HomeFood & BeveragesIngredients & Additives Natural Vanillin for Beverage Market

Global Natural Vanillin for Beverage Market Size, Share & Demand Report By Source (Bio-Fermentation-Derived, Ferulic Acid–Derived, Eugenol–Derived, Lignin–Derived, Vanilla Bean Extract–Derived), By Form (Liquid Water-Soluble, Liquid Oil-Soluble, Powder, Encapsulated), By Application (Carbonated Soft Drinks, RTD Coffee & Tea, Energy & Sports Drinks, Functional & Nutraceutical Beverages, Dairy-Based Beverages, Plant-Based Beverages, Alcoholic Beverages, Syrups & Concentrates), By Distribution Channel (Direct to Beverage Manufacturers, Ingredient Distributors, Contract Beverage Manufacturers), By Certification (Organic, Non-GMO, Fair-Trade, Clean-Label, Kosher/Halal), By Region & Segment Forecasts, 2026–2031

Report Code: RI2443PUB
Last Updated : February, 2026
Author : Hannah Blake

Table of Contents

  1. Executive Summary
    1. Introduction
  2. Market Introduction
    1. Market Definition
    2. Scope of the Study
    3. Market Structure
  3. Research Methodology
    1. Primary Research
    2. Research Methodology
    3. Assumptions & Exclusions
    4. Secondary Data Sources
  4. Market Factor Analysis
    1. Value Chain Analysis: Natural Vanillin for Beverage Market
    2. Porters Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
  5. Market Dynamics
    1. Drivers
    2. Restraints
    3. Opportunities
  6. Recent Trends Analysis
  7. Impact of COVID-19 on Natural Vanillin for Beverage Market
    1. Pre and Post Covid -19 Market Scenario Analysis
    2. Market Recovery Timeline and Challenge
    3. Measures Taken by Top Players
  8. Regulatory Landscape
  9. Natural Vanillin for Beverage Market, By Source
    1. Introduction
      1. Market Size and Forecast, By Source
    2. Bio-Fermentation-Derived Natural Vanillin
      1. Market Size and Forecast, By Region
    3. Ferulic Acid–Derived Natural Vanillin
      1. Market Size and Forecast, By Region
    4. Eugenol–Derived Natural Vanillin
      1. Market Size and Forecast, By Region
    5. Lignin–Derived Natural Vanillin
      1. Market Size and Forecast, By Region
    6. Vanilla Bean Extract–Derived Natural Vanillin
      1. Market Size and Forecast, By Region
  10. Natural Vanillin for Beverage Market, By Form
    1. Introduction
      1. Market Size and Forecast, By Form
    2. Liquid (Water-Soluble)
      1. Market Size and Forecast, By Region
    3. Liquid (Oil-Soluble)
      1. Market Size and Forecast, By Region
    4. Powder
      1. Market Size and Forecast, By Region
    5. Encapsulated / Spray-Dried
      1. Market Size and Forecast, By Region
  11. Natural Vanillin for Beverage Market, By Application
    1. Introduction
      1. Market Size and Forecast, By Application
    2. Carbonated Soft Drinks
      1. Market Size and Forecast, By Region
    3. RTD Coffee & Tea
      1. Market Size and Forecast, By Region
    4. Energy & Sports Drinks
      1. Market Size and Forecast, By Region
    5. Functional & Nutraceutical Beverages
      1. Market Size and Forecast, By Region
    6. Dairy-Based Beverages
      1. Market Size and Forecast, By Region
    7. Plant-Based Beverages
      1. Market Size and Forecast, By Region
    8. Alcoholic Beverages
      1. Market Size and Forecast, By Region
    9. Syrups & Concentrates
      1. Market Size and Forecast, By Region
  12. Natural Vanillin for Beverage Market, By Distribution Channel
    1. Introduction
      1. Market Size and Forecast, By Distribution Channel
    2. Direct to Beverage Manufacturers
      1. Market Size and Forecast, By Region
    3. Ingredient Distributors
      1. Market Size and Forecast, By Region
    4. Contract Beverage Manufacturers
      1. Market Size and Forecast, By Region
  13. Regional Overview
    1. Introduction
      1. Market Size and Forecast
    2. North America
      1. Market Size and Forecast
        1. By Source
          1. Bio-Fermentation-Derived Natural Vanillin
            1. Ferulic Acid–Derived Natural Vanillin
              1. Eugenol–Derived Natural Vanillin
                1. Lignin–Derived Natural Vanillin
                  1. Vanilla Bean Extract–Derived Natural Vanillin
                  2. By Form
                    1. Liquid (Water-Soluble)
                      1. Liquid (Oil-Soluble)
                        1. Powder
                          1. Encapsulated / Spray-Dried
                          2. By Application
                            1. Carbonated Soft Drinks
                              1. RTD Coffee & Tea
                                1. Energy & Sports Drinks
                                  1. Functional & Nutraceutical Beverages
                                    1. Dairy-Based Beverages
                                      1. Plant-Based Beverages
                                        1. Alcoholic Beverages
                                          1. Syrups & Concentrates
                                          2. By Distribution Channel
                                            1. Direct to Beverage Manufacturers
                                              1. Ingredient Distributors
                                                1. Contract Beverage Manufacturers
                                              2. U.S.
                                                1. By Source
                                                  1. Bio-Fermentation-Derived Natural Vanillin
                                                    1. Ferulic Acid–Derived Natural Vanillin
                                                      1. Eugenol–Derived Natural Vanillin
                                                        1. Lignin–Derived Natural Vanillin
                                                          1. Vanilla Bean Extract–Derived Natural Vanillin
                                                          2. By Form
                                                            1. Liquid (Water-Soluble)
                                                              1. Liquid (Oil-Soluble)
                                                                1. Powder
                                                                  1. Encapsulated / Spray-Dried
                                                                  2. By Application
                                                                    1. Carbonated Soft Drinks
                                                                      1. RTD Coffee & Tea
                                                                        1. Energy & Sports Drinks
                                                                          1. Functional & Nutraceutical Beverages
                                                                            1. Dairy-Based Beverages
                                                                              1. Plant-Based Beverages
                                                                                1. Alcoholic Beverages
                                                                                  1. Syrups & Concentrates
                                                                                  2. By Distribution Channel
                                                                                    1. Direct to Beverage Manufacturers
                                                                                      1. Ingredient Distributors
                                                                                        1. Contract Beverage Manufacturers
                                                                                      2. Canada
                                                                                    2. Europe
                                                                                      1. Market Size and Forecast
                                                                                        1. By Source
                                                                                          1. Bio-Fermentation-Derived Natural Vanillin
                                                                                            1. Ferulic Acid–Derived Natural Vanillin
                                                                                              1. Eugenol–Derived Natural Vanillin
                                                                                                1. Lignin–Derived Natural Vanillin
                                                                                                  1. Vanilla Bean Extract–Derived Natural Vanillin
                                                                                                  2. By Form
                                                                                                    1. Liquid (Water-Soluble)
                                                                                                      1. Liquid (Oil-Soluble)
                                                                                                        1. Powder
                                                                                                          1. Encapsulated / Spray-Dried
                                                                                                          2. By Application
                                                                                                            1. Carbonated Soft Drinks
                                                                                                              1. RTD Coffee & Tea
                                                                                                                1. Energy & Sports Drinks
                                                                                                                  1. Functional & Nutraceutical Beverages
                                                                                                                    1. Dairy-Based Beverages
                                                                                                                      1. Plant-Based Beverages
                                                                                                                        1. Alcoholic Beverages
                                                                                                                          1. Syrups & Concentrates
                                                                                                                          2. By Distribution Channel
                                                                                                                            1. Direct to Beverage Manufacturers
                                                                                                                              1. Ingredient Distributors
                                                                                                                                1. Contract Beverage Manufacturers
                                                                                                                              2. U.K.
                                                                                                                                1. By Source
                                                                                                                                  1. Bio-Fermentation-Derived Natural Vanillin
                                                                                                                                    1. Ferulic Acid–Derived Natural Vanillin
                                                                                                                                      1. Eugenol–Derived Natural Vanillin
                                                                                                                                        1. Lignin–Derived Natural Vanillin
                                                                                                                                          1. Vanilla Bean Extract–Derived Natural Vanillin
                                                                                                                                          2. By Form
                                                                                                                                            1. Liquid (Water-Soluble)
                                                                                                                                              1. Liquid (Oil-Soluble)
                                                                                                                                                1. Powder
                                                                                                                                                  1. Encapsulated / Spray-Dried
                                                                                                                                                  2. By Application
                                                                                                                                                    1. Carbonated Soft Drinks
                                                                                                                                                      1. RTD Coffee & Tea
