Vanilla Market Worth US$ 1,956.09 Mn, Globally, by 2028 at 4.5% CAGR - Exclusive Report by The Insight Partners

NEW YORK, April 14, 2022 /PRNewswire/ -- The Insight Partners published latest research study on Vanilla Market to Forecast 2028 – COVID-19 Impact and Global Analysis– by Form, Category, and Application," the vanilla market was valued at US$ 1,434.51 million in 2021 and is projected to reach US$ 1,956.09 million by 2028. It is expected to grow at a CAGR of 4.5% from 2021 to 2028. The rising demand for natural food additives due to the growing preference for all-natural products and the rising popularity of clean-label and plant-based products is projected to open lucrative growth opportunities for the global vanilla market.

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Vanilla Market: Competition Landscape and Key Developments

The leading players in the vanilla market are Camlin Fine Sciences Ltd; Givaudan SA; Heilala Vanilla US; LAFAZA Foods; Nielsen-Massey Vanillas, Inc.; Symrise; The Vanilla Company; Kerry Group; Touton SA; and Madagascar Vanilla Company. These companies have a widespread global presence, serving a large set of customers from all over the world. These market players focus heavily on mergers and acquisitions to expand their reach.

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North America held the largest share in the global vanilla market in 2020. 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.

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Rising Demand for Organic Vanilla and Increasing Popularity of Clean-labeled Plant-based Food Products to Propel Vanilla Market

Organic vanilla is grown in soil that is free from chemical fertilizers. The use of synthetic pesticides and herbicides is prohibited for organic vanilla farming. It is minimally processed, with no fumigation or irradiation, which preserves its original flavor and aroma. Many regulatory bodies across different countries provide certification to the companies engaged in organic farming and manufacturing. People have become more aware of the benefits of organic foods, which has increased their popularity. They are cultivated naturally with manure or compost without chemical fertilizers and pesticides. As children are more vulnerable to illnesses caused by pesticide residues in food than adults, parents choose to feed them organic foods.

Another benefit of organic foods is that they are free of growth hormones, genetically modified ingredients (GMI), and antibiotic residues. The rising demand for organic food is creating a massive demand for organic vanilla. Consumer preferences are highly influenced by descriptions on menus and labels on food packaging. Clean-label products are increasingly becoming popular as consumers are preferring 100% natural products with no synthetic ingredients, such as preservatives, artificial colors, and flavors. Vanilla is a spice used as a flavoring agent in various food products, such as cookies, pastries, cakes, ice creams, and desserts. As vanilla is a natural, plant-based flavoring ingredient, it is highly preferred by plant-based and clean-label food product manufacturers. The rising trend of clean-label food and veganism is projected to significantly impact the demand for natural vanilla in the coming years.

Vanilla Market: Segmental Overview

Based on the form, the vanilla market is segmented into paste, liquid, powder, and beans. The beans segment held a significant market share in 2020. Vanilla beans are mainly used in bakery products, ice creams, beverages, and desserts. Vanilla seeds in vanilla beans add gourmet visual delight to various dishes, such as ice creams, custards, and smoothies. Vanilla beans are also vital in cosmetic and personal care products, such as anti-aging creams, moisturizers, and ointments. Whole vanilla beans are very expensive and are significantly used in gourmet or premium food products.

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By the category, the vanilla market is segmented into organic and conventional. The conventional segment led the market in 2020. Conventionally grown vanilla is cheaper than organic one as growers use chemical fertilizers and pesticides. Conventional vanilla extract, powder, and paste are used in various food products and beverages, including bakery products, ice creams, desserts, sauces, spice mixes, dry baking mixes, and cocktails. Various local and regional food manufacturers may continue using conventional vanilla products due to their affordability and availability.

Based on the application, the vanilla market is segmented into food and beverage, personal care, pharmaceuticals, and others. The market for the personal care segment is expected to grow at the highest rate over the forecast period. Due to its anti-inflammatory and soothing properties, vanilla extract is widely used in personal care products, such as moisturizers, scrubs, and anti-aging creams.

Vanilla has healing and anti-bacterial properties that help fight acne and minimize redness and inflammation. It is a rich source of antioxidants that protect the skin from pollution and contaminants. Due to all these properties, manufacturers of personal care products are frequently employing vanilla in their products. Vanilla is becoming a vital ingredient in many skincare products, such as face washes, body creams, day and night creams.

Impact of COVID-19 Pandemic on Vanilla Market

Many sectors faced unprecedented challenges due to the outbreak of the COVID-19 pandemic and restrictions imposed by the governments. The food and beverage sector also faced a decline in profits due to the shutdown of manufacturing units and foodservice outlets, manufacturing difficulties, supply chain disruptions, and labor and raw materials shortages. This factor negatively impacted the demand for vanilla, leading to a significant slump in the prices of vanilla. The pandemic has directly affected the production and demand, led to supply chain and market disruption, and has subsequently impacted the financial status of the firms and the global economy. Similarly, the vanilla market is facing difficulties in growing due to a shortfall in production and the insufficiency of transportation facilities. Also, the reduced production of cosmetic products during the outbreak has reduced the demand for vanilla in the personal care industry. However, e-commerce platforms played a significant role in reviving food & beverages and personal care product sales because of their extensive logistics and distribution capabilities. Moreover, due to rising vaccination rates globally, the market started recovering from the losses, which is expected to positively impact the vanilla market's growth in the years to come.

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