According to our latest market study on “Vanilla Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Form (Paste, Liquid, Powder, and Beans), Category (Organic and Conventional), and Application (Food and Beverage, Personal Care, Pharmaceuticals, and Others)”, the market accounted for US$ 1,434.51 million in 2021 and is expected to grow at a CAGR of 4.5% during 2021-2028 to reach US$ 1,956.09 million by 2028. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
Vanilla is derived from orchids of the genus Vanilla, primarily from the Mexican species, flat-leaved vanilla. The three major species of vanilla, currently grown globally, include Mexican vanilla, Madagascar vanilla (Bourbon vanilla), and Indonesian vanilla. It is the second-most expensive spice after saffron and is widely used across several industries, such as food and beverage, personal care and cosmetics, pharmaceuticals, home fragrance, and animal feed.
A few players operating in the vanilla market include Camlin Fine Sciences Ltd; Givaudan S.A.; Heilala Vanilla US; LAFAZA Foods; Nielsen-Massey Vanillas, Inc.; Symrise; The Vanilla Company; Kerry Group; Touton S.A.; and Madagascar Vanilla Company.
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North America held the largest share of the global vanilla market in 2020, while APAC expected to grow at the fastest CAGR over the forecast period. The food & beverage industry is an essential part of the US economy. According to the US Committee for Economic Development report, the food and beverage industry consists of close to 27,000 organizations and employs almost 1.5 million people. The increasing consumption of bakery and confectionery products across various countries, such as the US and Canada, is also projected to fuel the demand for vanilla across North America in the near future. Bakery products include bagels, bread, cakes, croissants, doughnuts, pastries, and many more. The rising demand for flavored bakery products in the region is fueling the need for vanilla, aiding the market.
Furthermore, consumers’ changing and busy lifestyles in the region have led to a rise in the demand for multifunctional beauty and personal care products. North America is deemed as the most valuable beauty and personal care market. The region’s augmenting demand for beauty and personal care products is an essential driver of the vanilla market as vanilla is used in a wide range of beauty and personal care products, such as moisturizers, scrubs, anti-aging creams, lotions, and fragrance products, owing to its antibacterial, soothing, anti-aging properties.
Impact of COVID-19 Pandemic on Vanilla Market
The COVID-19 pandemic has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. During the initial days of the pandemic, various companies had announced possible delays in product deliveries and slump in future sales of their products. The global travel bans imposed by countries in Europe, Asia, and North America have been affecting business collaborations and partnership opportunities. All these factors are anticipated to negatively affect the food & beverage industry, thereby restraining the growth of various markets related to this industry, including the global vanilla market. Moreover, the prices of vanilla declined significantly as there was a drop in demand from various industries, such as food and beverage, personal care, among others. This factor also affected the profitability of the market players and the farmers engaged in cultivating vanilla. However, the market is reviving on account of significant measures, such as vaccination drives, by the governments in several countries. Several industrial sectors are strategically planning to invest in advanced products to maximize revenue. This factor is expected to provide the impetus for the growth of the global vanilla market over the coming years.
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Market Insights
Rising Demand for Natural Food Additives/Flavorings
Consumers are increasingly preferring brands that claim the utilization of 100% natural ingredients. They tend to be loyal to those brands that use natural food additives in their products. It is becoming almost a prerequisite for the manufacturers to market their products as “all-natural.” Vanilla has been one of the most popular flavors used in the food and beverage industry for many years. It imparts flavor in many food and beverages, including cakes, pastries, muffins, dairy products, beverages, desserts, ice creams, and frostings. With the rapidly increasing demand for food products containing natural ingredients and food additives, the demand for natural vanilla is significantly rising. This factor has surfaced as a key driving factor in the global vanilla market.
Vanilla Market – by Form
Paste
Liquid
Powder
Beans
Vanilla Market – by Category
Organic
Conventional
Vanilla Market – by Application
Food and Beverage
Personal Care
Pharmaceuticals
Others
Report Spotlights
** Progressive industry trends in the vanilla market to help players develop effective long-term strategies
** Business growth strategies adopted by developed and developing markets
** Quantitative analysis of the vanilla market from 2019 to 2028
** Estimation of global demand for vanilla
** Porter’s five forces analysis to illustrate the efficacy of buyers and suppliers operating in the industry
** Recent developments to understand the competitive market scenario
** Market trends and outlook as well as factors driving and restraining the growth of the vanilla market
** Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
** The size of the vanilla market size at various nodes
** Detailed overview and segmentation of the market, as well as the vanilla industry dynamics
** Size of the vanilla market in various regions with promising growth opportunities
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