Market Overview:
The global vanillaextract market size was valued at USD 5.26 billion in2021. The market is projected to grow from USD 4.94 billion in2022 to USD 6.29 billion by 2029, exhibiting a CAGR of 3.52% duringthe forecast period.
This information is provided by Fortune BusinessInsights, in its report, titled “Vanilla Extract Market, 2022-2029.”
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.)
Segments:
Madagascar Vanilla Segment Holds Prime Market ShareAccredited to Huge Yield and High Demand
Madagascar vanilla beans are produced in Madagascar and aremeasured 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 toExpanded 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 NorthAmerica, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report offers valuable insights obtained by thoroughstudy 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 AssistVanilla Extract Market Growth
In the food industry, vanilla is chiefly utilized in icecream 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 icecreams has elevated considerably owing to rising health consciousness among
consumers due to its superior quality, delicate taste, provenance, exotic
ingredients, and moral foundation.
Regional Insights:
Asia Pacific to Lead Backed by Presence of Major Players
Asia Pacific holds the prime vanilla extract market shareowing 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 isprimarily 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 andlargest markets. Elevated demand for this product is chiefly observed from
industries such a food & beverages as well as pharmaceutics.
Competitive Landscape:
Acquisitions Initiated by Key Companies to Promote MarketGrowth
The leading players in the market constantly opt forefficient 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 procuredRodelle 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.
