Tannic acid is derived from tannins which are extracted from number of plants. Tannic acid is one of the most potent anti-oxidants available across the globe. Tannic acid is extracted from gallnuts, tara pods, etc. Tannic acid is astringent in nature and possess wide applications in pharmaceutical industry. Tannic acid possess antimicrobial and antiviral properties, owing to which it finds application in food and pharmaceutical industry. Tannic acid is used as preservative in food and beverages. Tannic acid also finds colossal application in leather industry, as it is used in tanning of leather.
Tannic acid market is expected to increase exponentially over the forecast period, owing to increasing demand for tannic acid in food & beverage industry, cosmetics and pharmaceuticals.
Tannic Acid Market: Segmentation
Tannic Acid market is segmented on the basis of type, form, grade, application and region.
On the basis of type, tannic acid market is segmented into quercitannic acid and gallotanic acid. Gallotanic acid is estimated to dominate the tannic acid market and continue to do the same over the forecast period, owing to relatively high demand by cosmetics and pharmaceuticals manufacturers.
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Tannic acid market is segmented on the basis of form into liquid and powder. Powder segment holds relatively high share of tannic acid market.
On the basis of grade, tannic acid market is further segmented into food grade, industrial grade, and pharmaceutical grade. Food grade and industrial grade segment collectively holds around 2/3rd share of global tannic acid market.
Tannic acid market is further segmented on the basis of application into food & beverages, cosmetics, pharmaceuticals, leather industry, textile industry and others. Others segment includes the volume of tannic acid that is used in wood staining, electronics etc. Pharmaceuticals segment and food & beverages segment is expected to witness relatively high CAGR over the forecast period. Leather industry segment accounts for relatively high share among all the segments in tannic acid market.
Tannic Acid market: Drivers, Restraints, and Trends
Therapeutic properties of tannic acid is being increasingly capitalized by pharmaceutical industry. It is used as detoxifying agent in combination with magnesium or activated charcoal. It is also helpful in treating burns and cuts. Owing to these benefits, tannins market is expected to witness significant CAGR over the forecast period. In food industry, tannins are often used as clarifying agent in preparation of juices and beer. It is also used as aroma compound in soft drinks and juices. Tannins present in grapes are of the most significant use, as it naturally acts as clarifying agent in preparation of wines. Owing to these factors, tannic acid finds prodigious application in food industry, owing to which tannic acid market is expected to exhibit robust growth over the forecast period.
High content of tannic acid in food is unsafe to consume, which could impede the trajectory of the tannic acid market over the forecast period. Also, fluctuating prices of tannic acid could also possibly hamper the sales of tannic acid market.
Tannic Acid Market: Regional Outlook
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On the basis of region, Tannic Acid market is segmented into five different regions: North America, Latin America, Europe, Asia Pacific and MEA.
Among these regions, North America and Europe tannic acid market is expected to dominate with relatively high value and volume share. Asia Pacific also holds relatively high value share of tannic acid market. China and India is expected to dominate Asia Pacific tannic acid market throughout the forecast period. Latin America is also expected to have the significant value share of tannic acid market, as this region accounts for significant consumption of tannic acid. The Middle East & Africa tannic acid market is expected to expand with relatively low CAGR over the forecast period.
Tannic Acid Market: Key Players
Some of the key players in Tannic Acid market are Ajinomoto, Merck KGaA, Triveni Chemicals, Amruta Herbals Pvt. Ltd., Tannin Corporation, Parchem, Nutragreen Biotechnology Co., and others.
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