Vanillin is the major constituent of vanilla beans and is the essential aromatic flavor compound widely adopted in foods, beverages, perfumes, and pharmaceuticals. Bio vanillin is widely preferred over synthetic vanillin as it offers various health benefits and is a safer substitute compared to synthetic vanillin.
Major factors driving growth of the global bio vanillin market include high demand from food & beverages industry and its various health benefits owing to its antioxidant, anti-inflammatory, and anti-apoptotic properties. Increasing demand for bio vanillin in cosmetic industry, owing to its superior fragrance for perfumes and other products are other major factors expected to boost growth of the global bio vanillin market over the forecast period.
However, high prices of bio vanillin due to limited availability of vanilla pods is a major factor restraining growth of the global bio vanillin market. High consumption of bio vanillin leads to side effects such as allergies which is another factor expected to hamper growth of this market.
The global bio vanillin market report has been segmented on the basis of application and region. On the basis of application, the global bio vanillin market is segmented into food & beverages, fragrance, and pharmaceuticals. Food & beverages accounted for the highest revenue share in terms of revenue, owing to high demand as an additive in various food and bakery products to enhance the flavor.
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On the basis of region, the global bio vanillin market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America is estimated to dominate the global bio vanillin market and account for major revenue share, owing to increasing demand from food & beverages industry and presence of various market players in countries in the region. The market in Europe is expected to account for second-highest revenue share, owing to high demand from cosmetic industry for fragrance products.
Key players in the global bio vanillin market include International Flavors & Fragrances, Solvay SA, Ennloys Ltd., Apple Flavor & Fragrance Group Co Ltd., Evolva Holding, Firmenich SA, and Givaudan SA.