer preference for natural products and high consumer awareness regarding the potential adverse effects of artificially produced food additives are the major factors driving the growth of the market. Increasing feasible opportunity to replace the synthetic product with bio-based products is set to further enhance the overall market demand for Bio Vanillin Market during the forecast period 2020-2025.
Applications – Segment Analysis
The Food and Beverage held the largest share in the Bio Vanillin Market in 2019 and is estimated to grow at a CAGR of 6.47% during the forecast period 2020-205 owing to the fact that it enhances the aroma, flavour, shelf life, and taste of various food and beverage products, keeping the nutritional value of foods unaltered. Consumer preference is growing towards the utilization of high nutritional and bio based food products. The food and beverage are prone to upsurge as the food industry require flavour for different purposes, for instance, to add new product offering, new product development, and to change the quintessence of existing item. The demand for fragrances is increasing owing to the growing acceptance of customized fragrances along with growing affluence and increased per capita spending on personal grooming can drive product demand. Increasing consumer spending, changing dietary habits, and a growing population is estimated to augment confectionery consumption is increasing the demand of the market. The Food and Drug Administration (FDA) and European Food Safety Authority (EFSA) have created quality and safety standards for ingredients to be used in food & beverages, which in turn is estimated to increase the market concentration of bio-vanillin. Food and Beverage are set to be the highest growing segment and are estimated to register the highest CAGR during the forecast period 2020-2025.
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Geography – Segment Analysis
Asia Pacific dominated the Bio Vanillin Market in 2019 with a share of more than 36.70%, followed by North America owing to the high growth regarding the demand of food products, attributable to increasing per-capita expenditure on food products and the higher growth rate of the foodservice industry. Shifting consumer preference from synthetic to bio based products is increasing the growth of the market in this region.
However, North America is estimated to grow at a higher CAGR during the forecast period 2020-2025 owing to the rising consumption as a flavoring agent in the food and beverage industry. Increasing nontraditional food sellers is also increasing the growth of the bio vanillin market in this region.
Drivers – Bio Vanillin Market
Increasing consumer preference for natural products and high consumer awareness regarding the potential adverse effects of artificially produced food additives
Increasing consumer preference for natural products and high consumer awareness regarding the potential adverse effects of artificially produced food additives is increasing the growth of the bio vanillin market. Increasing consumer awareness regarding the health hazards of artificial substances makes consumers critical of artificial ingredients. Moreover, rising concerns related to allergies caused owing to added substances make it essential for manufacturers to follow labelling regulations, and include recognizable ingredients on labels that consumers can understand, to maintain transparency in labelling. These practices help leading manufacturers add more value to their products, differentiate themselves from other brands, and attract more health-conscious consumers. Consumer shift toward healthier lifestyles has led manufacturers to adopt various methods for producing sustainable ingredients. Fermentation-derived bio vanillin is a suitable replacement for synthetic vanillin, and manufacturers are increasingly adopting the former. Manufacturers in the bio vanillin market are utilizing rice bran as a feedstock, which is converted into ferulic acid, and further fermented by yeast to produce bio vanillin. Thus, increasing the growth of the bio vanillin market during the forecast period 2020-2025.
Increased Consumption of Organic Products
Increased consumption of organic products is increasing the growth of bio vanillin market owing to the increase in demand from the food and beverage industry. The advancement in technologies in the food and beverage industry, along with the change in food preferences of the people is estimated to spur demand in the industry. Nations that have a very high population are likely to experience a growing food and beverage sector, which is set to fuel the market demand for bio vanillin. The adoption of organic foods is another factor responsible for market growth. Another encouraging factor supporting the high market demand is better quality standards set by the Food and Drug Administration (FDA) and the European Food Safety Authority (EFSA) regarding food safety. Thus, increasing the growth of the bio vanillin market during the forecast period 2020-2025.
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Challenges – Bio Vanillin Market
High prices of natural vanillin coupled with supply shortage and limited availability of natural vanillin by climate fluctuations
Some of the factors that can impede the growth of the Bio Vanillin Market are the high prices of natural vanillin coupled with supply shortage and limited availability of natural vanillin by climate fluctuations
Bio Vanillin Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Bio Vanillin Market. In 2019, the Bio Vanillin Market share is consolidated by the top ten players present in the market. Bio Vanillin, the top 10 companies are Evolva, Solvay, De Monchy Aromatics, Advanced Biotech, Omega Ingredients Ltd., Ennolys, Comax Flavors, Beijing LYS Chemicals Co. Ltd., Alfrebro, LLC, Aurochemicals, Axxence Aromatic GmbH among others.
In December 2019, Solvay SA, a leading bio vanillin manufacturer, doubled the production capacity of its natural vanillin product – Rhovanil – to reach 120 metric tons per year.
The Asia Pacific dominates the Bio Vanillin Market owing to the high growth, attributable to increasing per-capita expenditure on food products and the higher growth rate of the foodservice industry as compared to that of other regions. The Bio Vanillin Market scope for different regions will be provided in the final report.
Rising consumption as a flavouring agent in the food & beverage industry and increased per capita spending on personal care products is likely to aid in the market growth of the Bio Vanillin Market.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Bio Vanillin Market report.
High prices of natural vanillin coupled with supply shortage and limited availability of natural vanillin by virtue of climate fluctuations are set to create hurdles for the Bio Vanillin Market.
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