The global tannin market was valued at USD 2,040 million in 2017 and is anticipated to grow at a CAGR of 7.1% during the forecast period. Tannins 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. Tannins occur naturally in the leaves, bark, roots, wood, and fruit of many plants. Tannins are used in various applications such as leather tanning, fabric dyeing, making ink, wine production, and in various medical applications.
The major driving factor of the market includes significant increase in demand of tannin from leather and wine industries. The consumption of alcohol has increased owing to increasing disposable income of consumers, especially in the developing regions. Tannins are also used in various medicines, which augment the market growth. The rising demand of luxury goods, automobiles with luxurious leather interiors, clothes, and shoes is expected to drive the market during the forecast period. Tannin is increasingly being used in the manufacturing of wood adhesives, which has further increased its demand in the market. Other driving factors include increasing disposable income, high standards of living, and increasing demand from pharmaceutical sector. Expansion of established companies into emerging economies would provide numerous growth opportunities in the market.
The global Tannin market is segmented on the basis of product type, application, and geography. Based on the type of product, the market 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, APAC and South America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific. Europe accounted for the largest share in the global Tannin Market in 2017.
The leading players in the market 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.