                                                                                                                                                        1. Energy & Sports Drinks
                                                                                                                                                          1. Functional & Nutraceutical Beverages
                                                                                                                                                            1. Dairy-Based Beverages
                                                                                                                                                              1. Plant-Based Beverages
                                                                                                                                                                1. Alcoholic Beverages
                                                                                                                                                                  1. Syrups & Concentrates
                                                                                                                                                                  2. By Distribution Channel
                                                                                                                                                                    1. Direct to Beverage Manufacturers
                                                                                                                                                                      1. Ingredient Distributors
                                                                                                                                                                        1. Contract Beverage Manufacturers
                                                                                                                                                                      2. Germany
                                                                                                                                                                      3. France
                                                                                                                                                                      4. Spain
                                                                                                                                                                      5. Italy
                                                                                                                                                                      6. Russia
                                                                                                                                                                      7. Nordic
                                                                                                                                                                      8. Benelux
                                                                                                                                                                      9. Rest of Europe
                                                                                                                                                                    2. APAC
                                                                                                                                                                      1. Market Size and Forecast
                                                                                                                                                                        1. By Source
                                                                                                                                                                          1. Bio-Fermentation-Derived Natural Vanillin
                                                                                                                                                                            1. Ferulic Acid–Derived Natural Vanillin
                                                                                                                                                                              1. Eugenol–Derived Natural Vanillin
                                                                                                                                                                                1. Lignin–Derived Natural Vanillin
                                                                                                                                                                                  1. Vanilla Bean Extract–Derived Natural Vanillin
                                                                                                                                                                                  2. By Form
                                                                                                                                                                                    1. Liquid (Water-Soluble)
                                                                                                                                                                                      1. Liquid (Oil-Soluble)
                                                                                                                                                                                        1. Powder
                                                                                                                                                                                          1. Encapsulated / Spray-Dried
                                                                                                                                                                                          2. By Application
                                                                                                                                                                                            1. Carbonated Soft Drinks
                                                                                                                                                                                              1. RTD Coffee & Tea
                                                                                                                                                                                                1. Energy & Sports Drinks
                                                                                                                                                                                                  1. Functional & Nutraceutical Beverages
                                                                                                                                                                                                    1. Dairy-Based Beverages
                                                                                                                                                                                                      1. Plant-Based Beverages
                                                                                                                                                                                                        1. Alcoholic Beverages
                                                                                                                                                                                                          1. Syrups & Concentrates
                                                                                                                                                                                                          2. By Distribution Channel
                                                                                                                                                                                                            1. Direct to Beverage Manufacturers
                                                                                                                                                                                                              1. Ingredient Distributors
                                                                                                                                                                                                                1. Contract Beverage Manufacturers
                                                                                                                                                                                                              2. China
                                                                                                                                                                                                                1. By Source
                                                                                                                                                                                                                  1. Bio-Fermentation-Derived Natural Vanillin
                                                                                                                                                                                                                    1. Ferulic Acid–Derived Natural Vanillin
                                                                                                                                                                                                                      1. Eugenol–Derived Natural Vanillin
                                                                                                                                                                                                                        1. Lignin–Derived Natural Vanillin
                                                                                                                                                                                                                          1. Vanilla Bean Extract–Derived Natural Vanillin
                                                                                                                                                                                                                          2. By Form
                                                                                                                                                                                                                            1. Liquid (Water-Soluble)
                                                                                                                                                                                                                              1. Liquid (Oil-Soluble)
                                                                                                                                                                                                                                1. Powder
                                                                                                                                                                                                                                  1. Encapsulated / Spray-Dried
                                                                                                                                                                                                                                  2. By Application
                                                                                                                                                                                                                                    1. Carbonated Soft Drinks
                                                                                                                                                                                                                                      1. RTD Coffee & Tea
                                                                                                                                                                                                                                        1. Energy & Sports Drinks
                                                                                                                                                                                                                                          1. Functional & Nutraceutical Beverages
                                                                                                                                                                                                                                            1. Dairy-Based Beverages
                                                                                                                                                                                                                                              1. Plant-Based Beverages
