Vanillin is an organic compound that is used as a flavoring agent in foods, beverages, and pharmaceuticals. It is also used in perfumes in the fragrance industry and in the production of pharmaceuticals, cosmetics, and other fine chemicals.
Increasing expenditure on personal care products is expected to propel growth of the vanillin market. For instance, according to the U.S. Bureau of Labor Statistics, average annual expenditure on personal care products in the U.S. increased from US$ 707 in 2016 to US$ 768 in 2018. Moreover, increasing aesthetic appeal is also expected to aid in growth of the market. For instance, according to a 2018 survey by GlobalData, around three quarters of South Korean men undertake a beauty or grooming treatment at least once a week.
Development of sustainable methods to extract vanillin is expected to offer lucrative growth opportunities for players in the global vanillin market. Moreover, increasing demand for packaged and prepared food products is also expected to aid in growth of the market. For instance, according to the U.S Department of Agriculture, export of prepared food from U.S. increased from US$ 5, 849 million in 2015 to US$ 6,682 million in 2019.
Among regions, Europe is expected to witness significant growth in the vanillin market, owing to growing pharmaceutical sector in the region. For instance, according to The European Federation of Pharmaceutical Industries and Associations’ Key Data 2019, the pharmaceutical sector in Europe was valued at US$ 139, 287 million in 2000, which increased to US$ 284, 028 million (est.) in 2018.