“Global Vanillic Acid Market to reach a market value of USD 23.3 Billion by 2031 growing at a CAGR of 2.1%”
The Global Vanillic Acid Market size is expected to reach $23.3 billion by 2031, rising at a market growth of 2.1% CAGR during the forecast period. In the year 2023, the market attained a volume of 25,723.4 tonnes, experiencing a growth of 9.1% (2020-2023).
Vanillic acid exhibits various pharmacological properties, including antioxidant, anti-inflammatory, antimicrobial, and anticancer activities. These properties make vanillic acid a valuable pharmaceutical intermediate for synthesizing drugs targeting various health conditions, including cardiovascular diseases, neurodegenerative disorders, infectious diseases, and cancer. Thus, the pharmaceutical intermediates segment acquired $5,509.7 million in 2023. Also, the US market would consume 1,585.0 tonnes of Vanillic acid in pharmaceutical intermediates segment by the year 2031.
Customers are actively looking for items with natural components as they become more health conscious. There’s a growing awareness of the potential health risks associated with synthetic additives, artificial flavors, and chemical preservatives commonly found in processed foods and personal care products. Thus, the increasing demand for natural ingredients drives the market’s growth.
Additionally, it is valued in the cosmetics and personal care industry for its pleasant aroma reminiscent of vanilla. It is commonly used as a fragrance and flavoring agent in various cosmetic products, including perfumes, body lotions, creams, shower gels, and hair care products. Therefore, the expansion of the cosmetics and personal care industry is driving the market’s growth.
However, it is typically extracted from natural sources such as vanilla beans. The extraction process involves multiple steps, including harvesting, curing, grinding, extraction, and purification. Each step requires specialized equipment, skilled labor, and time-consuming processes, contributing to production’s overall complexity and cost. Hence, the production costs of vanillic acid hamper the market’s growth.
On the basis of application, the market is segmented into pharmaceutical intermediates, flavors & fragrances, and others. The flavors and fragrances segment recorded the maximum 52% revenue share in the market in 2023. In terms of volume, the flavors and fragrances segment would consume 16,807.9 tonnes of vanillic acid by the year of 2031. This is attributed to growing awareness regarding environmentally friendly and natural perfumes, skin-friendly deodorants, and other aromatic purifiers.
Based on purity, the market is divided into purity 99%, purity 98%, and others. The purity 99% segment procured a 32% revenue share in the market in 2023. In terms of volume, 9,605.3 tonnes of 99% pure vanillic acid would be consumed by 2031. The growing requirement for vanillic acid in the food and beverage industry, particularly for wine and vinegar, is driving up demand for the 99% purity kind. It is not harmful to HT22 cells when applied at 50, 100, and 200 μM concentrations.
Free Valuable Insights: Global Vanillic Acid Market size to reach USD 23.3 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region witnessed a maximum 36% revenue share in the market in 2023. In terms of volume, the Asia Pacific region would consume 8,335.0 tonnes of vanillic acid by the year 2031. The Asia Pacific region is home to a significant portion of the global population, including densely populated countries such as China and India.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 20 Billion |
| Market size forecast in 2031 | USD 23.3 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 2.1% from 2024 to 2031 |
| Quantitative Data | Volume in Tonnes, Revenue in USD Billion, and CAGR from 2020 to 2031 |
| Number of Pages | 241 |
| Number of Tables | 510 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Purity, Application, Region |
| Country scope |
|
| Companies Included | Solvay SA, Lanxess AG, Parchem Fine and Specialty Chemicals, Inc., Biosynth AG (Carbosynth Ltd.), Cayman Chemical Company, Inc., Merck Millipore (Merck Group), Tokyo Chemical Industry Co., Ltd., Otto Chemie Pvt. Ltd., Santa Cruz Biotechnology, Inc., Spectrum Chemical Mfg. Corp. |
By Purity (Volume, Tonnes, USD Billion, 2020-2031)
By Application (Volume, Tonnes, USD Billion, 2020-2031)
By Geography (Volume, Tonnes, USD Billion, 2020-2031)
The Market size is projected to reach USD 23.3 billion by 2031.
Expansion of the cosmetics and personal care industry are driving the Market in coming years, however, High production costs of vanillic acid restraints the growth of the Market.
Solvay SA, Lanxess AG, Parchem Fine and Specialty Chemicals, Inc., Biosynth AG (Carbosynth Ltd.), Cayman Chemical Company, Inc., Merck Millipore (Merck Group), Tokyo Chemical Industry Co., Ltd., Otto Chemie Pvt. Ltd., Santa Cruz Biotechnology, Inc., Spectrum Chemical Mfg. Corp.
In the year 2023, the market attained a volume of 25,723.4 tonnes, experiencing a growth of 9.1% (2020-2023).
The Purity 98% segment is leading the Market by Purity in 2023; thereby, achieving a market value of $12.5 billion by 2031.
The Asia Pacific region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $8.6 billion by 2031.
Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
Unique Offerings 