Selbyville, Delaware, March 06, 2024 (GLOBE NEWSWIRE) --
The vanilla extract market valuation is projected to surpass USD 8.2 billion by 2032, as reported in a research study by Global Market Insights Inc.
The rising incorporation of natural and authentic flavors in the food & beverages sector along with the expanding popularity of vanilla in diverse cuisines and culinary applications will boost the market growth. Lately, vanilla extract is profoundly utilized in bakery products, dairy, and confectionery. The growing focus of health-conscious consumers towards natural flavorings over synthetic alternatives in personal care products is fueling the demand for pure vanilla extract.
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For instance, in July 2021, Avon, a multinational cosmetics company, launched Far Away Beyond, an upcycled vanilla fragrance created exclusively from 100% upcycled vanilla beans. Additionally, the growth of the food & beverage industry is driving the preference for premium and high-quality ingredients. The fluctuations in vanilla bean prices and higher efforts towards sustainable sourcing and production will also favor the industry expansion.
The Vanilla extract market from the mexican vanilla type of bean segment is estimated to accumulate sizeable revenue share by 2032. This is owing to the unique and complex flavor profile of Mexican vanilla beans. The distinctively rich and creamy taste along with the traditional cultivation methods of the region is escalating the demand for Mexican vanilla beans. Moreover, the increasing consumer awareness of the diverse vanilla varieties along with the strong desire for authentic and premium flavors in food products will drive the market demand.
Vanilla extract market value from the powder form segment is expected to rise at commendable CAGR from 2024 to 2032. This is due to the convenience and extended shelf life offered by powdered vanilla. In addition to easy storage, the powder form offers enhanced flavor retention, and versatile application in various culinary creations. The growing popularity of powdered vanilla extract in baking, beverages, and desserts coupled with the ease of measuring and mixing will fuel the industry growth.
Asia Pacific vanilla extract market will expand at 5.3% CAGR between 2024 and 2032. The growth can be attributed to the expanding food & beverage industry and the rising consumer disposable incomes in the region. The increasing influence of Western culinary trends is leading to the higher demand for vanilla-flavored products. Additionally, the growing awareness of natural and premium ingredients will boost the regional market expansion.
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Some of the prominent companies operating in the vanilla extract market include Food Company, David Michael & Co., McCormick & Company, Inc., Nielsen-Massey Vanillas, Tharakan and Company, Lochhead Manufacturing Company, Agro Products and Agencies, Agro Products & Agencies, Symrise AG, Cook Flavoring Company, Rodelle, Inc., Blue Cattle Truck Trading Co., Tharakan and Company, Sonoma Syrup Co., Bickford Flavors. These industry players are emphasizing investments for launching new products to tap into new market growth opportunities. For instance, in May 2023, Urban Vanilla Farm introduced genuine vanilla extract as well as vanilla syrup products at the Kape Maitum: Appreciation to Specialty Arabica and Fine Robusta event.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Industry coverage
1.2 Market scope & definition
1.3 Base estimates & calculations
1.3.1 Data collection
1.4 Forecast parameters
1.5 COVID-19 impact analysis at global level
1.6 Data validation
1.7 Data Sources
1.7.1 Primary
1.7.2 Secondary
1.7.2.1 Paid sources
1.7.2.2 Unpaid sources
Chapter 2 Executive Summary
2.1 Vanilla extract market 3600 synopsis, 2018 – 2032
2.2 Business trends
2.3 Type of additive trends
2.4 Crop type trends
2.5 Application trends
2.6 Regional trends
Chapter 3 Vanilla Extract Market Insights
3.1 Industry ecosystem analysis
3.2 Industry impact forces
3.2.1 Growth drivers
3.2.2 Industry pitfalls & challenges
3.3 Growth potential analysis
3.4 COVID- 19 impact analysis
3.5 Regulatory landscape
3.5.1 North America
3.5.2 Europe
3.5.3 Asia Pacific
3.5.4 Latin America
3.5.5 Middle East & Africa
3.6 Pricing analysis, 2022
3.7 Technology landscape
3.7.1 Future market trends
3.8 Porter's analysis
3.9 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
