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Global Tannin Market to Grow at a CAGR of 6.7% During 2022-2027, Aided by the Increased Utilisation of Tannin in the Pharmaceutical Sector

According to a new report by EMR titled, ‘Global Tannin Market Report and Forecast 2022-2027’, the market attained a value of around USD 2.5 billion in 2020. The market for tannin is further expected to witness a healthy growth in the forecast period, growing at a CAGR of 6.7% between 2022 and 2027.

The global tannin industry is being driven by the heightened usage of tannin in the pharmaceutical industry. This can be attributed to the beneficial properties associated with tannin including anti-carcinogenic, anti-angiogenic, antioxidant, and anti-inflammatory, among others. Moreover, the heightened usage of tannins in leather production is expected to contribute to the market growth. In addition, the growing demand for tannins in skincare products and food products as an organic alternative to harmful chemicals is expected to bolster the market growth. This trend is further being fuelled by the growing disposable incomes and the improved living standards of consumers.

The growing use of tannins in the wine industry is expected to support the market growth in the forecast period. Tannins extracted from grape skins, pips (seeds) and stems, and wood barrels are used in the wine aging process. Globally, Europe is expected to account for a significant share of the market owing to the heightened utilisation of tannins in the wine industry in areas such as France that have a steadily developing wine industry and a number of wine consumers in the region. Moreover, with the growing prevalence of homebrewing activities, wine tannins are increasingly available across online shopping platforms such as Amazon (NASDAQ: AMZN). Tannins help to add an earthy flavour to wine while also enhancing the flavour of any flat or dull beverage. These factors are expected to positively impact the growth of the tannin industry in the forecast period.

Market Breakup by Source, Product, Application, and Region:

  • The market is divided, based on source, into plant and brown algae.
  • On the basis of product, the market can be distributed into hydrolysable tannins, non-hydrolysable tannins, and phlorotannins.
  • Based on application, the industry is segregated into leather tanning, wine production, wood adhesives, anti-corrosive primers, and other applications.
  • Region-wise, the global market for tannin can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for tannin is being driven by the heightened utilisation of tannin in the pharmaceutical industry. 
  • The demand for tannins in leather production has significantly contributed to the market expansion. 
  • The increased demand for tannins in wine production is also aiding the industry growth. 
  • The growing investments by the leading market players in research and development activities to explore the potential applications of tannin are further propelling the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for tannin for the periods (2017-2021) and (2022-2027). 
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the sources, products, applications, and regions of tannin.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global tannin market are Tannin Corporation, S.A. Ajinomoto OmniChem N.V., Polson Ltd., Ever s.r.l., UCL company (pty) Ltd., and LaffortSA, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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