TANNIN MARKET ANALYSIS

Regional Analysis

Tannin market outlook:

Europe holds a dominant position in tannin market and is expected to retain its position over the forecast period. The major demand for tannin is accounted for the growing wine industry in Europe, particularly in France. Due to the changing scenario of drinking amongst the youth, the demand for wine and beer has increased substantially thereby, increasing the demand for tannin in the region. According to the European Union, Europe produced 165,600 hectoliters of wine between 2016 and 2017. With the increasing demand for alcoholic beverages and the growing pharmaceutical industry, the need for tannin is expected to grow substantially over the forecast period.

North America region has the second largest market of tannin after Europe. The demand for tannin from the leather industry is a major reason for positively driving the growth of tannin market in North America. According to the U.S hide, skin and leather association (USHSLA), the U.S exports 90% of total production of leather and the total industry revenue is around US$ 3 billion annually.  Moreover, the growing demand for beer and wine in the Polar Regions to keep up with the temperature is another factor boosting the growth of tannins market in this region.

Asia Pacific is anticipated to be the fastest growing region in tannins market over the forecast period, owing to the increasing economy of the region and increasing personal disposable income in emerging economies has grown substantially, which in turn is increasing the need for tannin market in the region. The major demand for tannin comes from the growing need of leather and wood adhesives industries in Asia Pacific. Renovation and remodeling, increased construction, urbanization, and increased attention towards decorations has boosted the growth of wood adhesives market in the Asia Pacific region and is expected to further surge the need for tannin market.