Vanilla Market- Industry Size, Share and Growth Analysis to 2028

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Vanilla Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Form (Paste, Liquid, Powder, and Beans), Category (Organic and Conventional), and Application (Food and Beverage, Personal Care, Pharmaceuticals, and Others)

Publication Month: Jan 2022 | Report Code: TIPRE00007722 | No. of Pages: 148 | Category: Food and Beverages | Status: Published

The vanilla market was valued at US$ 1,434.51 million in 2021 and is projected to reach US$ 1,956.09 million by 2028. It is expected to grow at a CAGR of 4.5% from 2021 to 2028.

Vanilla is derived from orchids of the genus Vanilla, primarily from the Mexican species, flat-leaved vanilla. The three major species of vanilla, currently grown globally, include Mexican vanilla, Madagascar vanilla (Bourbon vanilla), and Indonesian vanilla. It is the second-most expensive spice after saffron and is widely used across several industries, such as food and beverage, personal care and cosmetics, pharmaceuticals, home fragrance, and animal feed

North America held the largest share of the global vanilla market in 2020, while APAC expected to grow at the fastest CAGR over the forecast period. The food & beverage industry is an essential part of the US economy. According to the US Committee for Economic Development report, the food and beverage industry consists of close to 27,000 organizations and employs almost 1.5 million people. The increasing consumption of bakery and confectionery products across various countries, such as the US and Canada, is also projected to fuel the demand for vanilla across North America in the near future. Bakery products include bagels, bread, cakes, croissants, doughnuts, pastries, and many more. The rising demand for flavored bakery products in the region is fueling the need for vanilla, aiding the market.

Furthermore, consumers' changing and busy lifestyles in the region have led to a rise in the demand for multifunctional beauty and personal care products. North America is deemed as the most valuable beauty and personal care market. The region's augmenting demand for beauty and personal care products is an essential driver of the vanilla market as vanilla is used in a wide range of beauty and personal care products, such as moisturizers, scrubs, anti-aging creams, lotions, and fragrance products, owing to its antibacterial, soothing, anti-aging properties.


Strategic Insights

Report Coverage - Vanilla Market
Report CoverageDetails
Market Size Value inUS$ 1,434.51 million in 2021
Market Size Value byUS$ 1,956.09 million by 2028
Growth rateCAGR of 4.5% from 2021 to 2028
Forecast Period2021-2028
Base Year2021
No. of Pages148
No. of Tables86
No. of Charts & Figures77
Historical data availableYes
Segments coveredForm, Category, and Application
Regional scopeNorth America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scopeUS, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
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Impact of COVID-19 Pandemic on Vanilla Market

The COVID-19 pandemic has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. During the initial days of the pandemic, various companies had announced possible delays in product deliveries and slump in future sales of their products. The global travel bans imposed by countries in Europe, Asia, and North America have been affecting business collaborations and partnership opportunities. All these factors are anticipated to negatively affect the food & beverage industry, thereby restraining the growth of various markets related to this industry, including the global vanilla market. Moreover, the prices of vanilla declined significantly as there was a drop in demand from various industries, such as food and beverage, personal care, among others. This factor also affected the profitability of the market players and the farmers engaged in cultivating vanilla. However, the market is reviving on account of significant measures, such as vaccination drives, by the governments in several countries. Several industrial sectors are strategically planning to invest in advanced products to maximize revenue. This factor is expected to provide the impetus for the growth of the global vanilla market over the coming years.

Vanilla Market Breakdown: By Region

Vanilla Market Breakdown: By Region

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Market Insights

Rising Demand for Natural Food Additives/Flavorings

Consumers are increasingly preferring brands that claim the utilization of 100% natural ingredients. They tend to be loyal to those brands that use natural food additives in their products. It is becoming almost a prerequisite for the manufacturers to market their products as "all-natural." Vanilla has been one of the most popular flavors used in the food and beverage industry for many years. It imparts flavor in many food and beverages, including cakes, pastries, muffins, dairy products, beverages, desserts, ice creams, and frostings. With the rapidly increasing demand for food products containing natural ingredients and food additives, the demand for natural vanilla is significantly rising. This factor has surfaced as a key driving factor in the global vanilla market.

Form Insights

Based on form, the vanilla market is bifurcated into paste, liquid, powder, and beans. The beans segment accounted for a larger market share in 2020 and the liquid segment is expected to register a higher CAGR in the market during the forecast period. Liquid vanilla offers a richer, purer vanilla taste than vanilla essence since it is less processed. Liquid vanilla can be used in various bakery products, such as cakes, pastries, and cookies. It is also used as a flavoring agent in various beverages, such as wines, cocktails, hot chocolate, and coffee. Vanilla extract finds usage in ice creams, smoothies, desserts, and other products. Liquid vanilla is utilized in skincare and pharmaceutical products due to its anti-inflammatory properties. Liquid vanilla is also used in perfumes and fragrances. The rising utilization of liquid vanilla for a wide range of applications is projected to drive the product demand over the forecast period.

