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Vanilla Bean Market size is forecast to reach $637.8 million by 2026, growing at a CAGR of 5.1% during the forecast period 2021-2026.
HYDERABAD, TELANAGAN, INDIA, September 22, 2022 /EINPresswire.com / -- Vanilla Bean Market size is forecast to reach $637.8 million by 2026, growing at a CAGR of 5.1% during the forecast period 2021-2026. Vanilla is used as a spice and a flavoring agent in several food and beverages products. The commercial production of vanilla is extremely labor-intensive that consists of the hand pollination and are dried under the sun to commence the enzymatic reaction. It converts ferulic acid into vanilla and is responsible for providing the flavor of the vanilla. Vanilla bean is anti-carcinogenic as well as anti-oxidant. Increasing preference for organic & chemical free vanilla pod food products, increasing demand of vanilla-flavored food such as a creme Frappuccino syrup, and shifting preference among consumers towards the natural flavor is the major factors driving the growth of the market. Increasing benefits of the non GMO food ingredients, increasing demand of vanilla bean as a vanilla flavored food from various industries, and increasing consumption of baked goods is set to further enhance the overall market developments for the period 2021-2026.
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Key takeaways:
This IndustryARC report on the Vanilla Bean market highlights the following areas -
1. North America dominated the Vanilla Bean Market in 2020 owing to the increasing demand for convenience food and increasing awareness regarding health benefits of vanilla beans. The Vanilla Bean Market scope for different regions will be provided in the final report.
2. Increasing demand for food additives and increasing consumer inclination towards healthy diets are likely to aid the market growth of the Vanilla Bean Market report.
3. Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be Vanilla Bean Market report.
Presence of high sugar content and availability of substitute products is poised to create the hurdles for the Vanilla Bean Market.
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Segmental Analysis:
1. Raw held the largest share in the Vanilla Bean Market in 2020 and is estimated to grow at a CAGR 5.5% during the forecast period 2021-2026. Vanilla is a spice that is derived from the orchids of the genus vanilla. It is obtained from pods of the Mexican spices.
2. North America dominated the Vanilla Bean Market with a major share of 33.7% in 2020. This is owing to the increasing consumption of western food products and increasing shift among consumers towards the chemical free food products. Increasing utilization of the vanilla in food products and increasing consumption of baked goods is also increasing the growth of the market during the region.
3. Food & Beverages held the largest share in the Vanilla Bean Market in 2020 and is estimated to grow at a CAGR 5.9% during the forecast period 2021-2026. This is owing to the increasing usage of vanilla in food industry and in beverages. The type of vanilla completely depends on the ingredients in the base formulation and the flavor profile.
Competitive landscape:
The top 5 players in the Vanilla Bean industry are:
1. Tharakan & Company
2. Vanilla Food Company
3. Amadeus Vanilla Bean
4. Boston Vanilla Bean Company
5. Nielsen Massey Vanillas
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