Increasing Expenditure on Personal Care Products and Development of Sustainable Methods to Extract Vanillin to Augment Growth of Vanillin Market
Vanillin is an organic compound that is used as a flavoring agent in foods, beverages, and pharmaceuticals. It is also used in perfumes in the fragrance industry and in the production of pharmaceuticals, cosmetics, and other fine chemicals. Market Dynamics Increasing expenditure on personal care products is expected to propel growth of the vanillin market. For instance, according to the U.S. Bureau of Labor Statistics, average annual expenditure on personal care products in the U.S. increased from US$ 707 in 2016 to US$ 768 in 2018. Moreover, increasing aesthetic appeal is also expected to aid in growth of the market. For instance, according to a 2018 survey by GlobalData, around three quarters of South Korean men undertake a beauty or grooming treatment at least once a week. Development of sustainable methods to extract vanillin is expected to offer lucrative growth opportunities for players in ...