The global market for vanilla is estimated to grow at a CAGR of 4.7% by value and 4.6% by volume during the forecast period 2018-2028
Vanilla is a flavor majorly used in the food industry for bakery products, dairy products, beverages, and much more. Though, it also has a variety of uses in other industries like cosmetics and pharmaceutical. In food and beverages, vanilla is a well-known flavoring, relished all over the world. The most general type of vanilla is vanilla extract, which is arranged by transuding chopped vanilla beans in ethyl and water for around 2 days. The obtained mixture is then stored for a number of months, and then eventually filtered. There are quite a few varieties of vanilla that are available in the market, out of which, Madagascar vanilla is the most widely used in the vanilla market. The amusing sweet Madagascar vanilla takes up more than 70% of the vanilla market, whereas, the remaining types are vanilla from Tahiti and Mexico.
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The global vanilla market has experienced an incredible growth in recent years, and is expected to grow at a healthy CAGR of 4.6% in the years of forecast. The APAC region is expected to register the highest CAGR, due to progression in the retail division, with an increase in ready-to-eat food and packaged food consumption. Europe is also expected to witness robust growth in the vanilla market on account of the increasing presence of confectionary, biscuit and cookies, and cakes & pastry manufacturing divisions.
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Vanilla Market Segmentation:
- By Origin
- By Nature
- By Form
- By End Use
APAC - the key region for global vanilla market revenue growth
The global Vanilla market is projected to perceive a stimulating growth imminent from the APAC market. In terms of value, the vanilla market in APAC is expected to grow at a CAGR of 6% over the forecast period, to reach a market value of US$ 204.6 Mn by 2028. APAC accounts for more than 21% of the total share of the global vanilla market in terms of revenue, which is expected to increase comprehensively by 2028 end. India is emerging as the leading grower of vanilla, owing to farming implemented broadly in the southern states of Tamil Nadu, Andhra Pradesh, Karnataka, and Kerala. Bourbon class vanilla beans with sweetened, aromatic, and nourishing flavors are developed and preserved for a treating period of 5-6 months in order to fulfil the ever-growing demand for vanilla from different sectors. The demand in Europe is strong as vanilla is a very widely-held and a resourceful ingredient for many applications.
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Asia Pacific vanilla market – segment-wise overview
By form, the vanilla market is expected to witness the most input from the liquid segment. In terms of volume, the liquid vanilla segment holds the biggest share, and accounts for over 50% of the total APAC vanilla market, and is expected to continue to grow at a significant CAGR during the period of forecast.
In the APAC vanilla market, in the end-use segment, the food industry segment is assessed to dominate, and account for more than a whopping 60% value share by 2018 end, which is expected to decline slightly by 2028 end. The demand from bakery products such as breads, cakes and pastries, etc., is expected to fuel the vanilla market by a lucrative CAGR over the period of forecast. Moreover, in the Asian market, the liquid form of vanilla is the key target point of producers, owing to an increase in the usage of cakes and pastries, ready-to-eat food products, etc. Fluctuations in prices, limited supply, and poor farming & harvesting practices that harm the quality of beans are some of the factors restraining the growth of the vanilla market.
Manufacturers are aiming to develop new technologies that allow innovation in powder stability at a viable price. Moreover, sustainability and active supply chain management are some of the major distinguished tactics that are expected to be implemented by vendors present in the vanilla market.
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