ALBANY, New York, January 31, 2019 /PRNewswire/ --
Transparency Market Research (TMR) notes that the global vanilla market is categorized by the presence of several large and small players operating. The rivalry between the players is likely to increase as they aim at offering enhanced flavor and aroma of vanilla with lesser price.
Among the multiple strategies adopted by players in the global vanilla market to stay ahead of competitors, products innovation through putting natural vanilla has paid off the most. The global vanilla market is expected to grow steadily due to the existence of large players who are investing in branding ideas. Some of the leading players in the global vanilla market are Tharakan and Company, Amadeus, Agro Products & Agencies, Boston Vanilla Bean Company, and MacTaggart's Brand.
The TMR report projects the global vanilla market to register a promising CAGR of 4.7% from 2018 to 2028. By the end of 2028, the market will be worth US$810.8 mn, predicts the report.
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Out of various end-users of vanilla market, the demand from food industry is expected to remain high in the next few years due to the increasing consumption of baked goods, bread, cookies, and pastries. Region-wise, APAC is expected to lead the global vanilla market in the coming years. This is attributed to the flourishing retail division and vanilla farming in the region.
Rising Consumption of Bakery Products to Fuel Global Vanilla Market
Vanilla is mostly obtained from the orchids of vanilla species. It is a flavor which is majorly adopted in the industries such as dairy, bakery, and food and beverages, cosmetics, and pharmaceuticals. Vanilla extract is produced through chopping vanilla beans and soaking the beans in water and ethyl for almost 2 days. The mixture is then stored for months and then filtered eventually. Increasing standard of living, rising population consuming various bakery products, and growing vanilla production are factors driving the global vanilla market.
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Apart from this, growing demand cheap vanilla extract, rising need for natural vanilla extract with same aroma and flavor, and increasing consumption of smoothies, yogurt, and milkshake are also fueling the demand in the global vanilla market. Furthermore, vanilla is leading the way for food trends and new eating patterns. Growing demand for variety, freshness, and exotic flavors of vanilla from the millennial foodies, and increasing need towards mixing flavors and food styles are also boosting the global vanilla market. A trend in consuming healthier bakery food with low sugar and wholesome ingredients is also fueling the global vanilla market.
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Rapid Lifestyle Changes of Consumer Augments Demand in Global Vanilla Market
Rapid lifestyle changes play an important role in increasing consumption of vanilla. Growing demand for organic products, increasing demand for consuming healthy, high quality, and sustainable food, rising need for natural products in food and beverages industry, and bakery industry, and increasing awareness about health consciousness are also stoking demand in the global vanilla market.
The information presented in this review is based on a TMR report, titled "Vanilla Market (Origin - Natural, Synthetic; Nature - Organic, Conventional; Form - Liquid, Powder, Paste; End Use - Food Industry, Cosmetic Industry, Pharmaceutical Industry) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028".
Global Vanilla Market has been segmented based on:
Global Vanilla Market, by Origin
Global Vanilla Market, by Nature
Global Vanilla Market, by Form
Global Vanilla Market, by End-User
- Food Industry
- Cosmetic Industry
- Pharmaceutical Industry
Global Vanilla Market, by Geography
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