Increasing demand for biotechnologically derived flavoring agents over those obtained from non-renewable sources is expected to boost the market growth of bio vanillin over the next few years. Bio vanillin is derived from the ferulic acid that is present in crops such as wheat bran and rice bran as well as from tea leaves. Hence, this product has the potential to be a key substitute for synthetic vanillin in the near future. Furthermore, the growth of key end-users of primarily pharmaceutical and food & beverage industries is considered to be another key driving factor of the bio vanillin market demand.
Bio vanillin enhances the aroma, flavor, shelf life, and taste of various food & beverage products, keeping the nutritional value of foods unaltered. Thus, it can favorably be used for food & beverage processing applications especially for manufacturing dairy products. Growing consumer preferences towards utilization highly nutritional and biobased food products especially in developed economies such as the U.S. is expected to create a significant demand for bio vanillin over the forecast period.
Pharmaceutical is another major application of bio vanillin and is used as a flavoring ingredient in the processing of various medicines for eliminating odor and foul taste. It is also used as a key intermediate during processing of pharmaceuticals such as therapeutic drugs for cancer treatment and in topical cosmetic lotions. Rise in health awareness among consumers in developing countries such as China and India among others is expected to boost consumption of pharmaceuticals in the future. This scenario, in turn, is expected to positively influence the market dynamics of bio vanillin over the years ahead.
High prices of bio vanillin are likely to hinder the market demand of bio vanillin in developing countries over the coming years. Constant research & development in finding novel process technologies as well as other biobased raw material sources is considered to be a market opportunity.
Asia Pacific is expected to be the largest consumer within the global bio vanillin market over the next eight years. Broad consumer base coupled with the rapid industrialization of key bio vanillin end-users mainly food & beverage and pharmaceutical sectors is one of the main reasons for driving market demand in this region. China followed by India, Indonesia, Singapore, and other ASEAN countries are expected to be the primary consumers of bio vanillin in Asia Pacific. Latin America is anticipated to depict similar scenario for bio vanillin, owing to the development of pharmaceutical industry in major countries such as Brazil.
In-depth report on global bio vanillin market by Grand View Research: