vanilla Market

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 the second most costly spice after saffron. The Bourbon variety grown in Madagascar is well-liked for its rich taste, cleanliness, and fragrance. Cultivating vanilla is a challenging task and farmers must comply with strict guidelines to ensure top quality. Curing and drying are done prior to packaging to give the beans their unique flavor and scent, as the curing process enhances these characteristics.

The vanilla market is divided into food and beverage, personal care, pharmaceuticals, and others based on usage. The food and beverage segment lead the vanilla market in 2020. However, the personal care segment is predicted to have a higher growth rate during the forecast period. Vanilla extract is widely used in personal care products such as creams, scrubs, and moisturizers because of its anti-inflammatory and soothing properties. It also has antibacterial and antioxidant properties, which make it effective in fighting acne. Vanilla contains B-vitamins like niacin, thiamin, B6, and pantothenic acid, which are crucial for healthy skin, and its antioxidant properties protect the skin from environmental pollutants. As a result, personal care product manufacturers are increasingly incorporating vanilla into their products.

The global market is divided into five regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America (SAM). North America dominated the vanilla market in 2020, while Asia Pacific is projected to have the highest growth rate over the forecast period. The food & beverage industry is a significant part of the US economy and it comprises almost 27,000 companies and employs approximately 1.5 million people, as stated in a report by the US Committee for Economic Development. The growth of the North American food and beverage industry is having a significant impact on related markets, including the vanilla industry.

The top players in the vanilla market are Camlin Fine Sciences Ltd; Givaudan SA; Heilala Vanilla US; LAFAZA Foods; Nielsen-Massey Vanillas, Inc.; Symrise; The Vanilla Company; Kerry Group; Touton SA; and Madagascar Vanilla Company.

The global vanilla market size was determined through a combination of primary and secondary research methods. Initial research involved extensive secondary research using both internal and external sources to gather qualitative and quantitative information about the market. This was followed by primary interviews with key industry players, such as VPs, business development managers, market intelligence managers, national sales managers, as well as external experts like valuation experts, research analysts, and key opinion leaders with specialization in the vanilla market. These interviews aimed to validate the data and gain deeper insights into the market.