Transparency Market Research delivers key insights and presents a revised forecast of the global vanilla market for a 10-year period from 2018 to 2028, for the report titled ‘Vanilla Market: Global Industry Analysis 2013–2017 and Opportunity Assessment 2018–2028’. Revisions in the vanilla market size and forecasts have been carried out taking into account the impact of various macroeconomic indicators and other industry-based demand-driving factors, as well as the recent developments of key market participants. The global vanilla market is estimated to be valued at US$ 510.2 million in 2018, and is expected to reach US$ 810.8 million by 2028, at a CAGR of 4.7% during 2018-2028, revised from the previous CAGR of 3.5%, due to factors regarding which TMR offers useful insights in detail in this report.
Vanilla is a flavour obtained from the orchids of the species vanilla, mostly from the Madagascar species. The three most important species of vanilla grown are Mexican vanilla, which is bold and dark with tones of smoke, Madagascar vanilla, which is rich and creamy, and Beanilla vanilla, which is a blend of Bourbon and Tahitian Vanilla. A majority of the vanilla present in the market is the Madagascar vanilla, which is produced in Madagascar and nearby islands located in Indonesia and the southwestern Indian Ocean. Despite being the second-most expensive spice in the world, vanilla is highly valued for its flavor, and is widely used in both, commercial and domestic baking, and the cosmetic and pharmaceutical industries.
Vanilla is multipurpose and dynamic, and can be used in nearly every single meal of the day. Vanilla is an important natural flavor, broadly used in countless industries such as food, beverages, sodas, pharmaceutics, cosmetics, tobacco, and traditional craft. The bakery industry is one of the significant industries that is driving the growth of the vanilla market. As the markets for these industries are increasing the demand, the vanilla market is growing simultaneously. Apart from this, the introduction of cheap vanilla extract imitation in the market has also attracted new consumers, as it provides almost the same flavor and aroma as that of natural vanilla extract, for lesser price. While vanilla is delicious and is used in many baked goods, it can also be added to other foods such as smoothies, milkshakes, and plain yogurt for a rich warm flavor. The extensive uses of vanilla is the major driving force fuelling the growth of the vanilla market.
There is an increasing trend towards using vanilla in bakery products like bread, biscuits & cookies, cakes & pastries, and baked goods, as customers are increasingly inclined towards healthier food and suitable bakery options that are low in sugar and comprise wholesome ingredients, supporting the growth of the vanilla market. Government guidelines are extremely supportive of the use of clean label products. Consequently, multiple supply side and demand side drivers are powering the growth of the global vanilla market. Due to trends like ‘out-of-home and to go arena,’ which have witnessed a sharp increase in the past few years, bakery products are being increasingly consumed, thus powering the growth of the vanilla market. Also, certifications such as halal, kosher, and organic have increased the sales of vanilla products.