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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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.
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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