Tannin Market 2021 Business Opportunities, Current Trends, Challenges and Forecast 2030
As per the report published by Allied Market Research, the global tannin market was pegged at $2.3 billion in 2020, and is expected to reach $4.0 billion by 2030, growing at a CAGR of 5.7% from 2021 to 2030.
Increase in need
for leather and wine, rise in use of tannin in leather processing drive the
growth of the global tannin market. However, various side effects of tannin hinder
the market growth. On the contrary, rise in use of leather in the automotive
and clothing industry is expected to open new opportunities for the market
players in the future.
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Covid-19
scenario:
·
The Covid-19 pandemic severely
affected the food & beverage market. Moreover, the prolonged lockdown increased
the prices of food products and disrupted the supply chain.
·
The strict restriction on
travel and trade negatively affected the production and distribution channels.
However, easing restrictions on trade has increased the supply of the products.
The report
segments the global tannin market on the basis of source, type, end users, sales
channel, and region.
Based on sources,
the plants segment held the lion’s share in 2020, accounting for more than half
of the market. In addition, the segment is projected to manifest the highest
CAGR of 6.2% from 2021 to 2030.
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On the basis of type,
the phlorotannin segment is expected to register the highest CAGR of 6.3%
during the forecast period. However, the hydrolyzable segment dominated the
market in 2020, contributing to more than two-fifths of the market.
The global
tannin market is analyzed across several regions such as North America, Europe,
Asia-Pacific, and LAMEA. The market across Europe held the largest share in
2020, accounting for nearly two-fifths of the market. However, the market
across North America is anticipated to portray the highest
CAGR of 6.3% during the forecast period.
The global
tannin market includes an in-depth analysis of the prime market players such as
Tannin Corporation, S.A. Ajinomoto OmniChem, W. Ulirich GmbH, Laffort S.A.,
Ever s.r.l., Silvateam S.p.a., Polson Pty. Ltd., Tannin Sevnica d.d., Tanac
S.A., Forestal Mimosa Ltd.
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About Us:
Allied Market Research (AMR) is a full-service market research and
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domain.
Pawan Kumar, the CEO of Allied Market
Research, is leading the organization toward
providing high-quality data and insights. We are in professional corporate
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accuracy in our market forecasting. Each and every data presented in the
reports published by us is extracted through primary interviews with top
officials from leading companies of domain concerned. Our secondary data
procurement methodology includes deep online and offline research and
discussion with knowledgeable professionals and analysts in the industry.
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