Bio Vanillin Market size was valued at over USD 11.5 million in 2015 and the industry expects gains at over 13% CAGR, with consumption surpassing 500 tons by 2023 says this industry research
Sellbyville, DE -- (SBWIRE) -- 01/14/2019 -- Industry Overview
Global Bio Vanillin Market size was evaluated at more than $11.6 million for 2015. The industry is predicted to register CAGR of more than 13.1% with its use crossing 501 tons by end of forecast period. Increase in customer awareness related to health and regulations discouraging synthetic product use is anticipated to propel industry growth.Biotechnological techniques result in only one product isomer and less environmental problems with no toxic wastes creation. This aspect can promote bio vanillin industry trends. They are greener, cost effective, consume less energy and emit less greenhouse gases. So, biotechnological applications have experienced enormous interest from chemical sector who are replacing synthetic products with bio-based products.
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Bio vanillin industry is in its early growth phase and bio vanillin market price is higher as compared to its synthetic equivalent. It is necessary for producers to enhance manufacturing capacity and bring new innovations in biotechnology to match bio vanillin market price trends with its synthetic counterpart.
Global bio vanillin industry is segmented into applications like food & beverages, pharmaceuticals and flavor & fragrances. Potentiality of food & beverages along with trend for renewable items demand are few factors propelling industry demand. It dominated application segment and was evaluated more than $8.1 million for 2015.
Flavor & fragrances is the second biggest lucrative segment and is predicted to register CAGR of greater than 6.61% in revenue terms during forecast timeframe. Rising adoption of customized flavors & fragrances coupled with increasing per capita expenditure on individual grooming can promote product demand.
Global bio vanillin market is segmented into main geographical regions like Europe, Latin America, MEA, North America and APAC. Europe bio vanillin market was industry leader for 2015 and is predicted to be evaluated at greater than $5.6 million for 2023. Germany's contribution was more than $1.46 million for 2015 which was maximum for the year. High spotlight on using product derived from biomass along with ecological measures to regulate green house gas emissions are few factors influencing product demand in Europe.
North America, dominated by U.S. bio vanillin market share, can experience substantial gains and is predicted to register CAGR of more than 12.6% during forecast timeframe. Product positioning as a finest product section part in food & beverages and fragrances are the key driving aspects. Further, brewery sector growth along with tremendous efforts to reduce carbon flow is one of the key factors promoting industry growth.Growing customer demand for natural as well as organic constituents over its synthetic counter parts for product formulations can promote Latin America industry demand for food & beverages application.
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Key industry players profiled in the report include Alfrebro LLC, Beijing LYS Chemicals Company Limited, Omega Ingredients Limited, Moellhausen S.p.A, Berje Incorporation, Kunshan Asia Essence Daily Aroma Company Limited, Takasago International Corporation, Liaoning Shixing Pharmaceutical & Chemical Company Limited, Shanghai Xinjia Perfume Company Limited, Jiaxing Zhonghua Chemical Company Limited, Xiamen Bestally Biotechnology Company Limited, De Monchy Aromatics, Shenzen Xinboda Industrial Company Limited, Axxence Aromatic GmbH, Evolva, Ennolys, Solvay, Advanced Biotech, Comax Flavors, Aurochemicals, Champon Vanilla Incorporation, Borregaard, Zibo Svolei Fragrance Company Limited, Bozera Limited, Suzhou Function Group Company Limited, Apple Flavor & Fragance Group Company Limited and Asia Aroma.