The lower production rate of pure natural vanilla and the increasingly negative perception of synthetic flavors among consumers are a few reasons why the use of bio vanillin by food and beverage manufacturers that strive to offer vanilla-flavored products is expected to increase, which is significantly contributing to the growth of the global bio vanillin market. Vanilla is one of the most preferred flavors among consumers, which is evident from the fact that, vanilla-flavored food and beverage products such as vanilla ice cream, vanilla-based beverages, and vanilla flavored chocolates are highly consumed across the world. Moreover, vanilla-flavored alcoholic beverages are also gaining traction. Increasing demand for vanilla-flavored food products, attributable to the ability of vanilla to enhance the taste of a wide range of desserts and confectionery items, is also another factor that is pushing the growth of the global bio vanillin market, projected to reach a valuation of US$ 665 Mn by the year 2029.
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Key Takeaways of Bio Vanillin Market Study
- Europe holds a significant share in the global bio vanillin market, as the region has the largest number of consumers as well as producers of bio vanillin.
- The rice bran bio vanillin segment, under source, is projected to register a significant growth rate, along with holding the highest value share in the global bio vanillin market over the forecast period of 2019-2029.
- The bio vanillin market in East Asia, followed by South Asia, is anticipated to register significant growth over the forecast period, owing to the increasing popularity of vanilla-flavored food and beverage products in the region.
- The cosmetics & personal care segment, under end use, is projected to register the highest growth over the forecast period. However, the food and beverages segment is expected to hold the highest value and volume share in the global bio vanillin market over the forecast period of 2019-2029.
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Bio Vanillin Market: Competitive Landscape
Revenue of the bio vanillin market is estimated at US$ 333 Mn in 2019. Manufacturers offering bio vanillin are facing challenges regarding competitive pricing in the global vanilla flavors market. Key players are focusing on the penetration of their bio vanillin products in emerging markets. Major players in the global bio vanillin market, such as Evolva Holding SA, Borregaard, and Solvay SA, are investing in extensive research & development to explore new methods of bio vanillin production, and are focusing on increasing their production capabilities.
- In October 2018, Solvay opened its new Vanil’Expert Center (VEC) in New Jersey, North America. The center offers technical and product development support for the company’s vanillin-based solution.
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