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The global tannin market has seen a robust growth in recent years. The market is projected to increase from $2.47 billion in 2023 to $2.67 billion in 2024, a compound annual growth rate CAGR of 7.7%. This remarkable growth can be ascribed to the mounting demand in leather processing, leaps in the wine industry, an upsurge in the use of adhesives, expansion in the textile industry, and heightened alcohol production.
What Is the Global Tannin Market Size and How Much Is It Set To Grow?
Heading into the future, the tannin market size is expected to experience robust growth, reaching $3.61 billion in 2028 at a CAGR of 7.9%. This projected growth can be ascribed to the rising demand for eco-friendly and sustainable products, increasing awareness of health benefits associated with tannins, surges in investment for research and development, and the growing demand for natural dyes and tannin-based chelating agents.
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What Are the Key Drivers and Trends in the Tannin Market?
The rising demand from the leather industry is fueling the tannin market growth. The leather industry, which comprises businesses involved in turning animal hides and skins into leather and producing various leather products, such as garments, footwear, and accessories, is a significant end-use sector for tannins.
Growing fashion trends, the expansion of the automotive sector, increased popularity of premium home furnishings, and advancements in sustainable leather production methods are leading to greater demand for leather products. Tannin is a crucial component in the tanning process in the leather industry. It aids in converting raw animal hides into durable, flexible leather by binding with the proteins in the hides which prevents decomposition and enhances the material's strength and quality.
In July 2024, the CBI Ministry of Foreign Affairs reported that the import value of leather accessories to Europe surged to €2.97 billion $3.24 billion in 2022, up from €2.74 billion $2.99 billion in 2021, indicative of an increase in demand. This upswing in demand from the leather industry is expected to continue pushing the tannin market growth.
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Which Companies Lead the Tannin Industry?
Prominent companies operating in the global tannin market are Ajinomoto Co. Inc., Balchem Corporation, Indena S.p.A., Sisco Research Laboratories Pvt. Ltd., Mimosa S.A., Silvateam S.p.A., Parchem Fine & Specialty Chemicals, American Chemical Society ACS, Digitell Inc., Polson Ltd., Hardwood Floors Magazine, W. Ulrich GmbH, Laffort SA, Wein Bauer Inc., Ataman Kimya, Coatings World, Ever S.R.L., Frontiers Media S.A., Golden Bean, Jyoti Dye Chem Agency, Novachem Ltd., TANAC Inc., VinePair Inc.
Major future trends include technological advancements, use in organic cosmetics, traditional medicine, eco-friendly packaging, and personalized nutrition.
How Is the Tannin Market Segmented?
The tannin market report segments the market into:
1 By Type: Hydrolysable, Non Hydrolysable, Phlorotannins
2 By Source: Plant Based, Animal Based, Synthetic
3 By Application: Leather Tanning, Wine Production, Wood Adhesives, Anti Corrosive Primers, Other Applications
Which Regions Are Leading the Tannin Market?
In 2023, Europe was the largest region in the tannin market. Asia-Pacific is forecasted to be the fastest-growing region in the coming years. The regions covered in the tannin market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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