Global Vanillin Market – Increasing Disposable Incomes to Boost Growth | Technavio

LONDON–(BUSINESS WIRE)–#Chemicals–The latest market research report by Technavio
on the global
vanillin market predicts a CAGR of around 8% during the
period 2018-2022.

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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vanillin market report free of cost

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