The scope of our recent study on the “Vanilla Extract Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by form, category, and Application” includes factors fueling the market growth, revenue estimation and forecast, market share analysis, and the identification of significant market players, along with their key developments.
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.
Vanilla extract is manufactured by curing vanilla beans and soaking it in alcohol solution and water. It is considered an essential ingredient in many desserts, especially baked goods like cakes, cookies, ice creams, etc. Moreover, vanilla extracts are also used in cosmetics and personal care products owing to its antibacterial and anti-inflammatory properties. They are also, used in sports formulations such as protein powders. These are the factors expected to drive the vanilla extract market growth during the forecast period.
Based on form, the global vanilla extract market is segmented into powder and liquid. The liquid segment held the largest share in 2021. liquid vanilla extract offers a richer, and pure vanilla taste. Liquid vanilla extract can be used in various bakery products such as cakes, pastries, and cookies. It is also used as a flavoring agent in various beverages such as wines, cocktails, hot chocolate, and coffee. Additionally, liquid vanilla extract is widely used in ice creams, smoothies, desserts, and other products. Furthermore, liquid vanilla extract is used in skincare and pharmaceutical products owing to its anti-inflammatory properties. It soothes the skin and reduces skin damage. Thus, the demand of liquid vanilla extract is high among end-use industries. These factors expected to drive the segment’s growth.
The global vanilla extract market is segmented into five main regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America. In 2022, Asia held the largest market share and is it is also expected to register the highest CAGR from 2022 to 2030. The emerging countries in North America are witnessing an upsurge in the middle-class population, along with the growth in urbanization that offers ample opportunities for key players in the vanilla extract market.
Impact of COVID-19 Pandemic on Vanilla Extract Market
Many economies were affected due to the impacts of the COVID-19 pandemic. The significant disruption in manufacturing activities and raw material sourcing significantly impacted the growth of vanilla extract market. Due to lockdowns, travel restrictions, trade limitations, manufacturing unit shutdowns, and other government restrictions, various end-use industries faced significant challenges in the production and distribution of end product. These factors negatively impacted the vanilla extract market in pandemic.
In 2021, governments of various countries announced relaxations in previously imposed restrictions and permitted manufacturers to work at full capacities. Thus, increased production volumes and improved supply chain operations bolstered the vanilla extract market growth.
The report includes the segmentation of the global vanilla extract market as follows:
• The global vanilla extract market is segmented based on form, category, application, and geography. Based on form, the market is segmented into powder and liquid. Based on category, the market is bifurcated into organic and conventional. Based on application, the market is segmented into food & beverages, personal care, and others. Further, the food & beverages segment is subdivided into bakery & confectionery, dairy & frozen desserts, beverages, sweet & Savory snacks, and others. By geography, the market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, South & Central America, and Central Asia.
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