Market Definition
Vanilla, a premium spice derived from flowering plants, belongs to the family of orchids. It finds its primary application in the food & beverage industry but is also gaining significant momentum in sectors like cosmetic & personal care & pharmaceuticals, among others. The commercial application of vanilla is after the extraction from the flat leaves of plants found & cultivated mainly across regions like Mexico, Madagascar, Indonesia, Uganda, Tahiti, Papua New Guinea, & India.
Vanilla is amongst the most expensive spices in the world, after saffron, and owing to ingredients like vitamins, minerals, & antioxidants, along with conspicuous anti-inflammatory & soothing benefits, it is also being utilized widely in cosmetics & pharmaceutical industries. The swiftly expanding food & beverage, cosmetic & personal care, and pharmaceutical industries, along with the growing inclination toward experimentation with vanilla across these sectors, project highly lucrative opportunities for the vanilla industry in the nearer future.
Market Insights
The Global Vanilla Market is projected to grow at a CAGR of around 5.4% during the forecast period, i.e., 2022-27. The growth of the market attributes primarily to the growing consumer inclination toward plant-based foods entwined with the diverse usability of vanilla across the food & beverage industry. In addition, the flourishing food & beverages sector and growing trends of food experimentation, coupled with the advent of new dishes made using vanilla, are further driving the global vanilla market.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2017-20 |
| Base Year: 2021 | |
| Forecast Period: 2022-27 | |
| CAGR (2022-2027) | 5.4% |
| Regions Covered | North America: The US, Canada, Mexico |
| South America: Brazil, Argentina, Rest of South Americs | |
| Europe: Germany, The UK, France, Spain, Italy, Russia, Tahiti, Rest of Europe | |
| Asia-Pacific: China, Japan, India, Australia, Indonesia, Papua New Guinea, Rest of Asia Pacific | |
| Middle East & Africa: Saudi Arabia, South Africa, UAE, Madagascar, Uganda, Rest of Middle East and Africa | |
| Key Companies Profiled | Advanced Biotech, Apple Flavor & Fragrance Group, Agro Products & Agencies, Archer Daniels Midland Company, Amadeus, Boston Vanilla Bean Company, Döhler GmbH, Evolva, Frontier Natural Products, Givaudan SA, International Flavors & Fragrances, Other |
| Unit Denominations | USD Million/Billion |
Besides, the growing travel & tourism and greater public exposure to diverse cultures worldwide are also playing a prominent role in expanding the vanilla utilization in different aspects and magnifying its demand. On the other hand, the medicinal & nutritional properties of vanilla, owing to its contents like vitamins, minerals, etc., are other prominent aspects boosting its demand & application across the pharmaceutical & cosmetics industry and widening its potential in skincare & personal care products
