Vanilla Bean Market to Cross US$ 3.5 Bn Valuation by 2031
Research Reports
Apr 29, 2022
The global vanilla bean market is likely to witness a CAGR of 5.5% between 2021 and 2031, reaching over US$ 3.5 Bn by the year 2031.
To meet the excessive demand for vanilla bean (looking at the advantages offered, like enhanced taste and improved nutrition in the form of vanilla extract/vanilla seeds), the market participants are doling out various options. For example – Coca-Cola North America, in 2019, did come up with its novel flavors – Coke Orange Vanilla Zero Sugar and Coke Orange Vanilla in Canada for providing refreshing taste.
Also, Touton S.A. has joined “Sustainable Vanilla Initiative” that gets multinational companies along with NGOs involved in vanilla supply chain at several nodes for ascertaining vanilla’s adequate supply going forward, along with catalysing financial growth across the developing countries.
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How does the Vanilla Bean Market disperse itself?
The global vanilla bean market, by nature, spans conventional vanilla bean and organic vanilla bean. By grade, it’s grade A and grade B. By type, it’s raw vanilla bean and processed vanilla bean. By origin, it’s Bourbon, Mexican, Indonesian, Ugandan, Tahitian, and likewise. By end-use, it’s food (confectionery, bakery, desserts, cheese & spreads, baby food, powder premixes, and pet food), beverages (alcoholic beverages and non-alcoholic beverages), cosmetics & personal care, pharmaceuticals, and household/retail. By distribution channel, it’s B2B and B2C (convenience stores, supermarkets/hypermarkets, specialty retail, and online retail).
Where does Vanilla Bean Plant come from?
Madagascar is on the top, and would continue to be so, as far as abundance of vanilla extract is concerned. Vanilla bean benefits have also led to countries like China, Guinea, Mexico, and Indonesia contributing for a major chunk of revenue. Comoros is poised to be a major manufacturer of vanilla in the African continent. FAO states that Madagascar does produce over 3K tons of vanilla every single year. There are also countries like Uganda who are witnessing low grade rates. Vanilla bean seeds are, however, expected to see better rankings and production in the near future due to long-term labor cost benefits.
LATAM and East Asia are also expected to witness turbulence herein. This could be reasoned with the consumers herein speedily moving towards food products devoid of chemicals.
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What’s with the US, UK, and Australia?
North America and Europe are going steady in vanilla bean market. This could be credited to higher rate of utilization of vanilla in the food products in the US and UK respectively. The other reason is that of vanilla being used by manufacturers of cosmetics for long. In Australia, vanilla is among the major spices used in foodstuff.
What do the Competitors have to say?
The vanilla bean market players include Amadeus Trading Co., Madagascar Vanilla Company, Sambirano Aromatic, Vanillapura, Neilsen-Massey Vanillas Inc., Boston Vanilla Bean Company, Touton S.A., Apex Flavors, Inc., Locchead Manufacturing Co., McCormick & Company, Inc., Daintree Vanilla & Spice, Shank’s Extracts, Inc., and Charles H. Baldwin & Sons. The players are into various modes of expansion to spread their wings in the vanilla bean market. For instance – Sambirano Aromatic does make way for a broad series of naturally occurring Madagascar vanilla beans with enhanced shelf life of vanilla bean powders (for 12 months), thereby adhering to demand for the natural flavors.
Starbucks has its vanilla bean Frappuccino, which has been imitated by homemade Frappuccino base syrup. Starbucks brought it into picture by blending vanilla bean paste, ice, heavy cream milk, and the syrup mentioned above. One could also top off the drink with whipped cream, which wouldn’t take more than a few seconds. This drink is more popular amongst kids as it is sans caffeine or coffee.
In a Nutshell
Vanilla Bean market is expected to boom on a tasty and nutritious note in the subsequent decade.
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