Thekey players in the global bio vanillin market are paying attention to quality of themanufactured products. The companies are also focusing on the new flavors andfragrances that can be utilized in the cosmetic sector, apart from the food andbeverages industries. Givaudan SA, Solvay SA, Firmenich SA, Advanced Biotech,Evolva Holding SA, Apple Flavor & Fragrance Group Co., Ltd., Lesaffre,Aurochemicals, Archer Daniels Midland Company, and Borregaard are some of theleading players in the market. These firms provide a huge variety of productsand this has helped them achieve a strong position in the global bio vanillinmarket. One major growth strategy adopted by the firms in the market isdiversifying their product portfolio to up sales. The companies are alsobanking upon mergers and acquisitions to expand regionally. This is anothermajor strategy adopted by key players to improve their market position.
Accordingto Transparency Market Research, the global bio vanillin market is anticipatedto rise with a strong CAGR of 7.4% within the forecast period from 2017 to2025.
Basedon application, the market is led by food industry, which accounted for asignificant 50.82% share in it in 2016. On the basis of geography, the marketis dominated by Europe. The region accounted to over 33.14% share in the marketin 2016. The major factor propelling the growth in the region isenvironment-friendly property of bio-based products. Europe is foreseen to keepon leading the market within the forecast period from 2017 to 2025. However, interms of volume, Asia Pacific dominates the market.
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IncreasedConsumption of Organic Products to Fuel Market Growth
Theglobal bio vanillin market is boosted by increase in demand from the food andbeverages industry. The mentioned industry is flourishing all over the world,which turns out to be a positive news for the global bio vanillin market. Theadvancement in technologies in the food and beverages industry, along withchange in food preferences of the people are expected to spur demand in theindustry. Owing to this demand for bio vanillin, its market is anticipated torise s in coming years. Nations which have very high population, for exampleIndonesia, India, and China, are likely to experience a growing food andbeverage sector, which will fuel the market demand for bio vanillin. Theadoption of organic foods is another factor responsible for the market growth. Another encouraging factor supporting the high market demand is betterquality standards set by the Food and Drug Administration (FDA) and theEuropean Food Safety Authority (EFSA) regarding food safety.
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LowPricing of Synthetic Vanillin to Hinder Market Development
Thesynthetic vanillin has low price. This factor is foreseen to hamper the marketgrowth. This is so, because the synthetic vanillin can replace bio vanillin.The production of organic vanillin needs a lot of labor and hence, it turns outto be costly. This factor is also a hindrance in advancement of the market.However, in coming years the market will pick pace once it passes its nascentstage.
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