                                                                                                                                                                                                                                                1. Alcoholic Beverages
                                                                                                                                                                                                                                                  1. Syrups & Concentrates
                                                                                                                                                                                                                                                  2. By Distribution Channel
                                                                                                                                                                                                                                                    1. Direct to Beverage Manufacturers
                                                                                                                                                                                                                                                      1. Ingredient Distributors
                                                                                                                                                                                                                                                        1. Contract Beverage Manufacturers
                                                                                                                                                                                                                                                      2. Korea
                                                                                                                                                                                                                                                      3. Japan
                                                                                                                                                                                                                                                      4. India
                                                                                                                                                                                                                                                      5. Australia
                                                                                                                                                                                                                                                      6. Singapore
                                                                                                                                                                                                                                                      7. Taiwan
                                                                                                                                                                                                                                                      8. South East Asia
                                                                                                                                                                                                                                                      9. Rest of Asia-Pacific
                                                                                                                                                                                                                                                    2. Middle East and Africa
                                                                                                                                                                                                                                                      1. Market Size and Forecast
                                                                                                                                                                                                                                                        1. By Source
                                                                                                                                                                                                                                                          1. Bio-Fermentation-Derived Natural Vanillin
                                                                                                                                                                                                                                                            1. Ferulic Acid–Derived Natural Vanillin
                                                                                                                                                                                                                                                              1. Eugenol–Derived Natural Vanillin
                                                                                                                                                                                                                                                                1. Lignin–Derived Natural Vanillin
                                                                                                                                                                                                                                                                  1. Vanilla Bean Extract–Derived Natural Vanillin
                                                                                                                                                                                                                                                                  2. By Form
                                                                                                                                                                                                                                                                    1. Liquid (Water-Soluble)
                                                                                                                                                                                                                                                                      1. Liquid (Oil-Soluble)
                                                                                                                                                                                                                                                                        1. Powder
                                                                                                                                                                                                                                                                          1. Encapsulated / Spray-Dried
                                                                                                                                                                                                                                                                          2. By Application
                                                                                                                                                                                                                                                                            1. Carbonated Soft Drinks
                                                                                                                                                                                                                                                                              1. RTD Coffee & Tea
                                                                                                                                                                                                                                                                                1. Energy & Sports Drinks
                                                                                                                                                                                                                                                                                  1. Functional & Nutraceutical Beverages
                                                                                                                                                                                                                                                                                    1. Dairy-Based Beverages
                                                                                                                                                                                                                                                                                      1. Plant-Based Beverages
                                                                                                                                                                                                                                                                                        1. Alcoholic Beverages
                                                                                                                                                                                                                                                                                          1. Syrups & Concentrates
                                                                                                                                                                                                                                                                                          2. By Distribution Channel
                                                                                                                                                                                                                                                                                            1. Direct to Beverage Manufacturers
                                                                                                                                                                                                                                                                                              1. Ingredient Distributors
                                                                                                                                                                                                                                                                                                1. Contract Beverage Manufacturers
                                                                                                                                                                                                                                                                                              2. UAE
                                                                                                                                                                                                                                                                                                1. By Source
                                                                                                                                                                                                                                                                                                  1. Bio-Fermentation-Derived Natural Vanillin
                                                                                                                                                                                                                                                                                                    1. Ferulic Acid–Derived Natural Vanillin
                                                                                                                                                                                                                                                                                                      1. Eugenol–Derived Natural Vanillin
                                                                                                                                                                                                                                                                                                        1. Lignin–Derived Natural Vanillin
                                                                                                                                                                                                                                                                                                          1. Vanilla Bean Extract–Derived Natural Vanillin
