Fragrances Application segment of Bio Vanillin market is set to grow at more than 6.6% CAGR by 2023
Date: 2019-02-19   Author: Rahul Sankrityayan  Category: #market

Fragrances Application segment of Bio Vanillin market is set to grow at more than 6.6% CAGR by 2023

Food & beverages dominated the application landscape, worth over USD 8 million in 2015. Appeal of new flavors in the industry and strong demand for confectionery and bakery products along with persistent development are key stimulating factors. Bio Vanillin Market size is expected to surpass USD 19 million by 2023; according to a new research report by Global Market Insights, Inc.

Increasing consumer preference towards natural ingredients in food & beverage and personal care formulations will drive global bio vanillin market demand. Natural ingredients have been steadily gaining acceptance with consumers, especially across evolved markets, along with regulatory support for labeling standards. Bio vanillin has been developed as an alternative to the synthetic ingredient, which accounts for over 95% of present global demand.

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The product is at its initial development stage, while industry participants claim a ‘natural’ product, there is some ambiguity regarding this classifications, as a few groups have claimed these products are artificial owing to its production from genetic engineering. Naturally derived vanillin from the pod remains in demand, however, a very high price and limited cultivation is unable to meet global demand.

Biotechnology is also an important route in terms of addressing food waste and natural feedstock issues, permitting low value compound conversions to products of significant commercial interest. However, commercial success of the product will hinge on competitive bio vanillin market price trend.

Synthetic biology vanillin process is likely to lead the biomass removal required for good agricultural soil. Synthetic organisms may also harm the ecology on their escape either intentionally or unintentionally into the environment from a lab which is likely to be a threat for industry growth of bio vanillin market.

APAC fragrance application may witness significant gains and surpass USD 1 million by 2023. Rising consumer interest in fragrances, personal grooming, changing lifestyle trends, increasing demand for premium fragrances, and development in per-capita are key trending factors to fuel regional demand.
 
Global natural vanillin market is forecast to be worth over USD 140 million by 2023. End-use industry manufacturers are ready to pay premium prices for the natural ingredients owing to rising consumer preference for healthy products.

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North America bio vanillin market led the regional industry demand and was valued at over USD 3 million in 2015. Brewery industry expansion accompanied by positioning as a premium product ingredient in food & beverages and fragrances are key driving factors. France bio vanillin market size is projected to grow at over 12.9% CAGR up to 2023.
 
Vanillin downstream derivatives such as vanillyl alcohol, vanillic acid, and methoxyhydroquinone can serve as platform chemicals for 22 polymer compounds which can be used for the synthesis for polyesters, non-isocyanate polyurethanes (NIPU) and epoxy resins. Global bio vanillin market share is nascent and at development phase. Solvay, Ennloys, Evolva, and Apple Flavor & Fragrance Group are major industry players.



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Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for AlgosOnline, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in t...

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