Vanilla, a member of the orchid family, is an extensively used flavoring agent and is renowned for its unique flavor and fragrance. Next to chocolate, it is among the world’s best-loved dessert flavorings and is used in ice creams, pastries, and cakes. Vanilla is a wonderful fruit enhancer that not only triggers the flavor of sweet products but also enhances the flavor of savory products.
The global vanilla market is growing at a speedy pace with the boom in the demand for vanilla at an extraordinary rate. The rise in the use of vanilla in food & beverages (F&B) industry including dairy products followed by confection, baked goods, and beverages is one of the crucial factors that is driving the growth of the global market. In addition to this, to round out the flavor profiles of many food products, it is also widely used as a flavor enhancer or as a background note. Also, there is awareness regarding the health benefits of vanilla as for many reasons it is a healthy and safe additive; it is rich in antioxidants, promotes heart health, has anti-inflammatory properties, is excellent for hair, and lifts the spirits up. Owing to all such factors there is an upsurge in the global demand for vanilla. This is boosting the overall market growth. Furthermore, growing demand for natural and clean labeled food from the consumer may open beneficial opportunities for the growth of the global market over the forecast period.
The global vanilla market is bifurcated based on form, type, application, and region. In the market, vanilla is available in powder, paste & extracts, and beans. Based on type, the global vanilla market is classified into Indian vanilla, Mexican vanilla, Indonesian vanilla, Madagascar vanilla, and others. Vanilla has applications in pharmaceutical, personal care & cosmetics, and food & beverages.
Region-wise, North America is estimated to account for the largest share in terms of revenue in the global vanilla market during the forecast period. In the US, vanilla is used extensively as a flavoring agent in food & beverages industry which makes it the largest revenue generator in North American market. Asia Pacific is predicted to grow at the highest CAGR value and this is attributed to growing demand for processed food and presence of leading producers of vanilla in India.
Nielsen-Massey Vanillas, Symrise, McCormick & Company, International Flavors & Fragrances, Lochhead Manufacturing, Döhler, Sensient Flavors, Givaudan, Archer Daniels Midland, and Heilala Vanilla Limited are some of the prominent players that are operating in the global vanilla market.
Key development: In August 2020, Symrise and Kellogg Company have engaged in an ambitious and joint project in Madagascar which will directly impact the source of vanilla farming through an integrated supply chain and achieve the determined goal of ‘100% responsibly sourced vanilla’.