According to the latest report by IMARC Group, titled “Tannin Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global tannin market size reached US$ 8.54 Billion in 2021. Tannin, also known as tannic acid, is a naturally occurring, complex chemical substance derived from phenolic acids, which is normally found in leaves, seeds, bark, roots and stems. Tannins used in commercial applications are characterized by a pale yellow to light brown color and amorphous or flaky structure. Additionally, tannins are soluble in water and bind well with alkaloids, proteins and amino acids. In addition to its use in tanning and dyeing, tannin is also used as an astringent, a rich source of antioxidants, and in various medical applications.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Tannin Market Trends:
The global market is majorly driven by the escalating product demand from numerous end-use sectors. In addition to this, the rising consumer preference for leather-based products is providing an impetus to the market. Moreover, the rapid product utilization as a color stabilizer and structural stability enhancer in wines is providing an impetus to the market. With an increase in disposable incomes and improvement in living standards, alcohol consumption among individuals is increasing, which, in turn, is fueling the market. Also, the augmenting demand for luxurious automobile leather interiors resulting in increased manufacturing of leather-based automobile upholsteries is propelling the market. Besides this, an enhanced focus on environment-friendly manufacturing processes, such as the production of plant-based tannin extracts, is impacting the market positively. Furthermore, the growing usage of tannin in the formulation of numerous pharmaceuticals and personal care products is creating a positive market outlook. Some of the other factors contributing to the market include a considerable increase in the demand for luxury goods, the rising popularity of wood adhesives, rapid urbanization and industrialization, and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 12.43 Billion by 2027, exhibiting a CAGR of 6.4% during 2022-2027.
- Based on the source, the market has been segmented into plants and brown algae.
- On the basis of the product, the market has been divided into hydrolysable tannins, condensed tannins, and phlorotannins.
- Based on the application, the market has been categorized into food and beverages, leather tanning, wood adhesives, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Ever s.r.l., Forestal Mimosa Limited, Jyoti Dye Chem Agency, Laffort SA, S.A. Ajinomoto OmniChem N.V. (Ajinomoto Co. Inc.), Tanac S.A., Tanin Sevnica d.d., Tannin Corporation, UCL Company (Pty) Ltd., and W. Ulrich GmbH.
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