The global tannin market size was valued at USD 2.26 billion in 2020 and is expected to grow at a CAGR of 7.1% during the forecast period. The different types of the product are complex polyphenolic substances found in plants with the property to precipitate proteins in aqueous medium.
They form large, cross-linked complexes that are insoluble in water through interaction with one or more protein molecules. The product occurs naturally in the leaves, bark, roots, wood, and fruit of many plants. The product is used in various applications such as leather tanning, fabric dyeing, making ink, wine production, and in various medical applications.
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The major driving factor of the industry includes significant increase in demand for the product from the leather and wine industries. The consumption of alcohol has increased owing to increasing disposable income of consumers, especially in the developing regions. The product is also used in various medicines, which augment the industry growth.
The rising demand of luxury goods, automobiles with luxurious leather interiors, clothes, and shoes is expected to drive the industry during the forecast period. The product is increasingly being used in the manufacturing of wood adhesives, which has further increased its demand in the industry.
Other driving factors include increasing disposable income, high standards of living, and increasing demand from the pharmaceutical sector. Expansion of established companies into emerging economies would provide numerous growth opportunities in the industry.
The global tannin market is segmented on the basis of product type, application, and geography. Based on the type of product, the industry is segmented into hydrolysable, non-hydrolysable, and phlorotannins. The application segment is categorized into leather tanning, wood adhesives, wine production, and others.
This report comprises a detailed geographic distribution of the market across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, the UK, Italy, France, and the Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and the Rest of Asia-Pacific. Europe accounted for the largest share in the global tannin market in 2020.
The leading players in the industry include Forestal Mimosa Ltd., Tannin Corporation, Laffort SA, Tanac S.A., Tanin Sevnica d.d., Zhushan County Tianxin Medical & Chemical Co., Ltd., S.A. Ajinomoto OmniChem N.V., Polson Ltd., W. Ulrich GmbH, and Ever s.r.l. among others.
The vendors in the market are launching new products to meet the growing customer needs. In addition, the leaders in the market are acquiring and collaborating with top companies in the market to enhance their offerings in the market and expand their customer base.