                                                                                                                                                                                                                                                                                                          2. By Form
                                                                                                                                                                                                                                                                                                            1. Liquid (Water-Soluble)
                                                                                                                                                                                                                                                                                                              1. Liquid (Oil-Soluble)
                                                                                                                                                                                                                                                                                                                1. Powder
                                                                                                                                                                                                                                                                                                                  1. Encapsulated / Spray-Dried
                                                                                                                                                                                                                                                                                                                  2. By Application
                                                                                                                                                                                                                                                                                                                    1. Carbonated Soft Drinks
                                                                                                                                                                                                                                                                                                                      1. RTD Coffee & Tea
                                                                                                                                                                                                                                                                                                                        1. Energy & Sports Drinks
                                                                                                                                                                                                                                                                                                                          1. Functional & Nutraceutical Beverages
                                                                                                                                                                                                                                                                                                                            1. Dairy-Based Beverages
                                                                                                                                                                                                                                                                                                                              1. Plant-Based Beverages
                                                                                                                                                                                                                                                                                                                                1. Alcoholic Beverages
                                                                                                                                                                                                                                                                                                                                  1. Syrups & Concentrates
                                                                                                                                                                                                                                                                                                                                  2. By Distribution Channel
                                                                                                                                                                                                                                                                                                                                    1. Direct to Beverage Manufacturers
                                                                                                                                                                                                                                                                                                                                      1. Ingredient Distributors
                                                                                                                                                                                                                                                                                                                                        1. Contract Beverage Manufacturers
                                                                                                                                                                                                                                                                                                                                      2. Turky
                                                                                                                                                                                                                                                                                                                                      3. Saudi Arabia
                                                                                                                                                                                                                                                                                                                                      4. South Africa
                                                                                                                                                                                                                                                                                                                                      5. Egypt
                                                                                                                                                                                                                                                                                                                                      6. Nigeria
                                                                                                                                                                                                                                                                                                                                      7. Rest of MEA
                                                                                                                                                                                                                                                                                                                                    2. LATAM
                                                                                                                                                                                                                                                                                                                                      1. Market Size and Forecast
                                                                                                                                                                                                                                                                                                                                        1. By Source
                                                                                                                                                                                                                                                                                                                                          1. Bio-Fermentation-Derived Natural Vanillin
                                                                                                                                                                                                                                                                                                                                            1. Ferulic Acid–Derived Natural Vanillin
                                                                                                                                                                                                                                                                                                                                              1. Eugenol–Derived Natural Vanillin
                                                                                                                                                                                                                                                                                                                                                1. Lignin–Derived Natural Vanillin
                                                                                                                                                                                                                                                                                                                                                  1. Vanilla Bean Extract–Derived Natural Vanillin
                                                                                                                                                                                                                                                                                                                                                  2. By Form
                                                                                                                                                                                                                                                                                                                                                    1. Liquid (Water-Soluble)
                                                                                                                                                                                                                                                                                                                                                      1. Liquid (Oil-Soluble)
                                                                                                                                                                                                                                                                                                                                                        1. Powder
                                                                                                                                                                                                                                                                                                                                                          1. Encapsulated / Spray-Dried
                                                                                                                                                                                                                                                                                                                                                          2. By Application
                                                                                                                                                                                                                                                                                                                                                            1. Carbonated Soft Drinks
