Vanilla Market to reach US$ 810.8 million by 2028, at a CAGR of 4.7%
Posted by Amy on March 19th, 2020
Transparency Market Research contemplates over the competitive and fragmented market in the global vanilla market. There are many players in the global vanilla market which includes manufacturers and distributors. Some of them include Flavorchem Corporation, Synergy Flavors, Heilala Vanilla Ltd, Neilson-Massey Vanilla Inc, and Lochhead Manufacturing Company. The manufacturers in the global vanilla market are eyeing on adopting new technology to introduce vanilla in powder form at a reasonable price. These players are also adopting new strategies to expand supply chain management and establishing sustainability to gain a competitive edge in the global market. These are some of the major strategies being adopted by the vanilla manufactures and suppliers present in the global vanilla market. They are also venturing into organic vanilla due to increasing demand from aware and health conscious consumers.
Vanilla extract is largely used in the food sector in a variety of products. The vanilla flavor is used in cakes, pastries, shakes, smoothies, biscuits, bread, etc. Wide ranges of bakery products are being consumed across the globe. Due to increasing demand, the global vanilla market is likely to grow at a CAGR of 4.7%. The global vanilla market accounted for revenue worth US0.2 million in 2018 and expected to reach up to 810.8 by the end of forecast period 2018 to 2026. This will lead the global market to astounding growth.
There are three types of vanilla found in the global vanilla market. They are Mexican Vanilla, Madagascar Vanilla, and Benilla vanilla. These are bold and dark, rich, creamy, and a blend of bourbon and Tahitian. Geographically, North America is a primary user of vanilla. France, the U.K., and Germany are also major consumers of vanilla in the Western Europe region. During the forecast period North America, Asia Pacific, and Western European regions are expected to dominate the global vanilla market Indonesia and Madagascar are the key producers in the global vanilla market. India is also expected to emerge as a leading producer of vanilla production due to the viable climate in certain parts of southern India.
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Millennial to Drive Market
New food trends and shift in eating patterns in the young population is expected to drive the global vanilla market. There is expected to be significant. Millennial foodies look for a fresh and exotic flavor. They love fusion food and experimenting with mixing flavours. Foodservice providers such as cafes, hotels, and restaurants are bringing in fusion food and different food styles to cater to such foodies. Thus, increasing demand for such flavours will drive the global vanilla market towards substantial growth during the forecast period.
Lifestyle to Boost Growth Opportunities
The lifestyle of consumers plays a pivotal role in creating a high demand for vanilla in the global market. Consumers have good purchasing capacity and are health conscious. Therefore, they insist on high quality and sustainable products. Such lifestyle changes and increased disposable income open up avenues for natural products instead of synthetic options. Although natural products are highly priced and availability is less, consumers are ready to pay for them. Furthermore, consumers look for a clean labeled product, owing to growing demand in the global market. Therefore, labels like kosher, halal free, organic, etc. are in high demand. This boosts growth opportunities in the global vanilla market during the forecast period.
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About the AuthorAmy
Joined: June 11th, 2019
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