(MENAFN- GlobeNewsWire - Nasdaq) Dublin, April 22, 2024 (GLOBE NEWSWIRE) -- The "Vanilla Bean Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets's offering.
The vanilla bean market is projected to grow at a CAGR of 7.26% over the forecast period, increasing from US$1.09 billion in 2022 to US$1.79 billion by 2029.
Vanilla beans are utilized extensively in the food and beverage, cosmetics, and pharmaceutical sectors due to their antioxidants and anti-carcinogenic properties. North America has experienced an increase in demand for vanilla-flavoured food, ice creams, cosmetics, and medications, driving the vanilla bean market. The demand for flavoured foods and beverages has been rising along with the population, which will ultimately fuel market expansion. In the vanilla bean industry, the pharmaceutical industry emerges as a major player. Vanilla is becoming more and more well-known in the pharmaceutical industry. This is mainly because vanilla is showcasing its powerful anti-cancer and antioxidant properties. The pharmaceutical industry is now paying more attention to vanilla as a result of this discovery. The market for vanilla beans will probably benefit from this which will lead to market growth.
Growing demand in the food and pharmaceutical industry propels the vanilla bean market.
Vanilla beans are used to trade most produced vanilla as a commodity or generic product. Customers who buy vanilla products are split into two groups: those who shop at home and those who shop in an office. Retail stores frequently sell finished vanilla products to households, such as pasta, extracts, and vanilla beans. By contrast, companies usually purchase vanilla beans in bulk when using them as an ingredient. Therefore, domestic consumers are more likely to buy finished goods (certified or branded), but industrial customers are more likely to purchase vanilla beans as a commodity. In the food and beverage industry, vanilla is frequently used as a flavouring ingredient in syrups, jams, and jellies. Vanilla's antibacterial and antioxidant qualities make it a good choice for cleansing and treating skin-related issues. It is also proven to help with depression and anxiety disorders. It is anticipated that these advantages of consuming vanilla will increase consumer demand.
Vanilla is used extensively in the pharmaceutical industry because of its anti-carcinogenic and antioxidant qualities. A flavorful component of vanilla pods, vanillin is used as a flavonoid in cosmetics, medications, and food and drink products. The pharmaceutical industry is experiencing a surge in demand for vanilla owing to its anti-carcinogenic and antioxidant characteristics. The market for vanilla beans is therefore anticipated to expand during the forecast period. These factors are contributing to the global increase in demand for vanilla, which is good news for the trade-in vanilla beans. Moreover, out of 4,641 products, vanilla beans ranked 2160th in the world's trade in 2021. Germany ($43.2M), Indonesia ), Madagascar ($619M), France ), and Canada ) were the top exporters of vanilla beans in 2021. In 2021, the top importers of Vanilla beans were the United States ($338M), France ($205M), Germany ($100M), Canada ), and the Netherlands ($57M).
It is projected that the global vanilla bean market in the North American region will grow steadily.
The increasing demand for dairy products and increasing consumption of coffee among the people in the country coupled with the rising use of vanilla in cosmetics, is expected to boost the market for vanilla in coming years. Increasing grants offered in the country for the enhancement of vanilla production can also contribute to the high growth of vanilla in the United States. For instance, the United States Department of Agriculture (USDA) grants to a University of Florida's assistant professor to enhance UF/IFAS Vanilla Research, to promote domestic industry. The use of vanilla beans is diverse from cakes to candles, from pastry cream to alcohol the use of vanilla is increasing which is boosting the market for vanilla beans in the USA in the projected period.
Companies in the United States are also launching new vanilla bean-based products which can be one of the reasons for the increased market in the projected period. For instance, in March 2022, Simply Organic launched a new pantry staple vanilla bean paste known as Simply Organic Vanilla Bean Paste. The newly launched vanilla bean paste elevates the desirability of organic, gourmet baking, providing a convenient and accessible option. This high-quality paste will be presented in 4-ounce glass containers commencing in the second quarter of the fiscal year, followed by the introduction of a 2-ounce variant in the third quarter.
According to the Observatory of Economic Complexity (OEC), the top importer of vanilla in 2021, was the United States with an import value worth of US$338 million, followed by France, Germany, Canada, and the Netherlands, with US$205, US$100 million, US$78.9 million, and US$57 million respectively. Hence, the increasing imports are pushing for better solutions and enhancement of vanilla bean in the USA which is expected to boost the market in the coming years.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 144 |
| Forecast Period | 2022 - 2029 |
| Estimated Market Value (USD) in 2022 | $1096.26 Million |
| Forecasted Market Value (USD) by 2029 | $1790.99 Million |
| Compound Annual Growth Rate | 7.2% |
| Regions Covered | Global |
Companies Profiled
Symrise AG Eurovanille Takasago International Corp. Synergy Flavors Inc. Archer Daniels Midland Co. Venui Vanilla Nielsen-Massey Vanillas Inc. Tharakan and Company Lemur International Inc. Apex Flavors Inc.
Market Segmentation:
By Product Type:
Raw Processed Spiced Vanilla Beans
By Nature:
By End-User:
Food Beverages Cosmetics & Personal Care Pharmaceutical Nutraceuticals Household/Retail
By Geography
North America United States Canada Mexico
South America Europe United Kingdom Germany France Spain Others
Middle East and Africa Saudi Arabia UAE Israel Others
Asia Pacific Japan China India South Korea Indonesia Thailand Others
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Attachment
Global Vanilla Bean Market
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