Vanilla Extract Market In-depth Forecast Study Highlights Growth in CAGR% and Revenue (US$Mn) till 2018 to 2028
May 21, 2019 by Steve Blade
Vanilla is one of the most dominant flavours used in food products. Vanilla extract is an essential ingredient for baking owing to its rich taste. There is no substitute for vanilla extract, and it is an important ingredient in a large number of food products. The real vanilla extract is made up of more than 200 organic compounds, which provides it great depth and complexity. There are three basic types of Vanilla Extract Market Madagascar Bourbon, Tahitian, and Mexican.
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Vanilla extract gives a flavourful and rich vanilla taste to food, which is long-lasting. Consumers aged between 15 and 34 years are mainly setting new food trends and adopting new eating patterns. The primary factors that attract millennials are freshness, variety and exotic flavours. Millennials are generally attracted to new and exciting flavours. They open to experimentation and are likely to mix flavours & food styles. These are some of the factors that are expected to drive the global vanilla extract market. Furthermore, the consumption of vanilla extract in diverse regions of the world is associated with numerous factors such as the standard of living, the supply & demand of different types of vanilla extract products in a particular region, recent trends and other market-changing aspects.
Reasons for Covering this Title
Vanilla extract is made by suffusing vanilla beans in a solution of alcohol and water for a few months, sometimes with added sugar, which results in the creation of a strong dark liquid with a rich aromatic flavour. Vanilla extract is the most common form of vanilla consumed these days. With an increase in population, the global production and consumption of various bakery products has also increased. Hence, there has been an increase in the demand for the vanilla extract. Moreover, as vanilla extract is used in several bakery products such as cakes, brownies, cookies, cupcakes, custards, puddings and ice cream, the global vanilla extract market is estimated to grow at a substantial rate during the forecast period.
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Some of the key players operating in the global vanilla extract market are McCormick, Adams Extract, OliveNation LLC, Wilton, Great Value, Nielsen Massey, Lochhead Manufacturing Company, PROVA, NATURALIGHT FOODS, Tharakan and Company, Cook’s Vanilla, Synergy, The Vanilla Company, Sonoma Syrup Co. Vanilla Extract Blend, Hawaiian Vanilla Company, Penzeys Ltd., Singing Dog Vanilla Extract, Nisarg Life Sciences India Pvt. Ltd., Sichuan Xiaoye Bencao Biotechnology Co., Ltd., Hunan Nutramax Inc., Foodchem International Corporation, Firmenich and Symrise.
Launching new product variants, acquiring smaller players in the market and boosting awareness about the benefits of vanilla extract through various promotional activities and programs are some of the key factors expected to drive the vanilla extract market over the forecast period.
Opportunities for Market Participants in the Vanilla Extract market:
The vanilla extract market is expected to witness exceptional growth in Europe and Asia Pacific in the next few years. In the Asia-Pacific region, vanilla is cultivated in the southern states of India, namely Kerala, Tamil Nadu and Andhra Pradesh. Bourbon class vanilla beans, which have a sweet, aromatic and satisfying flavour, are cultivated in these states to for the production of vanilla extract. Indian vanilla beans are preserved for a treating period of 5 to 6 months. Vanilla beans nurtured in various parts of India are of the world's finest variety. The rising demand for vanilla extract is one of the key supply-side drivers responsible for market growth. The demand for vanilla extract in Europe is high as it has used in a variety of foods in the region. Numerous food and beverage manufacturers use vanilla extract in their food preparations and are also innovating new food products that contain vanilla extract.
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