The North America Tannin Market would witness market growth of 5.4% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 626.21 Hundred Tonnes, showcasing a growth of 2.6% (2019-2022).
Plants play a central role in the market as they are the primary source of tannins, which are polyphenolic compounds found in various parts of plants such as bark, leaves, fruits, and roots. Different plant species contain varying concentrations and types, leading to a diverse range of rich raw materials used in industries such as leather tanning, wood adhesives, and pharmaceuticals. Therefore, the US Market consumed 299.56 hundred tonnes of Plants in 2022.
The US market dominated the North America Tannin Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $687.6 Million by 2030. The Canada market is experiencing a CAGR of 7.7% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 6.9% during (2023 - 2030).
Tannins are a class of polyphenolic chemicals that can be found in different plant species. Because of their many industrial applications, they have attracted a lot of interest recently. Due to their many uses and natural sources, these are now essential in various industries, from textiles to food and drink, medicines, and more. These serve as natural additives and ingredients in the food and beverage industry, contributing to flavour, colour, stability, and preservation in various products.
Tannins play a crucial role in winemaking, contributing to the structure, mouthfeel, and aging potential of wines. They are extracted from grape skins, seeds, and stems during fermentation, influencing the flavour complexity, colour stability, and texture of wines. These are essential for red wines, providing astringency, bitterness, and structure, and are also used in white wines to enhance body and mouthfeel.
The growing cosmetics industry in Canada may drive innovation in extraction and formulation techniques to optimize their efficacy and compatibility with cosmetic formulations. This could lead to the development of new cosmetic ingredients and formulations tailored to meet the specific needs of Canadian consumers. According to the International Trade Administration (ITA), in 2021, the Canadian cosmetics sector generated approximately USD 1.24 billion in income. Therefore, the expansion of the food sector and the increasing cosmetics sector in the region are driving the market’s growth.
Free Valuable Insights: The Tannin Market is Predict to reach USD 3.6 Billion by 2030, at a CAGR of 5.6%
Based on Source, the market is segmented into Plants, and Brown Algae. Based on Product, the market is segmented into Hydrolysable, Non-hydrolysable, and Phlorotannin. Based on Application, the market is segmented into Leather Tanning, Wood Adhesives, Wine Production, Anti-corrosive Primers, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Source (Volume, Hundred Tonnes, USD Billion, 2019-2030)
By Product (Volume, Hundred Tonnes, USD Billion, 2019-2030)
By Application (Volume, Hundred Tonnes, USD Billion, 2019-2030)
By Country (Volume, Hundred Tonnes, USD Billion, 2019-2030)
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