ALBANY, New York, Feb. 20, 2019
ALBANY, New York, Feb. 20, 2019 /PRNewswire/ -- The competitive landscape of the global bio vanillin market depicts a fierce competition among key players. Major companies in the global bio vanillin market are paying attention to quality of the manufactured products, notes Transparency Market Research. Top players are also focusing on new flavors and fragrances to diversify their product portfolio. This is to tap growth in the bio vanillin market and strengthen their grip in the market. Some of the predominant players in the bio vanillin market are Givaudan SA, Firmenich SA, Solvay SA, Advanced Biotech, Apple Flavor & Fragrance Group Co., Ltd., Evolva Holding SA, Lesaffre, and Aurochemicals.
As per a recent report by Transparency Market Research (TMR) on the global bio vanillin market, it is expected to reach US$14.34 million by the end of 2025 rising at an impressive CAGR of 7.4% during the forecast period from 2016 to 2025. The market was valued US$7.60 mn in 2016.
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On the basis of application, the food segment held the most prominent position in the global bio vanillin market in 2016 with nearly 50.82% market share. The same is expected to continue in the coming year states the report. On the basis of region, Europe held a dominant share in the global bio vanillin market in 2016, owing to increased support from the regulatory bodies existing in the region.
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Rising Awareness of Organic Products to Bolster Growth
The flourishing food and beverages market across the world is a key driver of the global bio vanillin market. The increased need of flavoring agents in end use industries propels the global bio vanillin market. In addition to this, widespread advancements in technologies in the food and beverages industry is increasing the demand of bio vanillin. Majorly, shift of customer choice from synthetic to organic product is anticipated to rise in the global bio vanillin market in the coming years. Another encouraging factor in the bio vanillin market is increasing support to bio vanillin from the regulatory bodies such as the Food and Drug Administration (FDA) and the European Food Safety Authority (EFSA) regarding food safety.
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Low Pricing of Synthetic Vanillin to Hinder Market Development
The growth in the global bio vanillin market is likely suffer owing to high prices of the products. In comparison of bio vanillin, synthetic vanillin has a low price. The easy availability of low priced counter products in the market suppresses growth in the market. Apart from this, production of organic vanillin needs a lot of labor. This factor discourages small operators from mass adoption of the bio vanillin. Nonetheless, in near the future, the global bio vanillin market is likely to pick up pace owing to increasing demand.
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The information presented in this review is based on a TMR report, titled, "Bio Vanillin Market (Application - Food, Beverages, Pharmaceuticals, and Fragrances) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025."
The global bio vanillin market is segmented on the basis of:
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