FMI analysts have indicated that liquid vanilla bean extracts from conventionally grown sources will remain high in demand not only in the food and beverage industry, but also in cosmetics, personal care, and pharmaceutical sector applications. The high costs of organic and all-natural product options restrain sales.
The industry has reflected steady growth in the past few years on account of sustainability initiatives, and the large gap between demand and supply. Also, certifications such as kosher, halal, non-GMO, organic, and allergen free, are gaining importance, with changes in consumer bias towards consumption behavior, which will aid growth in the long term.
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While sales from online stores are taking advantage of the pandemic, price fluctuations, competition from synthetic vanilla products, and ethical concerns associated with the cultivation of vanilla beans are challenging players in the industry.
The report released by Future Market Insights, gives readers essential insights on the influencing factors on revenue and sales between the assessment period between 2020 and 2030. Madagascar vanilla beans in particular are estimated to stay in higher demand, with liquid extracts gaining attention for wide-ranging food and beverage applications.
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Vanilla Bean Market: Segmentation
Product Type
- Madagascar
- Indonesia
- Mexican
- Tahitian
- Ugandan
- Others
Form
- Whole
- Extract
- Liquid
- Powder
- Paste
Nature
- Organic
- Conventional
Distribution Channel
- B2B
- Food & Beverages
- Cosmetics
- Personal Care
- Pharmaceuticals
- B2C
- Store Based Retailing
- Hypermarket/Supermarket
- Convenience Stores
- Specialty Stores
- Independent Small Grocery
- Wholesalers/Distributors
- Others
- Online Retail
- Store Based Retailing
Regional Outlook
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Peru, Argentina, Rest of LATAM)
- Europe (EU-4, BENELUX, Nordic, Russia, Poland, Rest of Europe)
- South Asia (India, Thailand, Indonesia, Malaysia, Rest of South Asia)
- East Asia (China, Japan, South Korea)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Northern Africa, South Africa, Rest of MEA)
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Key Questions Answered by the Report
- What is the size of the vanilla bean market?The global vanilla bean market reached a valuation of US$ 1.1 billion in 2020. The market is estimated to rise at a 4.1% CAGR between 2020 and 2030.
- Which is the largest market for vanilla bean?Europe is currently is the leading market for vanilla beans. Extensive application of vanilla bean in food and cosmetics production in the region contribute to market growth.
- Which are the top companies in vanilla bean market?Some of the leading companies operating in the market are Tharkan and Company, Daintree Vanilla and Spices, Neilsen-Massey Vanillas Inc., Farooqi Vanilla Beans, Venui Vanilla, and Varanashi Research Foundation.
- What are the applications of vanilla bean?Vanilla beans are primarily used in the food and beverages sector for a wide range of cuisines. Vanilla beans are also increasingly being used by cosmetics and personal care product manufacturers, and in niche pharmaceutical formulations.
- In what types are vanilla bean available?Vanilla beans are found in five major types based on the region of origin. These include Madagascar, Indonesia, Mexican, Tahitian, and Ugandan. Of these, Madagascar vanilla beans are witnessing high demand and are projected to account for approximately 40% of the overall market share by 2030.
- What is the outlook on vanilla bean market?Vanilla bean producers are leveraging the changing consumer bias towards natural and organic food and cosmetics ingredients, with the growing awareness about health risks coming out of synthetic alternatives.
- Will South Asia exhibit higher demand?Countries in South Asia are displaying lucrative opportunities for growth, which can be attributed to the demand for chemical-free foods among consumers in the region and growth of western influences in cuisine.