Vanilla Market on the Rise, Anticipated to Hit USD 3,151.76 Mn By 2030, Consegic Business Intelligence Study

New York, June 26, 2023 (GLOBE NEWSWIRE) -- The global Vanilla Market is expected to witness significant growth at a CAGR of 4.2% during the forecast period of 2023-2030. This growth is attributed to the rising consumer demand for plant-based products.

The vanilla market is expected to gain significant growth in the forecast period of 2023 to 2030. Consegic Business Intelligence analyzes that the market is expected to reach USD 3,151.76 million by 2030. The market, which was valued at USD 2,275.60 million in 2022, is predicted to grow at a compound annual growth rate of 4.2% during the period 2023-2030. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the vanilla market.

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Vanilla is a flavoring agent that originated from the orchids of vanilla plants and is majorly grown in tropical regions such as Madagascar, Mexico, and Indonesia due to the ideal warm and humid climate in the regions. Various types of vanilla are commercialized in the market including Mexican, Madagascar or bourbon, and Tahiti which are well known for their fresh and exotic taste along with mild and pleasant fragrance.

Additionally, vanilla has therapeutic properties such as anti-inflammatory, antioxidant, and antidepressant which increases its adoption in various end-use industries including pharmaceuticals, cosmetics and personal care, and food and beverage, among others.

Global Vanilla Market: Report Attributes

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Global Vanilla Market Segmentation Details:

Based on Product Type, in 2022, the Madagascar vanilla segment contributed the largest market shares in the vanilla market. Madagascar vanilla beans are considered the gold standard for quality vanilla beans in the spice world. Such types of vanilla beans are widely used in baking, aromatherapy, and perfume production to impart pleasant and mild fragrances or aromas which are key drivers boosting the segment growth.

Based on Type, the organic segment is expected to grow at the fastest CAGR over the forecast period in the vanilla market owing to the rising consumer demand for organically grown natural flavoring products including organic vanilla due to the increasing focus on health.

For instance, in May 2022, Solvay announced the plan to invest in Suanfarma's Cipan manufacturing site situated in Portugal, to advance its biotechnological capabilities and support the development of natural vanillin.​ Hence, the increasing development of natural ingredients such as vanillin is driving the growth of the vanilla market.

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Based on Form, the liquid segment contributed the largest market shares and is expected to grow at the fastest CAGR over the forecast period due to the increasing demand for vanilla extract for preparing various food recipes and further the widespread use of vanilla to enhance other flavors such as caramel, chocolate, and coffee in cookies and cakes. Further, liquid vanilla is used in culinary preparations and has an extended shelf life and stability compared to other forms which are the crucial characteristics driving the market growth.

Based on End-Use Industry, the cosmetics & personal care segment is expected to grow at the fastest CAGR over the forecast period owing to the fragrance and anti-aging benefits of vanilla. Vanilla is rich in antioxidants that help in preventing and reversing skin damage triggered by free radicals. Further, vanilla helps to slow down signs and symptoms of aging including wrinkles, fine lines, and age spots. Hence, the aforementioned factors are collectively responsible for the growth of the vanilla market.

Based on Distribution Channel, the online segment is expected to grow at the fastest CAGR over the forecast period as the online channel provides convenience, allowing consumers to browse and purchase flavoring agents such as vanilla syrups, vanilla powders, and others from the comfort of their homes. Online retailers, e-commerce platforms, and company-owned websites have a wide range of options and flavors as compared to physical stores. This allows consumers to explore different brands and types of vanilla flavor-based products and compare prices of different products before purchasing which are the crucial factors expected to boost the growth of the market over the forecast period.

Based on Region, in 2022, Asia Pacific accounted for the largest share contribution to the market growth. This is due to the presence of key manufacturers in this region which are involved in research and development activities to adopt innovative ways of product creation to cater to the growing needs of various end-users. Further, the growth of the food and beverage industry along with the increasing consumer health consciousness and preference for natural products is driving the growth of the vanilla market in coming years.

Competitive Landscape

Apex Flavors, Boston Vanilla Bean Company, Daintree Vanilla & Spice, and E.A. Weber and Co. are major market players that comprise the latest market circumstances. These companies are continuously leveraging new technologies to develop innovative solutions that are more efficient, and cost-effective. Further, the vanilla market is expected to grow steadily due to increasing demand for vanilla extract in various cooking and baking applications. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships.

Key Market Takeaways

• Based on the product type, the Madagascar vanilla segment accounted for the highest market share of 38.95% in the vanilla market statistics in 2022.
• By type, the organic segment is anticipated to grow at the fastest CAGR during the forecast period.
• Based on form, the liquid segment CAGR accounted for the highest market share in the vanilla market statistics in 2022.
• By end-use industry, the food & beverages segment accounted for the highest market share in the vanilla market statistics in 2022.
• Based on the distribution channel, the offline segment accounted for the highest market share in the vanilla market statistics in 2022.
• Europe is expected to grow at the fastest CAGR of 5.3% during the forecast period due to the increasing growth of the food & beverage industry.
• In 2022, Asia Pacific accounted for the highest market share at 40.05% and was valued at USD 911.38 million, and is expected to reach USD 1,266.38 million in 2030.

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Recent Developments

• In December 2021, Advanced Biotech introduced a bio-vanillin named “Abtvanforall plus natural,” for use in various alcoholic beverages, baked goods, frozen dairy, and hard candy manufacturing.​
• In January 2021, Blue Pacific Flavours introduced Kilimanjaro Vanilla, a sustainable vanilla extract to cater to the growing demand of consumers for natural, clean-label, and sustainably manufactured products.

List of Major Global Vanilla Market:

• Apex Flavors
• Boston Vanilla Bean Company
• Daintree Vanilla & Spice
• E.A. Weber and Co.
• Lochhead Manufacturing Company
• McCormick & Company, Inc.
• Nielsen-Massey Vanillas, Inc.
• Rodelle Inc.
• Sambirano Aromatic
• Keliff's
• Blue Pacific Flavours

Global Vanilla Market Segmentation: 

• By Product Type
  • Madagascar Vanilla
  • Mexican Vanilla
  • Tahitian Vanilla
  • Others
• By Type
  • Organic
  • Conventional
• By Form
  • Powder
  • Liquid
  • Others
• By End-Use Industry
  • Food & Beverages
  • Pharmaceutical
  • Cosmetics & Personal Care
  • Others
• By Distribution Channel
  • Online
    • E-commerce Sites
    • Company Owned Websites
  • Offline
    • Specialty Stores
    • Hypermarket/Supermarket
    • Others

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Frequently Asked Questions in the Vanilla Market Report

• What was the market size of vanilla in 2022?

- In 2022, the market size of vanillas was USD 2,275.60 million.

• What will be the potential market valuation for vanilla by 2030?

- In 2030, the market size of vanillas will be expected to reach 3,151.76 million.

• What is the key restraint, hampering the growth of the vanilla market?

- Vulnerability to climate change and diseases and the high cost associated with vanilla production are the key factors hindering the growth of the vanilla market.

• What is the dominating segment in the vanilla market, by type?

- In 2022, the conventional segment accounted for the highest market share in the overall vanilla market.

• Based on current market trends, which geographical region contributed the largest share of the market?

- Asia Pacific contributed the largest market share of 40.05% in the vanilla market.

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