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.
The
consumption of vanilla extract in the diverse regions of the world is
associated with numerous factors, such as standard of living, demand,
supply of different types of vanilla products in those particular
regions, recent trends, and other market-changing aspects going on in
the market. With the increase in population, the global production
and consumption of various bakery products has also increased. Owing
to this, the vanilla market is witnessing significant growth.
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.
The
global vanilla market observes a significant contribution from
consumers aged between 15 and 34, leading the way for new eating
patterns and food trends. The aspects that stick out as primary
drivers for the vanilla market is the millennial generation of
foodies who demand freshness, variety, and exotic flavors.
Millennials are attracted towards new and exciting flavors. They are
keener to experiment, and are likely to mix flavors and food styles.
These are some of the facets substantiating the growth of the global
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.
With
an increase in the demand for organic products, sales have increased
generously. The lifestyle of consumers is playing an essential role
in the increased consumption of vanilla. They have started opting for
private label goods with values such as high quality, healthy, and
sustainable. These changes in choices have opened an opportunity for
natural vanilla, despite the high prices and not so easy
availability. Nowadays, consumers are demanding these natural
products in the products that they are consuming, thus forcing the
food and beverage industries to take up the habit of using natural
vanilla in their products.
No comments:
Post a Comment