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Vanilla Extract Market is expected to reach US$ 409.93 million by 2030

The Global Vanilla Extract Market size is projected to grow at a CAGR of 5.8% during 2022-2030, to surpass USD 409.93 million by 2030, from US$ 261.11 million in 2022.

By The Insight Partners

Wide Range of Applications of Vanilla Extract in Food & Beverage Industries Drives Vanilla Extract Market Growth

According to our latest market study on “Vanilla Extract Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Form, Category, and Application,” the vanilla extract market size is expected to grow from US$ 261.11 million in 2022 to US$ 409.93 million by 2030; it is estimated to register a CAGR of 5.8% from 2022 to 2030. The report highlights key factors driving the market growth and prominent players along with their developments in the market.

Vanilla has a unique flavor and aroma, making it a famous flavoring agent across the food & beverage industry. Vanilla extract has been increasingly used as a flavoring agent in cakes, muffins, pastries, doughnuts, and other bakery products for many years. Over the past few years, vanilla extract has been used in lattes, hot chocolates, thick shakes, cocktails, cold drinks, and other beverages. Vanilla extract in powder form is frequently used in spice mixes, dry baking premixes, and other dry ingredients. Vanilla extract is also used in frozen desserts, ice creams, smoothies, frostings, whipped cream, and other products. Also, vanilla-flavored ice creams are one of the majorly consumed frozen desserts across the world. The increasing disposable income and rising living standard of people propel the demand for premium range of vanilla ice creams. Moreover, vanilla is increasingly used in baby food formulation and infant nutrition formulas. The research studies show that vanilla has a calming effect. Thus, it can lessen the crying of babies. These factors boost the product demand among the food & beverage industries and drive the vanilla extract market growth.

Global Vanilla Extract Market Breakdown – by Region

To get free sample copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/brochure/TIPRE00021836

The consumption of convenience, ready-to-eat products such as snacks is increasing. Ready-to-eat products allow consumers to save time and effort associated with ingredient shopping, meal preparation and cooking, and post-meal activities. Manufacturers increasingly utilize vanilla extracts in various sweet and savory snacks, with consumers' growing preference for vanilla-flavored products. The growing food & beverage industry and increasing consumer interest in tasty and flavorful products boost the demand for vanilla extract, which bolsters the vanilla extract market growth.

Eurovanille, Prova SAS, Tharakan and Co, HE Stringer Flavours Ltd, Natural Vanilla Pty Ltd, Kerry Group Plc, Archer-Daniels-Midland Co, Virginia Dare Extract Co Inc, Lochhead Manufacturing Co, and Synergy Flavors Inc are among the key players operating in the global vanilla extract market. The players focus on providing high-quality products to fulfill customer demand and adopting strategies such as investments in research and development activities and mergers & acquisitions.

Impact of COVID-19 Pandemic on Vanilla Extract Market

The COVID-19 pandemic adversely affected economies and industries in various countries. Lockdowns, travel restrictions, and business shutdowns across the world hampered the growth of several industries, including personal care, pharmaceuticals & nutraceuticals, food & beverages, and aromatherapy. Manufacturers of vanilla extract faced significant challenges due to supply chain constraints. The supply chain disruptions created a shortage of raw materials, which hindered the production and distribution of vanilla extract, leading to increased prices. Vanilla beans are cultivated in limited countries such as Indonesia, China, Mexico, and others. Thus, extract manufacturers depend on import of raw materials from these countries. Restrictions on international imports and exports in many countries led to the interrupted supply of vanilla extract and its raw materials during the COVID-19 pandemic, which negatively impacted the vanilla extract market growth during the pandemic.

Due to the increased health awareness, consumers preferred organic and clean-label products, which boosted the demand for organically processed vanilla extracts. In 2021, several economies resumed operations as governments announced relaxations in the previously imposed restrictions, which bolstered the global marketplace. Manufacturers were permitted to operate at full capacities, which helped them overcome the demand and supply gap and other repercussions. As a majority of the global population was fully vaccinated by 2021, the manufacturers focused on increasing their production to revive their businesses.

By Geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. North America registers significant share in the market in 2022. The high living slandered of consumers in the region propelling the demand for premium range of ice creams which contains natural ingredients. Vanilla extracts acts as a natural flavoring agent. Moreover, manufacturers are combining vanilla with other flavors for innovation purpose. For instance, vanilla combines well with citrus, bringing a mellow sweetness to refreshing, bright and tangy notes that is majorly used in bakery products, desserts, and beverages. Moreover, according to the Information Resources, Incorporated (IRI) survey, nearly nine out of ten Americans (88%) actively practice self-care. Vanilla extract is increasingly being integrated into self-care products and practices, giving flavor and aroma to various products. Thus, increasing use of self-care products in North America propels the demand for vanilla extracts among personal care industries. These factors drive the vanilla extracts market growth in North America

The report includes the segmentation of the global vanilla extract market as follows:

The global vanilla extract market is segmented on the basis of form, category, application, and geography. By form, the market is bifurcated into powder and liquid. Based on category, the market is divided into organic and conventional. In terms of application, the market is segmented into food & beverages personal care, and others.  The market for the food & beverages segment is further segmented into bakery & confectionery, dairy & frozen desserts, beverages, sweet & savory snacks, and others.. Geographically, the global vanilla extract market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.

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