Vanilla Bean Market Is Expected to Grow at a CAGR of 4.7% in Terms of Volume During 2018 to 2027 as Per FMI Analysis
Future Market Insights has announced the addition of the “Vanilla Bean Market: Sustainability in Production to Lead to Consistent Supply of Natural Vanilla Bean: Global Industry Analysis (2013 - 2017) & Opportunity Assessment (2018 - 2027)" report to their offering.
Valley Cottage, NY -- (SBWire) -- 07/12/2019 --The food and beverage industry has grown tremendously over the last decade, owing to the emergence of many food processing companies and improved food distribution networks. The global vanilla bean market is driven by the bakery, ice cream, confectionery, and soft drink segments of the food and beverage industry. Vanilla is an exotic flavour, which is still at the forefront of consumer food preference due to its neutral taste and versatility in a wide range of food and beverage products. Consumer demand for fortified as well as functional foods with health benefits is rapidly growing. These factors are primarily driving the demand for vanilla beans, globally.
A new research publication by Future Market Insights (FMI) presents an opportunity assessment of the global vanilla beans market with in-depth insights on the key market dynamics impacting revenue growth of the market for vanilla beans across various regions. According to FMI analysis, the global vanilla bean market is expected to grow at a CAGR of 4.7% in terms of volume over the forecast period 2018-2027.
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Organic Vanilla Beans to Capture a Significant Chunk of Global Vanilla Bean Demand
Organic farming is getting popular in many countries due to the increasing awareness of the hazardous effects caused by chemical fertilizers and pesticides. Chemicals used in fertilizers and pesticides enter the food and water chain, and lead to long-term health problems in humans, while side effects in animals at the lower level of the food chain can also be seen. Besides health concerns, chemicals also affect soil quality. While the proportion of organic farming is very low currently, it is expected to increase in the near future. Major vanilla bean production in the world is carried out in low income countries and by small-scale farmers. The farmers in these countries lack proper facilities and finances in order to buy chemical fertilizers and pesticides. According to many claims, vanilla bean production is done organically. However, these manufacturers lack proper certifications from authorities. Many large food and beverage companies are introducing social welfare and sustainable sourcing initiatives in vanilla farming communities, educating them about the importance of organic farming. Additionally, increasing consumer preference for organic products is likely to increase the growth of the organic vanilla bean segment over the forecast period.
FMI's report on the vanilla bean market further presents detailed insights on the different applications of vanilla beans and the main regions from where vanilla beans are sourced. According to a senior analyst from the Food & Beverage domain at FMI, "Vanilla beans impart a commonly used natural flavour, which predominantly finds application in industries such as food and beverages, cosmetics, pharmaceuticals, tobacco, etc. Vanilla beans are also the most sought-after and expensive spice after saffron. Products that use vanilla as a flavouring agent include ice creams, yogurt, perfumes, candles, moisturizers, cakes, soft drinks, shampoos and conditioners, biscuits, lip balms, cigars, tobacco, coffee, and tea, among others. Vanilla beans that are available in the market are predominantly Madagascan vanilla beans, Indonesian vanilla beans, Mexican vanilla beans, Indian vanilla beans, Tahitian vanilla beans, and a few other varieties such as Tongan, Ugandan, etc. Out of these types, Madagascan is the variety that is in most demand due to their unique, rich, and creamy flavour."
"The current market for vanilla beans is dominated by vanilla beans from Madagascar, Indonesia, Mexico, China, and India, with a lesser extent from Tonga, Uganda, Turkey, and the Reunion Islands. The origin of vanilla beans is in the Mesoamerican region, which includes countries such as Mexico, Costa Rica, and Honduras. Vanilla beans contain vanillin, vanillic acid, p-hydroxybenzaldehyde, p-hydroxybenzoic acid, sugars, lipids, cellulose, minerals, and water, which are all variable depending upon the variety of the vanilla beans. Vanilla beans belong to the Orchidaceae family that comprises almost 20,000 species, of which, vanilla beans are the only edible fruit." the analyst further states.
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Asia Pacific to Emerge as a Significant Consumer of Vanilla Beans
The increasing establishment of food processing companies in Asia Pacific, as well as growing outsourced food production and co-packing in countries such as China, India, Malaysia, Indonesia, etc., due to the abundance of economic labour and accessibility to key shipping ports has led to the region's emergence as a key consumer of herbs and spices, including vanilla beans. Prominent vanilla producing countries such as Madagascar and Indonesia have well-established supply routes to key vanilla processing plants located in this region. Additionally, investments by producers of vanilla-based products in the development of the extraction and processing of vanilla in this region are expected to substantially increase the demand for vanilla beans over the forecast period.
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