Pune, India, May 29, 2023 (GLOBE NEWSWIRE) -- The global vanilla market size is expected to showcase substantial growth owing to the growing demand for organic food products in the foreseeable future. This information is published by Fortune Business Insights in its report, titled "Vanilla Market, 2021-2028". The various medical properties of the flavoring agent such as anti-inflammatory, antidepressant, and antioxidant are creating high demand for the product. Moreover, the surging demand from the bakery industry is expected to favor the adoption of the product across the food and beverage sector globally.
Vanilla is highly valued for its distinct aroma and flavor, which is widely used in the food industry for products like ice cream, baked goods, chocolates, beverages, and fragrances. The demand for vanilla has been consistently high, and it is considered one of the most expensive spices in the world due to its labor-intensive cultivation process.
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List of Key Players Profiled in the Market:
- Archer Daniels Midland Company
- Givaudan SA
- Sensient Technologies Corporation
- Dohler GmbH
- International Flavors & Fragrances
- McCormick & Company, Inc.
- Kerry Group plc
- Organic Spices Inc.
Report Scope & Segmentation:
| Report Attribute | Details |
| Base Year | 2022 |
| Historical Year | 2019 – 2021 |
| Forecast Year | 2023 – 2030 |
| Segments Covered | By Type, By Material, By Geography |
| Forecast Units | Value (USD Billion), and Volume (Units) |
| Quantitative Units | Revenue in USD million/billion and CAGR from 2020 to 2029 |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America and Rest of World |
| Countries Covered | Unites States, Canada, Mexico, Unites Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
COVID-19 Impact
Increased Backing Activities to Augment Growth
The pandemic witnessed high consumption of the flavoring agent as people picked up various hobbies during the lockdown such as baking. This led to a high demand of its essence in the food and beverage sector. Even after the lockdown is uplifted, there is a good probability that the current demand shall be surpassed quite soon. The small businesses that were shut down during the pandemic are expected to start functioning at full capacity once the stringent norms of lockdown ease out gradually.
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Market Segmentation
On the basis of type, the market is segmented into Mexican vanilla, Madagascar vanilla, Indian vanilla, Tahitian vanilla. On the basis of form, the market is divided into pods, extracts, and powder. By category, the market is classified into organic and conventional. Based on application, the market is categorized into food and beverage, cosmetics and personal care and pharmaceuticals. By geography, the market is divided into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
What Does the Report Contain?
The insights in the report are based on primary and secondary research to come to authentic conclusions. The analysis is based on industry-wide data and market projections are estimated by our in-house experts. The data is classified on various bases and each segment meticulously studied to give strategies based on market dynamics. The indispensable guidance provided by our experts is beneficial for the new entrants to the market. The guidance includes business priorities, pricing, prominent business models, challenges, potential business expansion opportunities, and much more. This report is not only beneficial for the new entrants or business holders of the market but also for the investors in this product.
Driving Factor
Rapid Expansion of Bakery Industry to Surge Demand for Product
The rapidly growing bakery industry is anticipated to be a major contributor for the vanilla market growth. Besides, consumer preference towards organic and clean label products has influenced producers in recent times. Therefore, the health benefits of the flavoring agent have led the companies to ramp up their production capabilities worldwide. The rising inclusion of the product in various foods for health benefits is expected to fuel the market growth.
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Regional Insights
Local Production Bases in Asia Pacific to Spur Demand
Asia-pacific is expected to hold significant vanilla market share in the foreseeable future. This is owing to the increasing adoption of local produce in the region. The regional climate is suited for the production of these beans, which has resulted in prominent manufacturers establishing their production bases. Moreover, the rising population in the region is projected to garner high demand.
Europe is anticipated to hold prominent market share in the forthcoming years. This is due to the expanding bakery industry in the region which extensively uses the product. Moreover, high demand for the products across the F&B sector in countries such as France, Netherlands, and Germany will boost the growth of the market in the region.
Competitive Landscape
Producers Establish Bases in Tropics to Brighten Their Market Prospects
The competitive landscape of the market has prominent multinational companies as well as small scale producers in the picture. Due to agricultural factors, the producing bases of the fruit is limited to certain tropical regions. This gives an advantage to the domestic producers in the region of China, India, Bangladesh, and others. The market is profiting not only the end users but also exporters as a large volume of the product is exported every year to various countries. The widespread end user of the product allows new entrants to easily enter the market and establish their business.
Industry Development:
- January 2020: Madagascar bourbon pure Vanilla Bean paste by Nielsen-Massey Vanillas, Inc. was launched at 2020 winter fancy food show. The product is available in 2 ounce bottles made with premium extracts of the product and infused with real bean specks.
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