                                                                                                                                                                                                                                                                                                                                                              1. RTD Coffee & Tea
                                                                                                                                                                                                                                                                                                                                                                1. Energy & Sports Drinks
                                                                                                                                                                                                                                                                                                                                                                  1. Functional & Nutraceutical Beverages
                                                                                                                                                                                                                                                                                                                                                                    1. Dairy-Based Beverages
                                                                                                                                                                                                                                                                                                                                                                      1. Plant-Based Beverages
                                                                                                                                                                                                                                                                                                                                                                        1. Alcoholic Beverages
                                                                                                                                                                                                                                                                                                                                                                          1. Syrups & Concentrates
                                                                                                                                                                                                                                                                                                                                                                          2. By Distribution Channel
                                                                                                                                                                                                                                                                                                                                                                            1. Direct to Beverage Manufacturers
                                                                                                                                                                                                                                                                                                                                                                              1. Ingredient Distributors
                                                                                                                                                                                                                                                                                                                                                                                1. Contract Beverage Manufacturers
                                                                                                                                                                                                                                                                                                                                                                              2. Brazil
                                                                                                                                                                                                                                                                                                                                                                                1. By Source
                                                                                                                                                                                                                                                                                                                                                                                  1. Bio-Fermentation-Derived Natural Vanillin
                                                                                                                                                                                                                                                                                                                                                                                    1. Ferulic Acid–Derived Natural Vanillin
                                                                                                                                                                                                                                                                                                                                                                                      1. Eugenol–Derived Natural Vanillin
                                                                                                                                                                                                                                                                                                                                                                                        1. Lignin–Derived Natural Vanillin
                                                                                                                                                                                                                                                                                                                                                                                          1. Vanilla Bean Extract–Derived Natural Vanillin
                                                                                                                                                                                                                                                                                                                                                                                          2. By Form
                                                                                                                                                                                                                                                                                                                                                                                            1. Liquid (Water-Soluble)
                                                                                                                                                                                                                                                                                                                                                                                              1. Liquid (Oil-Soluble)
                                                                                                                                                                                                                                                                                                                                                                                                1. Powder
                                                                                                                                                                                                                                                                                                                                                                                                  1. Encapsulated / Spray-Dried
                                                                                                                                                                                                                                                                                                                                                                                                  2. By Application
                                                                                                                                                                                                                                                                                                                                                                                                    1. Carbonated Soft Drinks
                                                                                                                                                                                                                                                                                                                                                                                                      1. RTD Coffee & Tea
                                                                                                                                                                                                                                                                                                                                                                                                        1. Energy & Sports Drinks
                                                                                                                                                                                                                                                                                                                                                                                                          1. Functional & Nutraceutical Beverages
                                                                                                                                                                                                                                                                                                                                                                                                            1. Dairy-Based Beverages
                                                                                                                                                                                                                                                                                                                                                                                                              1. Plant-Based Beverages
                                                                                                                                                                                                                                                                                                                                                                                                                1. Alcoholic Beverages
                                                                                                                                                                                                                                                                                                                                                                                                                  1. Syrups & Concentrates
                                                                                                                                                                                                                                                                                                                                                                                                                  2. By Distribution Channel
