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 global demand for vanilla beans has risen steadily in 2020, despite the threat of the coronavirus, and long-term prospects of the industry are also reflecting an upward trajectory until 2030, according to a recent report published by Future Market Insights. The study states that the sector will find lucrative growth opportunities as functional food ingredients through the coronavirus crisis.
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.
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.
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The report by FMI offers an exhaustive overview, covering critical market dynamics. Some of the major takeaways from the study include:
- Market is valued at 1.1 billion in 2020, with demand falling slightly during the coronavirus outbreak.
- Conventionally grown vanilla beans remain highly sought after owing to cost benefits, far surpassing organic options.
- Liquid vanilla bean extracts witness higher demand than whole beans or powdered and paste extracts on the back of demand from the food processing industry.
- Sales in the Europe remains key to market growth, owing to high demand in food and cosmetic applications. However, East Asia is displaying lucrative growth opportunities for market players with local cultivation efforts taking root.
“Demand for vanilla beans strongly exceeds supplies. Consequently, market players are investing in initiatives in key vanilla growing regions such as Madagascar, and Uganda, to help farmers increase production, and stimulating economic growth in these regions,” said a lead analyst at FMI.
Covid-19 Impact on Vanilla Bean Market
Following the advent of the coronavirus crisis, the vanilla bean industry has faced increased challenges. The closure of food service businesses and small stores in many parts of the world in compliance with lockdown measures has hurt demand.
On the other hand, online stores have been leveraging the crisis for higher sales than usual. However, these increases will not compensate completely for offline retail losses. New harvests from countries such as Madagascar are expected to enter the market by late 2020, which will aid global prospects.
However, supply chain issues remain crucial to market developments during the outbreak, owing to delayed shipments. Also, transmission of virus among the workforce used for vanilla cultivation also remains a concern.
Who is Winning?
In the study, FMI has studied numerous business strategies being employed by major companies participating in the vanilla bean market. Leading market players are focusing on capacity expansion for the cultivation and processing of vanilla beans. Also, collaborations for geographic expansion and stronger distribution networks gain importance.
Some of the key players in the market include Tharakan and Company, Daintree Vanilla and Spices, Neilsen-Massey Vanillas Inc., Farooqi Vanilla Beans, Venui Vanilla, Varanasi Research Foundation, Vanilla India Producer Company Ltd., Vanam Orchids, Eurovanille, Heilala Vanilla Ltd., and Symrise AG among others.
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More Insights
In a new report, Future Market Insights, has provided a detailed analysis of the global vanilla bean market, covering data on historic demand and forecast statistics for the years between 2020 and 2030. The market study also provides detailed assessment of product pricing through varying market dynamics, life cycle analysis and new technologies that find roles in the production of vanilla beans and adoption in different demographics.
Significant Contributions of the Report
- Key Trends and Challenges: Detailed analysis on the ‘ins and outs’ of the market with qualitative research and quantitative insights
- Recent Drivers and Opportunities: Detailed assessment on the key growth drivers, technological developments, and factors affecting the market over the forecast period.
- Segmental Analysis: Extensive research on each segment and sub-segment, compiled by expert research analysts of FMI
- Regional Market Forecast: Thorough analysis of each regional market to provide market players with real-time data and reliable statistic to gain a competitive edge in the industry
- Competitive Landscape: Comprehensive analysis on prominent players and new entrants eyeing to improve their revenue prospects in the industry
About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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