Vanilla Bean Market
Global Market Study on Vanilla Beans: High Demand for Vanilla Flavored Products Across Industries Surging Demand
Vanilla Bean Market is segmented by Nature that is Organic, Conventional, Grade such as Grade A, Grade B, also by type that is Raw and Processed.
The production of natural vanilla beans is labor-intensive and time-consuming, and the crop is grown in specific regions only. Demand for vanilla exceeds the supply of natural vanilla beans. To meet this demand for natural vanilla, existing players in the vanilla bean market are carrying out various initiatives in vanilla bean growing regions such as Madagascar, Tahiti, Mexico, and Tonga, to help farmers increase production.
Increasing vanilla bean production would become a favorable market scenario for the vanilla bean market. Moreover, vanilla is currently one of the most demanded flavors in the food & beverage industry. Therefore, to meet this demand, increasing the production of vanilla beans is necessary.
- For instance, Touton S.A. has joined the ‘Sustainable Vanilla Initiative’, which brings together multinational companies and NGOs that are involved in the vanilla supply-chain at various nodes to ensure adequate supply of vanilla in the future, along with stimulating economic growth in countries that produce vanilla.
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- Amadeus Trading Co.
- Madagascar Vanilla Company
- SAMBIRANO AROMATIC
- Neilsen-Massey Vanillas Inc.
- Boston Vanilla Bean Company
- Touton S.A.
- Apex Flavors, Inc.
- Locchead Manufacturing Co.
- McCormick & Company, Inc
- Daintree vanilla & Spice
- Shank's Extracts, Inc
- Charles H. Baldwin & Sons
Growing Preference for Organic and Chemical-free Food Products
Millennials are looking for high-quality products that do not compromise on flavors and mouthfeel. The demand for natural vanilla beans for the production of pure natural vanilla extract is increasing, owing to the benefits of organic and non-GMO food ingredients. Additionally, organic food products are also gaining traction across the world, which has further increased the demand for organic vanilla beans in the market.
- Madagascar Vanilla Company produces and exports vanilla beans that are organically certified, traditionally cured, and free from chemicals and pesticides.
- The Madagascar region, which is responsible for 80% supply of vanilla beans, does not use chemicals and fertilizers for growing these beans throughout the region - an initiative taken by the government.
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Shifting Consumer Preference toward Natural Flavors
The way that consumers are perceiving natural food ingredients can be seen in their purchasing patterns, which are changing continuously with time. The adequacy of natural products is the most affecting factor for the expansion of the natural flavors market.
Customer preferences have been influenced, owing to increasing consumer inclination toward food that does not contain artificial ingredients and chemical ingredients. This has led to increasing customer inclination toward natural flavors, thus increasing the demand for natural vanilla beans.
- SAMBIRANO AROMATIC provides a wide range of natural Madagascar vanilla beans with an increased shelf life of the powders of vanilla beans of 12 months, thus keeping up with the demand for natural flavors.
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?Latin America and East Asia are Potential Growth Markets for Vanilla Bean Manufacturers
Latin America and East Asia are expected to register the highest growth rates in the global vanilla bean market during the forecast period of 2020-2030. Latin American consumers are increasingly moving toward chemical-free food products, which is further augmenting the use of natural vanilla beans in food products in the region. In East Asia, the demand for vanilla flavor is growing due to rising consumption of Western food products.
Europe and North America are dominating the vanilla bean market with a major market value share. The major contributing factor is the higher utilization rate of vanilla in food products in these regions.
In North America, vanilla is one of the major spices that is commonly used in food products. European food manufacturers along with cosmetic manufacturers as well have been using vanilla for a long time.
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Anticipated COVID-19 Impact on Vanilla Bean Market
The unfortunate spread of COVID-19 disease is affecting the global economy, and every industry is currently facing unwanted consequences due to this global pandemic. The food & beverage industry is also strongly fighting this frightful situation, and balancing supply and demand measures for substantial growth of the industry.
Vanilla bean production has been hit by the COVID-19 outbreak, as vanilla bean cultivation from plants has been affected due to a dip in production. Since vanilla beans are produced and imported from limited countries, this may affect the supply chain. The demand for vanilla beans has also plummeted in the food & beverage industry.
Reduced consumption of away-from-home food is also a considerable factor that could restraint market growth, as the major vanilla bean buyers are foodservice providers and food manufacturers. Additionally, use of processed vanilla in cosmetics and personal care products could fall, as cosmetic manufacturers have also reduced their production output.
As the virus spreads and lockdowns increase, there are seemingly countless ways the food system will be tested and strained in the coming months and quarters. However, after the end of this global pandemic, the production of vanilla beans is projected to face a rise that subsequently benefits the vanilla bean market.
The COVID-19 disease outbreak is expected have a moderate impact on the global vanilla bean market. The cyclical production of vanilla will not be impacted by the COVID-19 crisis; the impact will be mainly in the supply chain for raw material supplies to vanilla processors and exporters supplying the product across the globe.
The global vanilla bean market is witnessing substantial growth, with East Asia and Latin America projected to offer lucrative opportunities during the forecast period of 2020-2030. Increasing the use of natural vanilla flavor in cosmetics along with the pharmaceutical industry is the contributing factor to the growth of the global vanilla bean market in the near future.
Leading market players such as Amadeus Trading Co., The Madagascar Vanilla Company, Boston Vanilla Bean Company, and others are focusing on increasing trading practices and reinforcing their distribution networks to strengthen their positions in the global vanilla bean market.
Increasing production capacity and improvement in quality are other strategies being adopted by key players to gain a competitive edge in the global vanilla bean market.
Key Segments of Global Vanilla bean Market
PMR’s report on the global vanilla bean market offers information divided into seven segments - nature, grade, type, origin, end use, distribution channel, and region.
Key Questions Answered in Report
- How much is the xyz vanilla bean market worth?
The global vanilla bean market is expected to be worth US$ 4 Bn by the year 2031.
- What will be the demand outlook?
The global vanilla bean market is expected to witness a CAGR of 6% between 2021 and 2031.
- What was the last 5 year market CAGR?
The global vanilla bean market recorded a CAGR of 4.5% between 2015 and 2020.
- What are the key trends for vanilla bean market?
The current trend implies demand for clean label products backed by consumers’ preference to natural and organic foods.
- What is driving demand for vanilla bean?
Increasing applications through desserts, bakery products, and functional foods are driving the demand for vanilla bean.
- What is the market share of top 5 players?
The top 5 players like Amadeus Trading Co., Madagascar Vanilla Company, SAMBIRANO AROMATIC, VANILLAPURA, and Neilsen-Massey Vanillas Inc. account for more than 60% of the market share.
- What are the top 5 countries driving demand?
The top 5 countries driving demand include the US, UK, Germany, India, and China.
- What is North America’s market Outlook?
North America holds a noteworthy share due to the US being at the helm of affairs.
- At what percentage vanilla bean market is going to register growth in Europe?
Europe is expected to witness growth at the rate of 3% in the vanilla bean market between 2021 and 2031.
- What is the key market statistics in Korea and Japan?
Japan and South Korea are expected to pick up pace in the vanilla bean market going forward.