Madagascar Segment to Account for 32.36% Global Vanilla Beans and Extract Market Share

 Vanilla is a spice made from orchids belonging to the genus Vanilla. It is mostly grown in various parts of the world. In addition, Madagascar, Mexico, and Indonesia are the top producers of vanilla beans. Vanilla flavor is produced from vanilla beans sold in the market as natural vanilla extract. However, consumer demand for vanilla flavor is rapidly increasing, prompting vanilla processors to make synthetic vanilla extract from renewable resources. Vanilla beans and extract are commonly utilized in bread, confectionery, and dairy products manufacture. Vanilla extract is also used in a variety of pharmaceutical and personal care products.

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Data Bridge Market Research analyses that the vanilla beans and extract market is expected to grow at a CAGR of 3.6% in the forecast period of 2021 to 2028 and is expected to reach USD 1,070,757.85 thousand by 2028. Vanilla extract is the most popular flavor, and it's widely employed in cooking. The most prevalent types of vanilla beans on the market are Madagascar bean, Mexican bean, Indonesian bean, Indian bean, and Tahitian bean. The vanilla beans and extract market is growing due to the growing demand for vanilla flavor in the culinary industry. Similarly, the increasing popularity of vanilla-flavored items among consumers propels the demand for vanilla beans and extract. To preserve their market position in the vanilla bean and extract business, vanilla producers are producing a variety of products which will further propel the market's growth rate.

Surging preference for organic and chemical-free food products is expected to drive the market's growth rate during the forecast period.

Millennials are looking for high-quality items that don't skimp on flavour or texture. The benefits of organic and non-GMO food products are driving up demand for natural vanilla beans for the creation of pure natural vanilla extract. Furthermore, organic food products are gaining popularity around the world, which has boosted demand for organic vanilla beans on the market. Madagascar Vanilla Company grows and exports organically certified, traditionally cured vanilla beans that are devoid of chemicals and pesticides.

Report Scope and Market Segmentation

Segment Analysis:

The vanilla beans and extract market is segmented on the basis of type, grades, origin, form, end user and distribution channel.

• On the basis of type, the vanilla beans and extract market is segmented into Madagascar, Mexican, Indian, Indonesian, Tahitian, Tonga, Papua, Ugandan and others. In 2021, Madagascar segment has dominated the vanilla beans and extract market with 32.36% market share owing to the factor such as high production and consumption.
• On the basis of grades, the vanilla beans and extract market is segmented into grade A, grade B and others. In 2021, grade A segment has dominated the vanilla beans and extract market with 32.75% market share owing to its highest quality and rich flavour profile.
• On the basis of origin, the vanilla beans and extract market is segmented into natural and synthetic. In 2021, synthetic segment has dominated the vanilla beans and extract market with 96.59% market share due to the increasing demand across various industries.

In 2021, the synthetic segment is projected to hold the largest share of origin segment in the vanilla beans and extract market.

In 2021, the synthetic segment is anticipated to hold the largest share of global vanilla beans and extract market due to the increasing demand across various industries. The synthetic segment is growing with a CAGR of 3.7% in the forecast period of 2021 to 2028.

• On the basis of form, the vanilla beans and extract market is segmented into liquid, powder and paste. In 2021, liquid segment has dominated the vanilla beans and extract market with 46.33% market share as it is widely used in food and bakery industry.
• On the basis of end user, the vanilla beans and extract market is segmented into food industry, beverages, personal care products, pharmaceuticals industry, home cooking and others. In 2021, food industry segment has dominated the vanilla beans and extract market with 35.32% market share as it is extensively used in preparation of bakery, confectionery and dairy based products.
• On the basis of distribution channel, the vanilla beans and extract market is segmented into B2B and B2C. In 2021, B2C segment has dominated the vanilla beans and extract market with 60.00% market share as the consumption of vanilla beans and extract is increasing among customers.

In 2021, the B2C segment of distribution channel segment is anticipated to dominate the vanilla beans and extract market.

In 2021, the B2C segment of this market will dominate the vanilla beans and extract market because vegan based vanilla beans and extract are highly demanded among the consumers due to their huge benefits. The B2C segment is expected reach the highest CAGR of 3.4% in the forecast period of 2021-2028.

Major Players

Data Bridge Market Research recognizes the following companies as the major vanilla beans and extract market players in vanilla beans and extract market are ADM (U.S.), Nielsen-Massey Vanillas, Inc. (U.S.), Heilala USA (U.S.), Kerry Group plc (Ireland), VanillaPura (U.S.),AUST & HACHMANN Ltd. (Canada), Eurovanille (France), E.A. WEBER AND CO. (U.S.), Symrise (Germany), Givaudan (Switzerland).

Market Development

• In January 2020, Tahitian Gold Co., Inc. announced the launch of its new 3-Bean Blend - Whole Vanilla Bean Paste at the Winter Fancy Food Show 2020. It's sweetener-based and has the same potency as pure vanilla extract, giving it a distinct deep and rich fragrance. With flecks of ground vanilla beans, it's a rich and full-bodied vanilla paste. This adds a punch of flavor and charm to the dish.

Regional Analysis

Geographically, the countries covered in the vanilla beans and extract market report are U.S., Canada, Mexico, China, Japan, India, South Korea, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines and Rest of Asia-Pacific, Germany, Spain, France, Italy, U.K., Belgium, Netherlands, Switzerland, Russia, Turkey, Rest of Europe, Saudi Arabia, South Africa, Kuwait, U.A.E., Rest of Middle East and Africa.

As per Data Bridge Market Research analysis:

Asia-Pacific is the dominant region in vanilla beans and extract market during the forecast period 2021 - 2028

Asia-Pacific will continue to dominate the vanilla beans and extract market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period due to the increasing production of vanilla beans in this region. Grades segment in Japan is expected to grow with the highest growth rate and it is dominating Asia-Pacific in the forecast period of 2021 to 2028.

Europe is estimated to be the fastest growing region in vanilla beans and extract market the forecast period 2021 - 2028

Europe is anticipated to grow at the highest rate during the forecast period of 2021-2028 due to the higher demand for different grades of vanilla extracts and the presence of major key players in these regions. France is leading the growth of Europe region and grades is dominating the country.  

COVID-19 Impact Analysis

COVID-19 had an impact on the market. This can be ascribed to severe disruptions in their respective manufacturing and supply-chain operations, resulting from multiple precautionary lockdowns and other limitations imposed by governments all over the world. The disruption in the supply chain caused by the COVID-19 outbreak has severely impacted the raw material supply chain. The disruption in the supply chain of end-user industries is caused by the usage of functional mushrooms in vanilla beans and extract production. It was blamed on a shortage of resources and logistics, which resulted in limited access, delayed stock, and raw material deliveries. Changing customer purchasing patterns and increasing demand for vanilla beans and extract among various applications have boosted demand for vanilla beans and extract post-COVID.

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