The scope of our recent study, titled "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)," includes the description of factors fueling the market growth, estimation and forecast of revenue, and identification of significant market players and their key developments, along with providing market share analysis.

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 rise at a CAGR of 4.5% from 2021 to 2028.

Vanilla is obtained from orchids of the genus Vanilla, mainly the Mexican species known as flat-leaved vanilla. There are three major species of vanilla grown worldwide: Mexican, Madagascar (Bourbon), and Indonesian. It is the second costliest spice after saffron and is utilized in various industries such as food and beverage, personal care, cosmetics, pharmaceuticals, home fragrance, and animal feed.

The global vanilla market is divided into four forms: paste, liquid, powder, and beans. The beans segment had a substantial market share in 2020. Vanilla beans are commonly used in bakery products, ice creams, and desserts, and the seeds inside the beans add visual appeal to various dishes like ice creams, custards, and smoothies. Vanilla beans are also important in the cosmetic and personal care industries, used in products such as anti-aging creams, moisturizers, and ointments. Whole vanilla beans are quite expensive and are predominantly used in gourmet or high-end food items.

The global vanilla market is divided into five regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South and Central America (SAM). North America was the largest vanilla market in 2020, while APAC is projected to experience the fastest growth rate during the forecast period. APAC's vanilla market is largely located in countries such as China, India, Japan, Australia, South Korea, and the rest of Asia Pacific. The region's food & beverage industry is thriving due to the abundance of functional foods and drinks and their rising popularity among millennials. The food service sector in Asia Pacific is rapidly growing due to economic expansion, growing tourism, improving consumer lifestyles, and increasing disposable income. Vanilla flavor is primarily used in the food industry for products such as bakery items, dairy products, and beverages, but also has multiple applications in industries like cosmetics and pharmaceuticals. The increasing demand for food and beverages and flavorings is driving the growth of the Asia Pacific vanilla market.

Impact of COVID-19 Pandemic on Vanilla Market:

The COVID-19 pandemic had a negative impact on several industries, causing lockdowns, travel restrictions, manufacturing shutdowns, and supply chain disruptions. The food and beverage industry faced challenges due to supply chain interruptions, labor shortages, and raw material shortages. Additionally, the decline in demand from industries such as food and beverage and personal care caused a significant drop in vanilla prices, impacting the market players' profitability and the farmers cultivating vanilla. This caused a substantial decline in the growth of the global vanilla market. However, with the easing of restrictions by various governments and increasing vaccination rates, the food and beverage industry is showing signs of recovery. The demand for vanilla is expected to increase over the forecast period.

The report segments the vanilla market as follows:

Based on the form, the vanilla industry is segmented into paste, liquid, powder, and beans. On the basis of category, the vanilla market is segmented into organic and conventional. On the basis of application, the market is segmented into food and beverage, personal care, pharmaceuticals, and others. On the basis of geography, the market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South and Central America (SAM).

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