New York, NY, July 11, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Vanilla Market by Type (Madagascar, Mexican, Indian, Indonesian, and Others) and By Application (Food and Beverages, Cosmetics, and Pharmaceutical): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2026”. According to the report, the global vanilla market accounted for USD 510 million in 2018 and is expected to reach around USD 735 million by 2026, at a CAGR of 4.7% between 2019 and 2026.
Vanilla is one of the most widely used flavoring agents in the food industry. Vanilla extract is prepared by a process of maceration and percolation of vanilla pods in a solution of water and ethanol. The extract finds its application in various bakery products like cakes, ice-creams, brownies, cupcakes, puddings, and yogurt, worldwide. The global vanilla market is expected to grow notably in the years ahead, owing to the growing demand for frozen desserts and bakery products. This is majorly due to the increasing disposable income of people and rising demand for processed foods. Another factor stimulating market growth is the vanilla beans application in the medical sector. Studies have shown that vanilla consumption prevents the common cold, respiratory infections, and vomiting. Vanilla is also beneficial for its low caloric value and its common application in the cosmetic industry. However, escalating prices of vanilla bean and low vanilla production due to poor environmental conditions may limit the market.
Browse through 37 Tables & 23 Figures spread over 110 Pages and in-depth TOC on “Global Vanilla Market Size & Share 2018: Industry Type, Trends, Segments, Analysis and Forecast to 2026”.
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The global vanilla market is fragmented based on product type and application. The product type includes Madagascar, Mexican, Indian, Indonesian, and others. Madagascar vanilla is the most widely used vanilla type, as it accounts for around 70% of the total vanilla market share. It owes this popularity to its dark, creamy, and rich flavor along with a buttery and sweet aroma. It finds its application in major food products like ice creams, cakes, desserts, and drinks. After Madagascar, the Indonesian vanilla type holds the second position in terms of vanilla production. These beans have a deep and rich vanilla flavor that is appropriate for dark chocolates, cakes, caramels, etc.
By application, the vanilla market includes food and beverages, cosmetics, and pharmaceuticals. The food and beverages segment is likely to hold the largest market share in the future, due to the increasing vanilla demand for different recipes. Additionally, the increasing health problems worldwide and a growing health-conscious population base are driving the pharmaceutical segment.
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North America dominates the vanilla market globally, owing to the increasing regional demand for dairy products, which is around half of the total vanilla imports. The U.S. contributes 18% of the total vanilla demand globally, which is the highest in the world. This high demand in the U.S. is majorly due to its huge ice-cream consumption market globally. Even new product development techniques and technological advancements in the region are aiding the North American vanilla market.
The European vanilla market has shown significant growth in vanilla consumption in recent years. The regional growth rate is around 20% in volume annually in the form of grounded or crushed vanillas. This growth can be attributed to the region’s flourishing cookies, pastry, cakes, and confectionery divisions. The main players in the market in terms of high consumption are France, the UK, and Germany.
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The Asia Pacific vanilla market is estimated to witness notable growth over the forecast time period. The growth drivers include recent developments made in the retail divisions and an increase in the demand for packaged foods. India and China are the key players in the region mainly due to their ever-increasing population numbers. India is also emerging to be the leading producer of vanilla, due to several advanced farming techniques being implemented in its southern states, i.e., Andhra Pradesh, Tamil Nadu, Karnataka, and Kerala.
Latin America is expected to show significant growth in the global vanilla market in the future. Brazil is one of the largest markets in terms of vanilla consumption in Latin America, owing to the increasing population and growing use of vanilla in food and pharmaceutical industries. In the Middle East and Africa, the UAE is showing significant growth in the vanilla market. It accounted for 65% for uncrushed vanilla and 35% for crushed vanilla growth rates, respectively. The African market enjoys its fair consumption of vanilla due to Madagascar being a part of the region, which is responsible for major vanilla production around the globe. However, the rising vanilla prices are a source of concern for African consumers.
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Some key players operating in the global vanilla market are Nielsen-Massey Vanillas, Heilala Vanilla Limited, Archer Daniels Midland, Givaudan, Sensient Flavors, Döhler, Lochhead Manufacturing, International Flavors & Fragrances, McCormick & Company, Symrise, Kerry Group, Firmenich, Organic Spices, E.A. Weber Flavors, and Takasago International.
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This report segments the global vanilla market into:
Global Vanilla Market: Type Analysis
Global Vanilla Market: Application Analysis
Global Vanilla Market: Regional Analysis
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