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Tannic Acid Market
Tannic acid is derived from tannins which is an organic compound rich in amino acids and protein. 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.
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.
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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.
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 is expected to hit by the widely spreading disease of COVID-19 as all the major industries are witnessing the major setback due to this global pandemic. The closing manufacturing and food processing in major regions such as Europe and North America is creating low productivity for the most of the ingredients. Tannic acid is mostly used in food and beverage industry along with the cosmetics, pharmaceutical, and other industries. The shutdown of these major industries has impacted the use of tannic acid in various application which is subsequently affecting the growth of tannic acid market. Moreover, the production of tannic acid requires the high amount of raw materials which are majorly imported from China, Japan, and other countries. Since the trade activities has been stopped for certain times, this could have major impacted the tannic acid production. Therefore, COVID-19 disease outbreak would have moderate to high impact on global tannic acid market.