Vanilla Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Albany, NY -- (SBWIRE) -- 01/11/2019 -- Transparency Market Research delivers key insights and presents a revised forecast of the global vanilla market for a 10-year period from 2018 to 2028, for the report titled 'Vanilla Market: Global Industry Analysis 2013–2017 and Opportunity Assessment 2018–2028'. Revisions in the vanilla market size and forecasts have been carried out taking into account the impact of various macroeconomic indicators and other industry-based demand-driving factors, as well as the recent developments of key market participants. The global vanilla market is estimated to be valued at US$ 510.2 million in 2018, and is expected to reach US$ 810.8 million by 2028, at a CAGR of 4.7% during 2018-2028, revised from the previous CAGR of 3.5%, due to factors regarding which TMR offers useful insights in detail in this report.
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Vanilla is a flavour obtained from the orchids of the species vanilla, mostly from the Madagascar species. The three most important species of vanilla grown are Mexican vanilla, which is bold and dark with tones of smoke, Madagascar vanilla, which is rich and creamy, and Beanilla vanilla, which is a blend of Bourbon and Tahitian Vanilla. A majority of the vanilla present in the market is the Madagascar vanilla, which is produced in Madagascar and nearby islands located in Indonesia and the southwestern Indian Ocean. Despite being the second-most expensive spice in the world, vanilla is highly valued for its flavor, and is widely used in both, commercial and domestic baking, and the cosmetic and pharmaceutical industries.
The consumption of vanilla extract in the diverse regions of the world is associated with numerous factors, such as standard of living, demand, supply of different types of vanilla products in those particular regions, recent trends, and other market-changing aspects going on in the market. With the increase in population, the global production and consumption of various bakery products has also increased. Owing to this, the vanilla market is witnessing significant growth.
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Vanilla is multipurpose and dynamic, and can be used in nearly every single meal of the day. Vanilla is an important natural flavor, broadly used in countless industries such as food, beverages, sodas, pharmaceutics, cosmetics, tobacco, and traditional craft. The bakery industry is one of the significant industries that is driving the growth of the vanilla market. As the markets for these industries are increasing the demand, the vanilla market is growing simultaneously. Apart from this, the introduction of cheap vanilla extract imitation in the market has also attracted new consumers, as it provides almost the same flavor and aroma as that of natural vanilla extract, for lesser price. While vanilla is delicious and is used in many baked goods, it can also be added to other foods such as smoothies, milkshakes, and plain yogurt for a rich warm flavor. The extensive uses of vanilla is the major driving force fuelling the growth of the vanilla market.
The global vanilla market observes a significant contribution from consumers aged between 15 and 34, leading the way for new eating patterns and food trends. The aspects that stick out as primary drivers for the vanilla market is the millennial generation of foodies who demand freshness, variety, and exotic flavors. Millennials are attracted towards new and exciting flavors. They are keener to experiment, and are likely to mix flavors and food styles. These are some of the facets substantiating the growth of the global vanilla market.
The United States of America is the primary user in the vanilla market North America. France, Germany, and the U.K. are significant consumers of vanilla in Western Europe, followed by Denmark and the Netherlands. In the Asia Pacific region, Japan is the primary consumer of vanilla extract. The recent market trends show expected growth of the vanilla market in the North American region, Western Europe, and Asia Pacific.
There is an increasing trend towards using vanilla in bakery products like bread, biscuits & cookies, cakes & pastries, and baked goods, as customers are increasingly inclined towards healthier food and suitable bakery options that are low in sugar and comprise wholesome ingredients, supporting the growth of the vanilla market. Government guidelines are extremely supportive of the use of clean label products. Consequently, multiple supply side and demand side drivers are powering the growth of the global vanilla market. Due to trends like 'out-of-home and to go arena,' which have witnessed a sharp increase in the past few years, bakery products are being increasingly consumed, thus powering the growth of the vanilla market. Also, certifications such as halal, kosher, and organic have increased the sales of vanilla products.
With an increase in the demand for organic products, sales have increased generously. The lifestyle of consumers is playing an essential role in the increased consumption of vanilla. They have started opting for private label goods with values such as high quality, healthy, and sustainable. These changes in choices have opened an opportunity for natural vanilla, despite the high prices and not so easy availability. Nowadays, consumers are demanding these natural products in the products that they are consuming, thus forcing the food and beverage industries to take up the habit of using natural vanilla in their products.