                                                                                                                                                                                                                                                                                                                                                                                                                    1. Direct to Beverage Manufacturers
                                                                                                                                                                                                                                                                                                                                                                                                                      1. Ingredient Distributors
                                                                                                                                                                                                                                                                                                                                                                                                                        1. Contract Beverage Manufacturers
                                                                                                                                                                                                                                                                                                                                                                                                                      2. Mexico
                                                                                                                                                                                                                                                                                                                                                                                                                      3. Argentina
                                                                                                                                                                                                                                                                                                                                                                                                                      4. Chile
                                                                                                                                                                                                                                                                                                                                                                                                                      5. Colombia
                                                                                                                                                                                                                                                                                                                                                                                                                      6. Rest of LATAM
                                                                                                                                                                                                                                                                                                                                                                                                                  3. Competitive Landscape, 2025
                                                                                                                                                                                                                                                                                                                                                                                                                    1. Introduction
                                                                                                                                                                                                                                                                                                                                                                                                                    2. Natural Vanillin for Beverage Market Share Analysis, 2025 (%)
                                                                                                                                                                                                                                                                                                                                                                                                                      1. Market Share Analysis, 2025
                                                                                                                                                                                                                                                                                                                                                                                                                      2. Competition Ranking, 2025
                                                                                                                                                                                                                                                                                                                                                                                                                      3. Key Developments & Growth Strategies
                                                                                                                                                                                                                                                                                                                                                                                                                        1. Merger & Acquisition
                                                                                                                                                                                                                                                                                                                                                                                                                        2. Product Launch
                                                                                                                                                                                                                                                                                                                                                                                                                        3. Expansion
                                                                                                                                                                                                                                                                                                                                                                                                                      4. Consolidated SWOT Analysis of Key Players
                                                                                                                                                                                                                                                                                                                                                                                                                  4. Company Profile
                                                                                                                                                                                                                                                                                                                                                                                                                    1. Givaudan
                                                                                                                                                                                                                                                                                                                                                                                                                      1. Business Overview
                                                                                                                                                                                                                                                                                                                                                                                                                      2. Financial Data
                                                                                                                                                                                                                                                                                                                                                                                                                      3. Key Product domains
                                                                                                                                                                                                                                                                                                                                                                                                                      4. Recent Developments
                                                                                                                                                                                                                                                                                                                                                                                                                    2. Firmenich
                                                                                                                                                                                                                                                                                                                                                                                                                    3. Symrise AG
                                                                                                                                                                                                                                                                                                                                                                                                                    4. International Flavors & Fragrances Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                    5. MANE
                                                                                                                                                                                                                                                                                                                                                                                                                    6. Solvay
                                                                                                                                                                                                                                                                                                                                                                                                                    7. Borregaard
                                                                                                                                                                                                                                                                                                                                                                                                                    8. Evolva
                                                                                                                                                                                                                                                                                                                                                                                                                    9. Advanced Biotech
                                                                                                                                                                                                                                                                                                                                                                                                                    10. Treatt PLC