Nov 21, 2019   SOURCE: BusinessWire

Global Vanillin Industry Report 2019-2024: Key Players are Solvay, Evolva, Camlin Fine Sciences, Lesaffre (Ennloys), and Prinova Group - ResearchAndMarkets.com

The "Vanillin Market - Growth, Trends, And Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.

The Vanillin market is forecasted to reach USD 493 million by 2024 growing at a CAGR of 8.2% during the forecast period (2019-2024).

Vanillin market's growth is driven by its diversified applications in end-user industries, ranging from food and beverage to pharmaceuticals. Major players in the end user segment such as Nestle and General Mills, announced that they would be using natural colors and flavorings in their products. This is expected to drive the demand for vanillin, as it is one of the most popular flavor among consumers.

The major market players are heavily investing in R&D, primarily to improve the production yield of vanilla, which is used in extracting vanillin. The global vanillin market is highly fragmented and competitive. Some of the key players in the global vanillin market are Solvay SA, Evolva Holding SA, Camlin Fine Sciences, Lesaffre (Ennloys), and Prinova Group LLC.

Key Market Trends

Growing Demand in Food & Beverage Applications

Vanillin is used in food & beverages, to enhance sweetness in food products, such as chocolates, biscuits, candy, ice-creams, and cakes. The growing demand for these food products, across the globe, is expected to boost the demand for vanillin. Further, the developing interest for vanillin in the bakery & confectionery industry and the extensive use as a flavoring agent are some of the factors projected to fuel the growth of global vanillin market.

Vanillin is extensively used as a flavoring agent, in the beverage manufacturing industry. Recently, the use of synthetic vanillin has increased, when compared to natural vanilla extract, as a flavoring agent in beverages, due to the low availability of natural vanilla. Due to the rising demand for natural vanillin, particularly in developed countries, companies like Solvay, introduced natural vanillin to the US market for bakery, confectionery, beverage and other food manufacturers.

Asia-Pacific Remains the Dominant Region

In 2016, emerging regions, like Asia-Pacific dominated the global vanillin market regarding market revenue. Moreover, Asia-Pacific is expected to expand at a substantial growth. Strategically, one of the leading vanillin producers, Camlin Fine Sciences Ltd acquired 51% stake in Ningbo Wanglong Flavors and Fragrances Company Limited (China) and gained a leading position among the vanillin producers in the global market.

Europe held the second largest share, followed by North America, owing to the increasing chemical and pharmaceutical units in the region. In addition, Brazil is expected to witness significant gains in vanillin market share. The Middle East, led by confectionaries and ice cream industry growth in GCC region, is expected to witness an above-average industry gain.

Competitive Landscape

The global vanillin market is fragmented and highly competitive. The major global players have geographical reach, as well as brand awareness, which gives them a competitive edge. Some of the key players in the global vanillin market are Solvay SA, Evolva Holding SA, Camlin Fine Sciences, Lesaffre (Ennloys), and Prinova Group LLC.

The major manufacturers are focusing on increasing their production capacities, in order to meet the rising demand for vanillin. Borregaard (now known as CFS Europe) is one of the world's leading suppliers of vanillin and ethyl vanillin, and the world's only manufacturer of sustainable vanillin from wood.

Key Topics Covered

1 INTRODUCTION

1.1 Study Deliverables

1.2 Study Assumptions

1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

3.1 Market Overview

4 MARKET DYNAMICS

4.1 Market Drivers

4.2 Market Restraints

4.3 Porters Five Force Analysis

4.3.1 Threat of New Entrants

4.3.2 Bargaining Power of Buyers/Consumers

4.3.3 Bargaining Power of Suppliers

4.3.4 Threat of Substitute Products and Services

4.3.5 Degree of Competition

5 MARKET SEGMENTATION

5.1 By Type

5.1.1 Natural Vanillin

5.1.2 Synthetic Vanillin

5.2 By Application

5.2.1 Food

5.2.2 Beverage

5.2.3 Pharmaceuticals

5.2.4 Other Applications

5.3 Geography

5.3.1 North America

5.3.2 Europe

5.3.3 Asia Pacific

5.3.4 Rest of the World

6 COMPETITIVE LANDSCAPE

6.1 Market Share Analysis

6.2 Most Active Companies

6.3 Most Adopted Strategies

6.4 Company Profiles

6.4.1 Solvay

6.4.2 Merck KGaA

6.4.3 Evolva

6.4.4 Camlin Fine Sciences Ltd.

6.4.5 Borregaard (CFS Europe)

6.4.6 Lesaffre

6.4.7 Advanced Biotech

6.4.8 Aurochemicals

6.4.9 Tanobio

6.4.10 Prinova Group LLC

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

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