Vanillin Market Size, Share & Trends Analysis Report By Product (Synthetic, Bio-based), By Application (Food & Beverage, Fragrance, Pharmaceutical), By Region And Segment Forecasts, 2023 - 2030

Vanillin Market Size, Share & Trends Analysis Report By Product (Synthetic, Bio-based), By Application (Food & Beverage, Fragrance, Pharmaceutical), By Region And Segment Forecasts, 2023 - 2030

Vanillin Market Growth & Trends

The global vanillin market size is expected to reach USD 1119.3 million by 2030, registering at a CAGR of 7.5% from 2023 to 2030, according to a new report by Grand View Research, Inc. Increasing consumption of food & beverage products has been a key factor driving market growth, globally. In addition, robust growth in various end-use industries such as food & beverage, fragrance, cosmetics, and pharmaceuticals is also fueling the demand.

Vanillin is an essential aromatic compound extensively used to enhance the aroma and flavor of the different end-use products. Vanilla beans constitute pleasant smell, that occurs naturally in vanilla beans. It is widely used as a flavoring agent in food products and aromatic additives for incense, perfumes, medicines, candles, and air fresheners. Due to the ability to enhance flavor in food products coupled with low-calorie content and high availability of antioxidants in vanillin, its demand from the food & beverage segment is anticipated to increase over the forecast period.

Food & beverage accounted as the largest end-use segment in 2016 and is anticipated to grow significantly over the upcoming years. Growing demand for various food products is encouraging manufacturers to produce vanillin products from a sustainable source.

The fragrance segment is expected to witness the significant growth in the global market. Increasing consumer spending on beauty and personal care products along with growing usage of aromatic products in various fragrance application products are anticipated to fuel the growth of the vanillin market over the forecast period. In addition, increasing usage of fragrance products in emerging economies such as India, China, the U.S., and Brazil is expected to increase the demand further.

Vanillin Market Report Highlights

• The bio-based segment accounted for the largest revenue share of 63.6% in 2022. Rising awareness regarding healthy and natural ingredient functional foods without synthetic preservatives and artificial additives is a key factor likely to encourage the demand for bio-based products.
• The pharmaceutical segment accounted for the largest revenue share of 48.1% in 2022. The segment is expected to grow at the fastest CAGR of 7.6% over the forecast period. There are numerous applications of vanillin as an intermediate chemical as well as an additive in the pharmaceutical sector.
• Asia Pacific dominated the market and accounted for the largest revenue share of 41.2% in 2022. The region is expected to grow at the fastest CAGR of 8.2% during the forecast period owing to the rising demand from the various end-use industries

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