The Insight Partners published latest research study on Vanilla Market to Forecast 2028 – COVID-19 Impact and Global Analysis– by Form, Category, and Application,” the vanilla market was valued at US$ 1,434.51 million in 2021 and is projected to reach US$ 1,956.09 million by 2028. It is expected to grow at a CAGR of 4.5% from 2021 to 2028. The rising demand for natural food additives due to the growing preference for all-natural products and the rising popularity of clean-label and plant-based products is projected to open lucrative growth opportunities for the global vanilla market.
Get Exclusive Sample Pages of Vanilla Market Size – COVID-19 Impact and Global Analysis with Strategic Insights at – https://www.theinsightpartners.com/sample/TIPRE00007722/
Vanilla Market: Competition Landscape and Key Developments
The leading players in the vanilla market are Camlin Fine Sciences Ltd; Givaudan SA; Heilala Vanilla US; LAFAZA Foods; Nielsen-Massey Vanillas, Inc.; Symrise; The Vanilla Company; Kerry Group; Touton SA; and Madagascar Vanilla Company. These companies have a widespread global presence, serving a large set of customers from all over the world. These market players focus heavily on mergers and acquisitions to expand their reach.
North America held the largest share in the global vanilla market in 2020. The food & beverage industry is an essential part of the US economy. According to the US Committee for Economic Development report, the food and beverage industry consists of close to 27,000 organizations and employs almost 1.5 million people. The increasing consumption of bakery and confectionery products across various countries, such as the US and Canada, is also projected to fuel the demand for vanilla across North America in the near future. Bakery products include bagels, bread, cakes, croissants, doughnuts, pastries, and many more. The rising demand for flavored bakery products in the region is fueling the need for vanilla, aiding the market.
Furthermore, consumers’ changing and busy lifestyles in the region have led to a rise in the demand for multifunctional beauty and personal care products. North America is deemed as the most valuable beauty and personal care market. The region’s augmenting demand for beauty and personal care products is an essential driver of the vanilla market as vanilla is used in a wide range of beauty and personal care products, such as moisturizers, scrubs, anti-aging creams, lotions, and fragrance products, owing to its antibacterial, soothing, anti-aging properties.