World News: 15:11 GMT Friday 12th July 2019. [Acumen Research and Consulting via Globe Newswire via SPi World News]
LOS ANGELES, July 12, 2019 (GLOBE NEWSWIRE) -- The global is expected to reach the market value of around US$4.3 Bn by 2025 and is anticipated to grow at a CAGR of around 4% in terms of revenue during the forecasting period 2018 - 2025.
Vanilla extract accounts for the major share in the global vanilla beans and extract market as vanilla extract is widely used as flavor agent across dairy industry and food industry. Vanilla extracts mainly consists of vanillin which is flavorful constituent of vanilla pods. Vanillin adds the flavor to food, beverages, pharmaceuticals and cosmetics. Owing to the increasing demand of vanilla in pharmaceutical industry due to its anti-oxidant and anti-carcinogenic properties, vanilla beans and extract market is growing exponentially. Furthermore, vanilla powder has highest share in the global vanilla beans and extracts market and growing at considerable over the forecast period. Vanilla powder is mostly used as a substitute to vanilla extract and is recently being used widely as flavoring agent in food, pharmaceutical and cosmetic industries. Bakery and dairy industry is widely using vanilla powder instead of vanilla extract as the vanilla extract has high price due to scarcity of vanilla in the international market. High demand of vanilla powder in the dairy, food and pharmaceutical industry is driving the vanilla beans and extracts market, globally.
North America is leading the market for vanilla beans and extract owing to the wide variety of applications of vanilla beans and extract. Vanilla beans and extract are widely used as flavoring agent in food industry, pharmaceutical industry, and cosmetics. North America has experienced sudden rise in demand for vanilla flavored food, vanilla flavored ice creams, vanilla flavored cosmetics and vanilla flavored pharmaceuticals. Consumption of baked food and cakes has increased exponentially in last few years, which has propelled the market growth. Europe accounted for the second largest share in the vanilla beans and extract market. Owing to the increasing demand for food and beverages, demand for vanilla beans and extract has increased in last decade and consequently driving the market. Industrial sector in Europe is on surge and demand for new flavored pharmaceuticals and vanilla flavored cosmetics has increased, which in turn has fuelled the growth of vanilla beans and extract market.
Asia-Pacific is the fastest growing market owing to the exponential population growth. Demand for new flavors like vanilla and others has increased in last few years which is driving the vanilla beans and extract market. Asia-Pacific region accounts for the moderate share in consumption of vanilla beans and extract. In Asia-Pacific, food industry is vast and demands for continuous supply of vanilla flavors extracts. Besides, increasing demand of vanilla flavored pharmaceuticals and cosmetics has propelled the growth of Asia-Pacific vanilla beans and extract market. Moreover, vanilla has been widely used as flavor agents for better aroma and taste in the food industry which has increased its demand in the international market; eventually fuelling the market growth.
The players profiled in the report include Lochhead Manufacturing Co., David Michael & Co., Spice Jungle, Venui Vanilla, Blue Cattle Truck, Vanuatu, and Others.
Globe Newswire: 15:11 GMT Friday 12th July 2019
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