Transparency Market Research contemplates over thecompetitive and fragmented market in the global vanillamarket. There are many players in theglobal vanilla market which includes manufacturers and distributors. Some ofthem include Flavorchem Corporation, Synergy Flavors, Heilala Vanilla Ltd,Neilson-Massey Vanilla Inc, and Lochhead Manufacturing Company. Themanufacturers in the global vanilla market are eyeing on adopting newtechnology to introduce vanilla in powder form at a reasonable price. Theseplayers are also adopting new strategies to expand supply chain management andestablishing sustainability to gain a competitive edge in the global market.These are some of the major strategies being adopted by the vanillamanufactures and suppliers present in the global vanilla market. They are alsoventuring into organic vanilla due to increasing demand from aware and healthconscious consumers.
Vanilla extract is largely used in thefood sector in a variety of products. The vanilla flavor is used in cakes,pastries, shakes, smoothies, biscuits, bread, etc. Wide ranges of bakeryproducts are being consumed across the globe. Due to increasing demand, theglobal vanilla market is likely to grow at a CAGR of 4.7%. The global vanillamarket accounted for revenue worth US$510.2 million in 2018 and expected toreach up to 810.8 by the end of forecast period 2018 to 2026. This will leadthe global market to astounding growth.
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There are three types of vanilla foundin the global vanilla market. They are Mexican Vanilla, Madagascar Vanilla, andBenilla vanilla. These are bold and dark, rich, creamy, and a blend of bourbonand Tahitian. Geographically, North America is a primary user of vanilla.France, the U.K., and Germany are also major consumers of vanilla in theWestern Europe region. During the forecast period North America, Asia Pacific,and Western European regions are expected to dominate the global vanilla marketIndonesia and Madagascar are the key producers in the global vanilla market.India is also expected to emerge as a leading producer of vanilla productiondue to the viable climate in certain parts of southern India. Liquid vanillaholds a larger market currently and expected to grow during the forecastperiod, owing to
Millennial to Drive Market
New food trends and shift in eatingpatterns in the young population is expected to drive the global vanillamarket. There is expected to be significant. Millennial foodies look for afresh and exotic flavor. They love fusion food and experimenting with mixingflavours. Foodservice providers such as cafes, hotels, and restaurants arebringing in fusion food and different food styles to cater to such foodies. Thus,increasing demand for such flavours will drive the global vanilla markettowards substantial growth during the forecast period.
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Lifestyle to Boost Growth Opportunities
The lifestyle of consumers plays apivotal role in creating a high demand for vanilla in the global market.Consumers have good purchasing capacity and are health conscious. Therefore,they insist on high quality and sustainable products. Such lifestyle changesand increased disposable income open up avenues for natural products instead ofsynthetic options. Although natural products are highly priced and availabilityis less, consumers are ready to pay for them. Furthermore, consumers look for aclean labeled product, owing to growing demand in the global market. Therefore,labels like kosher, halal free, organic, etc. are in high demand. This boostsgrowth opportunities in the global vanilla market during the forecastperiod.
This report is based on the findings ofa TMR report titled “ Vanilla Market (Origin - Natural, Synthetic; Nature- Organic, Conventional; Form - Liquid, Powder, Paste; End Use - Food Industry,Cosmetic Industry, Pharmaceutical Industry) - Global Industry Analysis, Size,Share, Growth, Trends, and Forecast 2018 – 2026”
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