Vanilla Industry to Grow by 2024 Due to Demand from Various Industries

Vanilla is a spice crop that is cultivated in tropical countries and largely consumed worldwide. A new report on the global vanilla market, published by Market Research Future (MRFR), predicts that this market can see growth during the forecast period (2019-2024).

The most crucial market driver for the global Vanilla Industry growth is its growing demand in various industries due to its pleasant flavor. Among frozen desserts, vanilla ice-cream is a hot favorite in every country. Vanilla is also used for making confectionery items like vanilla cake. It is used for making various snacks. Other factors elevating the global vanilla market towards growth include technological advancement, increasing investment from investors. Increasing use of vanilla-vanillin extract to reduce the amount of sugar needed for sweetening is making many products healthy, and thus, popular among those people who want to reduce sweets.

Latest Industry News

  • Laird Superfood, a producer of assorted superfood products, is set to add vanilla to its popular Superfood Creamer line. 24 SEP 2019

Market Segmentation

The global vanilla market segmentation encompasses application, category, and form. MRFR’s research on the market highlights many factors of the market in-depth.

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The application-based segmentation of this market can cover food & beverage, personal care, and others. The food & beverage segment can be sub-segmented into bakery & confectionery, beverages, dairy & frozen desserts, sweet & savory snacks, and others. During the forecast period, the food & beverage segment can hold the largest market share due to the widespread use of vanilla in the bakery & confectionery and dairy & frozen desserts, along with beverages sub-segments, among others. There is an increasingly additional demand for vanilla in cosmetics & personal care products that include lotions, moisturizers, and perfumes for its fragrance and properties that are antispasmodic, anti-inflammatory, and analgesic. Vanilla helps to reduce chromosomal damage that is caused by X-ray and ultraviolet (UV) light.

Based on the category, the market has been segmented into conventional and organic. During the forecast period, the conventional segment is expected to be the largest market segment due to the easy availability and lower prices of conventional vanilla. However, the organic segment can attain higher growth during this period due to the rising inclination of consumers for organic products.

Regarding form, the market has been segmented into liquid, powder, and others. During the forecast period, the liquid segment can be the largest as well as the fastest-growing market. The market for the liquid vanilla is strong due to the convenience of the liquid form of vanilla and its wide availability.

Regional Segmentation

A geographical outlining of the global vanilla market covers North America, Europe, Asia Pacific, and Rest of the World (RoW).

North America owns the lion's share of the global market due to the increasing use in various industries in the region. Moreover, the region is home to several major market players active in the global vanilla market. Most of them are based in the USA. After USA, Canada and Mexico are the most important markets in this region.

In Europe, the market is significant due to the high density of population, established food industry, high imports of food products, and the presence of many important market players. The markets that generate maximum revenue in this region are France, Germany, Italy, Spain, and the UK. The survey of the remaining countries in Europe featured in this report calculates the strong addition to market revenue from various other countries in this region.

During the forecast period, the Asia Pacific can appear as the fastest growing regional market due to international market players expanding their operations in the region, especially in China and India. In this report, Australia and New Zealand have been categorized as one segment. Japan is another important market in this region. An examination of the remaining countries in the Asia Pacific region featured in this report adds the extra market revenue from some other countries.

The RoW segment covers the countries Africa, Middle East, and South America.

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Key Players

Big players in the global vanilla market are Doehler GmbH (Germany), E.A. Weber and CO. (USA), Firmenich SA (Switzerland), Heilala Vanilla Limited (New Zealand), Nielsen-Massey Vanillas Inc. (USA), Kerry Group plc (Ireland), Organic Spices Inc (USA), Penta International Corporation (USA), Sensient Technologies Corporation (USA), and Symrise AG (Germany).

Note: Our team of researchers are studying Covid-19 and its impact on various industry verticals and wherever required will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.

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