This study intends to unfurl the multiple facets of global vanilla extract market and thereby examine how the short-term growth of the market will unfold during the stipulated time span.
Vanilla Extract Market Remains Influenced by the Sustained Boom Around Plant-based
The recent past has reflected an alarming consumer shift toward the use of plant-based products on the back of growing health concerns. Moreover, the benefits of using natural and organic products have been grasped well by the modern consumer and this has resulted in an increase in the adoption of natural extracts in several applications. Furthermore, plant-based extracts are also considered as sustainable, and safe for human use and consumption, apart from being environment-friendly. This has directly influenced the use of vanilla extract in various industrial applications. In addition, organic vanilla extracts are gaining high ground, backed by rising awareness of consumers regarding health advantages of organic ingredients. Perceived benefits such as anticancer properties, neuroprotective properties, and brain health supporting properties have further triggered their demand, in turn elevating the growth prospects of vanilla extract market.
The most popular use of vanilla extract is in the cosmetics industry, which is favouring the growth of vanilla extract market. Customer demand for natural ingredients has prompted cosmetic sector to seek new alternative active ingredients from natural and sustainable sources. Albeit being on the expensive side, vanilla extracts are a crucial element in the formulation of cosmetic products. Optimum alcohol content with superior aromatic properties in vanilla extract have made them a popular choice in the manufacturing of fragrances and perfumes. In addition, several benefits such as antibacterial properties, anti-inflammatory and antioxidant attributes of vanilla extracts have further propelled their demand. In this backdrop, the demand for plant-based products in industrial applications is expected to bode well for the vanilla extract market.
Growing Food Industry Coupled with Increasing Use of Vanilla in Ice Creams to Favour Vanilla Extract Market Growth
Burgeoning food and beverage sector has paved numerous potential opportunities for the vanilla extract market. In this industry, use of vanilla is mainly into preparation of ice creams. Moreover, prospering fast food sector has further fuelled the sales of ice creams, in turn boosting the demand for vanilla extract. This also is attributed towards various macro factors such as growing disposable income backed by stable rise in GDP per capita and rising living standards. In addition, the demand for premium ice creams has risen significantly owing to its superior quality, exotic ingredients, provenance, ethical origin, and delicate taste. This is mainly owing to vanilla extract that provides better yield, texture, and better flavour. Complementing this, mushrooming supermarkets, department stores, convenience stores and expansion of modern retail platforms have further added flavour to the growth of the vanilla extract market on the global front.
Madagascar Vanilla Continues to be Highly Sought-after in Global Vanilla Extract Market
Among the various sources of vanilla extracts such as Indonesian vanilla, Mexican vanilla, and Madagascar vanilla, the one sourced from Madagascar is widely used in the preparation of vanilla extract owing to its high and continuous availability. Vanilla beans from Madagascar are considered to have superior quality in the industry. This can be attributed towards favourable growing conditions in Madagascar such as abundant availability of fertile soil and rainfall, which are the optimum conditions required to cultivate vanilla plants. This has in turn resulted in an increased production of vanilla, thus providing an impetus to the manufacturing of vanilla extract. That said, Madagascar vanilla as a source is expected to reign supreme in the vanilla extract market, accounting for a significant revenue share. On the other hand, the Mexican vanilla is also catching speed. The demand for vanilla from Mexico is mainly from Latin and North American countries owing to low tariff on vanilla import from Mexico.
Asia Pacific Retains Dominance in the Vanilla Extract Market
Emerging nations in Asia Pacific region are likely to remain at the forefront in terms of value, and volume growth of the vanilla extract market. This is mainly owing to booming food and beverage sector coupled with large presence of food manufacturing companies in emerging economies such as China, and India. Furthermore, the region has been a major hub for several industries owing to its high attractiveness apropos to cheap land availability, labour availability and high customer pool owing to increasing population. This has led to the expansion of industries such as pharmaceuticals, and cosmetics in Asia Pacific, consequently paving the new way for vanilla extract market. Vanilla extract is widely used in manufacturing of pharmaceutical products such as syrups used in medications as they add to the flavour of the product. These factors remain instrumental in driving demand for vanilla extract in Asia Pacific, making it a lucrative regional market.
Vanilla Extract Market: Competitive Scenario
A few of the major players in global vanilla extract market include Adams Extract, Symrise, C.F. Sauer Company, Frontier Natural Products, Eurovanille, McCormick & Company, Firmenich, Madecasse, Watkins Incorporated, Lochhead Manufacturing Company, Nielsen-Massey Vanillas, OliveNation LLC, Tharakan and Company, PROVA, Cook’s Vanilla, Penzeys Ltd., Nisarg Life Sciences India Pvt. Ltd., Sonoma Syrup Co., Foodchem International Corporation, Hawaiian Vanilla Company, and Sichuan Xiaoye Bencao Biotechnology Co. Ltd.
Regional Classification of the Global Vanilla Extract Market is Listed Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Vanilla Extract Market
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