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Vanilla Extract is a crucial flavoring ingredient used across the food & beverage industry and is known to impart fresh and exotic taste to the food products, along with imparting a mild, pleasant fragrance. The product has been used dominantly across food & beverage, as well as pharmaceutical, cosmetics, and other industries since ages, owing to its natural flavor, essence, and potential health benefits. Madagascar and Indonesia are the two major vanilla producing countries of the world, and in 2017, these two countries accounted for 70% of the total world production of vanilla. Madagascar produced nearly 3.23 thousand tonnes of vanilla in 2017, and the U.S., France, and Germany cumulatively imported almost 80% of Madagascar total exports. Unavailability of vanilla extract alternatives in the market is projected to aid the growth of vanilla extracts market throughout the forecast years.
Major market players operating in vanilla extracts market are centering on innovative product launches and acquisition of small players to expand their product portfolio and to expand their global reach. Adams Extract, Dr. Oetkar, McCormick, Wilton, and Nielsen Massey are some of the key companies with a significant market share in the global vanilla extracts market.
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Vanilla Extracts are composed by macerating vanilla pods into a combination solution of ethanol and water. The product is made by using more than two hundred organic compounds that are responsible for providing great complexity to the product in order to make them more versatile. The rich aromatic flavor of vanilla extract makes it suitable for utilization in many food products and also to utilize them as an experiment ingredient to make the food more desirable.
Rapid growth in the bakery industry is projected to contribute significantly in the growth of vanilla extracts market. Increased use of vanilla extracts in the production of cupcakes, brownies, cookies, cakes, puddings, and others is projected to propel the growth of vanilla extracts market during the forecast period. Rapid demand for organic and natural flavors is further expected to aid the growth of the market in the forthcoming years.
Major restraining factor for the growth of the global vanilla extracts market is declining global production of vanilla beans due to hurdles posed by unfavorable environmental conditions. For instance, in March 2017, a cyclone hit major vanilla producing country Madagascar and affected the overall plantation. Uncontrolled market speculation, price fluctuations, and theft of the high-value crops in the major producing country is also a major restraint for the growth of the market.
Some of the key companies that are present in the global vanilla extracts market are Vanilla Food Company, Boston Vanilla Bean Company, Adams Extract, Tharakan & Company, RROVA SAS, Synthite Industries Ltd., Hawaiian Vanilla Company, Symrise AG, OliveNation LLC, Frontier Natural Products, Amadeus Vanilla Beans, Nielsen-Massey Vanillas, MacTaggart’s Brand, and Agro Products & Agencies.
By Extract Type
· Mexican Vanilla
· West Indian Vanilla
· Bourbon Vanilla
· Tahitian Vanilla
· Food & Beverage
· North America (USA, Canada, and Mexico)
· Europe (France, Germany, Italy, Spain, U.K., Russia, and Rest of Europe)
· Asia Pacific (China, India, Japan, Australia, and Rest of Asia Pacific)
· South America (Brazil, Argentina, and Rest of South America)
· Middle East & Africa (South Africa and Rest of ME&A)
On the basis of extract type, global vanilla extracts market is segmented into Mexican Vanilla, West Indian Vanilla, Bourbon Vanilla, and Tahitian vanilla. Bourbon vanilla is the most popular vanilla across the globe, and hence the segment is projected to hold the major market share during the forecast period. Bourbon vanilla is mainly grown in Madagascar, the largest vanilla producing country. Hence its origin plays a significant role in enhancing its market value, which results in its higher adoption.
By application, the global vanilla extracts market has been segmented into food & beverages, cosmetics, pharmaceuticals, and others. Of which, food & beverage segment holds the major market share and is expected to continue holding the largest market share during the forecast period. The ability of vanilla extracts to give a pleasant and fresh taste and fragrance to food & beverage items is significantly expected to aid the segment’s growth in the forthcoming period.
Europe, followed by the Asia Pacific is expected to dominate the global vanilla extracts (consumption) market during the forecast period, due to the rising demand for organic vanilla in Europe. Increasing health consciousness among European consumers is boosting the demand for organic and natural food ingredients, which is helping to fuel the growth of natural vanilla extracts market. Furthermore, well-established bakery and confectionery industry in European countries is also projected to aid in the growth of vanilla extracts market, as vanilla extracts are vastly used across the confectionery and bakery industry.
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