Global Tannin Market to Reach US$ 15.0 Billion by 2032, Propelled by Escalating Product Demand in Numerous End-Use Sectors

November 14, 2022 | Food & Beverages

According to the latest report by IMARC Group, titled “Tannin Market Report by Source (Plants, Brown Algae), Product (Hydrolysable Tannins, Condensed Tannins, Phlorotannins), Application (Food and Beverages, Leather Tanning, Wood Adhesives, and Other), and Region 2024-2032”, the global tannin market size reached US$ 9.6 Billion in 2023. 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.

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$ 15.0 Billion by 2032, exhibiting a CAGR of 5% during 2024-2032.

Market Summary:

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.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Source, Product, Application, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	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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Global Tannin Market to Reach US$ 15.0 Billion by 2032, Propelled by Escalating Product Demand in Numerous End-Use Sectors

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