Vanilla Market, by Form – 2020 and 2028

Vanilla Market, by Form – 2020 and 2028

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Category Insights

Based on category, the vanilla market is bifurcated into organic and conventional. The conventional segment accounted for a larger market share in 2020 and the organic segment is expected to register a higher CAGR in the market during the forecast period. People have become more aware of the benefits of organic foods, which has increased their popularity. They are cultivated naturally with manure or compost without chemical fertilizers and pesticides. As children are more vulnerable to illnesses caused by pesticide residues in food than adults, parents choose to feed them organic foods. Another benefit of organic foods is that they are free of growth hormones, genetically modified ingredients (GMI), and antibiotic residues. The rising demand for organic food is creating a massive demand for organic vanilla.

Application Insights

Based on application, the vanilla market is bifurcated into food and beverage, personal care, pharmaceutical, and others. The food and beverage segment accounted for a larger market share in 2020 and the personal care segment is expected to register a higher CAGR in the market during the forecast period. The food and beverage segment is projected to remain one of the prominent application segments for vanilla due to the rising consumption of bakery products, ice creams, and desserts and increasing application in the food retail and service sector. Vanilla is being used in various food and beverages for many years as a flavoring agent, especially in bakery products, such as cakes, muffins, pastries, and doughnuts. It is also used in frozen desserts, ice-creams, smoothies, frostings, whipped cream, and other products. Over the past few years, vanilla extract is being used in a latte, hot chocolates, thick shakes, cocktails, cold drinks, etc. Vanilla powder is frequently used in spice mixes, dry baking premixes, and other dry ingredients.

 

A few players operating in the vanilla market include Camlin Fine Sciences Ltd; Givaudan S.A.; Heilala Vanilla US; LAFAZA Foods; Nielsen-Massey Vanillas, Inc.; Symrise; The Vanilla Company; Kerry Group; Touton S.A.; and Madagascar Vanilla Company.

Report Spotlights

  • Progressive industry trends in the vanilla market to help players develop effective long-term strategies
  • Business growth strategies adopted by developed and developing markets
  • Quantitative analysis of the vanilla market from 2019 to 2028
  • Estimation of global demand for vanilla
  • Porter's five forces analysis to illustrate the efficacy of buyers and suppliers operating in the industry
  • Recent developments to understand the competitive market scenario
  • Market trends and outlook as well as factors driving and restraining the growth of the vanilla market
  • Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
  • The size of the vanilla market size at various nodes
  • Detailed overview and segmentation of the market, as well as the vanilla industry dynamics
  • Size of the vanilla market in various regions with promising growth opportunities


Vanilla Market – by Form

  • Paste
  • Liquid
  • Powder
  • Beans

Vanilla Market – by Category

  • Organic
  • Conventional

Vanilla Market – by Application

  • Food and Beverage
  • Personal Care
  • Pharmaceuticals
  • Others

Company Profiles

  • Camlin Fine Sciences Ltd
  • Givaudan S.A.
  • Heilala Vanilla US
  • LAFAZA Foods
  • Nielsen-Massey Vanillas, Inc.
  • Symrise
  • The Vanilla Company
  • Kerry Group
  • Touton S.A.
  • Madagascar Vanilla Company

Frequently Asked Questions

Some of the major key players operating in the global vanilla market include Camlin Fine Sciences Ltd; Givaudan S.A.; Heilala Vanilla US; LAFAZA Foods; Nielsen-Massey Vanillas, Inc.; Symrise; The Vanilla Company; Kerry Group; Touton S.A.; and Madagascar Vanilla Company.
The market scope covers natural vanilla that is used in various application industries such as food and beverages, personal care, pharmaceuticals, nutraceuticals, and others. It does not include synthetic vanilla/vanillin.
In 2020, North America led the global vanilla market. This region's food & beverage market is expanding significantly due to the increasing population, rising disposable incomes, changing lifestyle trends, and product innovations. Other factors driving the demand for food and beverage in North America are the increasing number of restaurants, fast-food chains, and food delivery apps.
Based on form, beans segment held the largest share in the vanilla market. Vanilla beans are mainly used in bakery products, ice creams, and desserts. Vanilla beans from different countries have particular flavor profiles and characteristics because of the differences in temperatures, soils, curing procedures, and vanilla species used. Vanilla beans from Madagascar, for example, have a creamy, sweet flavor. Whereas Mexican vanilla beans are known for their creamy, sweet, and slightly spicy flavors.
Based on the application, the personal care segment is projected to grow at the fastest rate. Due to the unique fragrance of vanilla, it is used to manufacture several products, such as perfumes, deodorants, soaps, and body washes. Vanilla is becoming a vital ingredient in many skincare products, such as face washes, body creams, day and night creams.
The global vanilla market is primarily driven by increasing vanilla usage in various end-use industries, rising demand for natural food additives/flavorings, price volatility and supply shortage.

The List of Companies - Vanilla Market

  1. Camlin Fine Sciences Ltd.                  
  2. Givaudan S.A.        
  3. Heilala Vanilla US.               
  4. LAFAZA Foods        
  5. Nielsen-Massey Vanillas, Inc.          
  6. Symrise    
  7. The Vanilla Company          
  8. Kerry Group           
  9. Touton S.A.            
  10. Madagascar Vanilla Company
  • Highlights key business priorities in order to assist companies to realign their business strategies.
  • The key findings and recommendations highlight crucial progressive industry trends in the global vanilla market, thereby allowing players to develop effective long-term strategies.
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
  • Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
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