Vanilla Extracts Market Latest Size, Growth Factors, Major Segments, Share, Revenue and Forecast by 2029
The global vanilla extract market size was valued at USD 5.26 billion in 2021. The market is projected to grow from USD 4.94 billion in 2022 to USD 6.29 billion by 2029, exhibiting a CAGR of 3.52% during the forecast period.
This information is provided by Fortune Business Insights, in its report, titled “Vanilla Extract Market, 2022-2029.”
Spread of COVID-19 Across Globe Restrained Market Growth
The COVID-19 pandemic limited the supply of all commodities globally majorly in Q2 2020, which triggered interruptions in the supply chain and led to several products incapable to reach end-users. This further had consequences, such as less supply of ingredients and finished product, influencing the overall ingredients market including vanilla extracts, which registered disappointing growth in 2020.
Since the COVID-19 pandemic, the number of people cooking at home augmented, which resulted in an elevation of food & beverages sales.
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Madagascar Vanilla Segment Holds Prime Market Share Accredited to Huge Yield and High Demand
Madagascar vanilla beans are produced in Madagascar and are measured to be the best of its kind for superior quality vanilla beans in the spice industry. Abundant rainfall and fertile soil make the prime circumstances for cultivation of vanilla plants.
Food & Beverages Segment Holds Key Share Owing to Expanded Applications of Product in Numerous Food Products
Vanilla extracts are utilized predominantly in the food & beverages industry in multiple forms. Its usage can be witnessed as flavoring and taste enhancers in candy, chocolate, pastry, ice-cream, dairy products, bakery items such as biscuits, cookies, waffles, baking mixes, muffins, cakes, and beverages such as soft drinks, confectionery, coffee drinks, sauces, as well as baby formulas.
In terms of region, the market is divided into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
The report offers valuable insights obtained by thorough study done by our researchers. An extensive research was conducted to provide an estimated size of the market. The data used to project the shares for multiple segments at the country, regional, and global levels is obtained from in-depth interviews with numerous stakeholders. Furthermore, we have gained access to several global and regional paid databases to deliver precise information to make business investment decisions easy for you.
Drivers and Restraints:
Flourishing Food & Beverage Industry to Assist Vanilla Extract Market Growth
In the food industry, vanilla is chiefly utilized in ice cream preparation. The amplification of fast food chains globally is thriving ice cream ingestion as the fast food industry is among the pivotal consumers of ice cream. Surging consumer disposable income, increasing living standards, and refining consumer purchasing power are resulting in an upsurge in per capita consumption in developing countries such as India and China.
Furthermore, the requirement for gourmet and premium ice creams has elevated considerably owing to rising health consciousness among consumers due to its superior quality, delicate taste, provenance, exotic ingredients, and moral foundation.
Asia Pacific to Lead Backed by Presence of Major Players
Asia Pacific holds the prime vanilla extract market share owing to the existence of major food & beverages players in China and India as well as the incidence of huge number of pharmaceutical producing companies in Asia Pacific.
Europe is the second largest market for the product. This is primarily owing to the existence of some of the world’s biggest food companies as well as cosmetic product manufacturing companies. Europe is well-renowned as the cosmetic hub with numerous pioneering cosmetic companies having their headquarters situated in the EU region.
In North America, the U.S. and Canada are the prime and largest markets. Elevated demand for this product is chiefly observed from industries such a food & beverages as well as pharmaceutics.
Acquisitions Initiated by Key Companies to Promote Market Growth
The leading players in the market constantly opt for efficient strategies to bolster their brand value as well as promote the global market growth. One such efficient strategy is acquiring competitive companies and further securing a profit for both the companies.
Key Industry Development:
July 2021: Archer Daniels Midland Company procured Rodelle Inc., which is the finest creator, processor, and dealer of vanilla products throughout the world. Rodelle offers solutions to dominating food and beverage players in the world, as well as directly to customers.
List of Key Players Mentioned in the Report:
- Adams Extract (U.S.)
- F. Sauer Company (U.S.)
- McCormick & Company (U.S.)
- Frontier Natural Products (U.S.)
- Madécasse (U.S.)
- Nielsen-Massey Vanillas (U.S.)
- Watkins Incorporated (U.S.)
- Eurovanille (France)
- Firmenich (Switzerland)
- Symrise (Germany)
- Lochhead Manufacturing Company (U.S.)
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