USD 2.53 billion
Report ID: SQMIG15B2107 | Region: Global | Published Date: July, 2023 | Pages: 157 | Tables: 63 | Figures: 75
Tannin Market size was valued at USD 2.53 billion in 2021 and is poised to grow from USD 2.67 billion in 2022 to USD 4.13 billion by 2030, at a CAGR of 5.6% during the forecast period (2023-2030).
Global Tannin Market continues to experience significant growth and diversification, driven by various factors. Tannins, naturally occurring polyphenolic compounds found in plants, are widely utilized across multiple industries, including food and beverages, leather tanning, wood adhesives, healthcare, and animal feed. The demand for tannins as a natural preservative and antioxidant in the food and beverage industry, particularly in the wine sector, remains high, contributing to the market expansion. The leather industry continues to be a major consumer of tannins, employing them in the process of tanning hides and creating durable leather products. Additionally, ongoing advancements in research and technology are fostering the development of new applications for tannins in nutraceuticals, pharmaceuticals, and cosmetic products, further boosting market growth. Furthermore, the rising trend of eco-friendly and organic products is propelling the demand for tannins, as they are sourced from renewable plant-based materials. Additionally, the increasing adoption of tannins in the healthcare and pharmaceutical sectors for their potential health benefits is opening up new avenues of growth for the global tannin market. Geographically, North America is prominent market due to their burgeoning wine and leather industries, while Asia-Pacific is rapidly growing. Nevertheless, challenges such as fluctuating raw material costs and increasing environmental concerns related to tannin extraction continue to be factors to consider for market expansion. Overall, the global market is poised for continued growth, driven by diverse applications, increasing consumer awareness of natural and sustainable products, and ongoing research and innovation in the field.
US Tannin Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2.53 billion
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Global Tannin Market is segmented on the basis of type, application, and region. Based on type, the market can be segmented into Hydrolysable, non-hydrolysable and Phlorotannins. Based on application, the market is segmented into Leather tanning, wine production, wood adhesives, anti-corrosive primers and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Tannin Market Analysis By Type
The hydrolysable tannins segment currently holds the dominant position in the global tannin market. Hydrolysable tannins are widely used in various applications, such as food and beverages, leather tanning, and pharmaceuticals, owing to their versatility and effectiveness as natural antioxidants and preservatives. The strong demand from these industries contributes to the dominant position of hydrolysable tannins in the market.
Phlorotannins are emerging as the fastest-growing segment in the global tannin market. These unique tannins are predominantly derived from brown seaweeds and have gained attention for their potent antioxidant properties and potential health benefits. With increasing research and utilization of phlorotannins in nutraceuticals, functional foods, and skincare products, this segment is experiencing rapid growth and is expected to further expand its market share in the coming years.
Tannin Market Analysis By Application
The dominant segment in the global tannin market is leather tanning. Tannins have been traditionally used in leather processing to impart durability and strength to leather products. With the continued demand for leather goods in fashion, automotive, and upholstery industries, the leather tanning application remains a significant driver of tannin consumption globally.
The fastest-growing segment in the global tannin market is wood adhesives. Tannins are increasingly being utilized as natural adhesives for wood bonding due to their eco-friendly and non-toxic nature. As sustainability and environmental consciousness gain prominence in construction and woodworking industries, the demand for tannin-based wood adhesives is rapidly increasing, making it the fastest-growing application segment in the tannin market.
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North America currently holds the dominant position in the global tannin market. The region has a strong presence in the wine and leather industries, driving the demand for tannins in both applications. Additionally, the growing popularity of natural and organic products in North America has further contributed to the dominance of this region in the tannin market.
Asia Pacific is the fastest-growing region in the global tannin market. The region's expanding population, increasing disposable income, and rising awareness about the benefits of tannins in various industries are driving the market's growth. Moreover, Asia Pacific's booming wine production and growing leather and wood processing industries are fueling the demand for tannins, making it the fastest-growing region in the global tannin market.
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Tannin Market Drivers
Increasing demand for natural and sustainable products across various industries
Tannin Market Restraints
Fluctuating raw material costs
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The competitive landscape of the global tannin market is characterized by intense competition among key players striving to expand their market share and enhance their product offerings. Companies are focusing on research and development to explore new applications for tannins, optimize extraction processes, and improve product quality. Additionally, partnerships, collaborations, and strategic acquisitions are common strategies employed to strengthen market position and gain access to new geographical markets. With increasing consumer awareness about the benefits of natural and sustainable products, the competitive environment is expected to remain dynamic, driving innovation and differentiation among market players.
Tannin Market Top Player’s Company Profiles
Tannin Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Tannin Market analysis, the global market is witnessing significant growth driven by factors such as the rising demand for natural and sustainable products, the expansion of applications in various industries, and advancements in research and technology. Key segments include hydrolysable tannins, dominant in the market, and phlorotannins, the fastest-growing segment. Leather tanning and wood adhesives are dominant and fastest-growing applications, respectively. North America holds a dominant position, while Asia Pacific is the fastest-growing region. The market is characterized by intense competition among key players, with a focus on innovation, strategic partnerships, and acquisitions. However, fluctuating raw material costs remain a challenge. Overall, the market's trajectory is driven by consumer preference for eco-friendly solutions and the ongoing pursuit of new applications and sustainable practices.
|Market size value in 2021
|USD 2.53 billion
|Market size value in 2030
|USD 4.13 billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Tannin Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Tannin Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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