The increasing demand for bakery products is anticipated to enable growth in theglobal vanilla extracts market. Recently Fortune Business Insights announced areport, named “VanillaExtracts Market"Size, Share and Global Trend by Extracts Type (MexicanVanilla, West Indian Vanilla, Bourbon Vanilla, Tahitian Vanilla), Application(Food and Beverages, Cosmetics, Pharmaceuticals) and Geography Forecast till2026,” which offers exclusive insights into the market. According to thereport, in 2017 Madagascar and Indonesia together produced 70% of the world’svanilla extracts.
In2018, Asia Pacific held a considerable share in the global market. The regionis foreseen to witness impressive growth over the forecast period 2019-2026.Increasing awareness about using natural and organic elements is fueling thedemand for vanilla extracts ingredients. Moreover, the increasing production ofvanilla extracts in Indonesia is likely to enable growth in the market. Asiannations are also involved in exports of vanilla extract. This is expected tocontribute towards market growth. Europe is expected to dominate the globalmarket during the forecast period owing to the high consumption of naturalvanilla extract it witnesses. The Europe market is likely to witness highdemand for vanilla extracts owing to the presence of well-established bakerysector in various nations. Besides this, France and Germany are activelyinvolved in imports of vanilla extracts. This is further expected to boost theregion’s standing in the global market.
Madagascar Aiding the Supply off Vanilla
Theincreasing demand for confectionary products and rising awareness aboutconsuming healthy food items are some factors anticipated to drive the globalmarket. Moreover, increasing applicability of vanilla extracts in thepharmaceutical, cosmetics, and other industry is likely to fuel the demand forvanilla extracts.
In2017 Madagascar produced approximately 3.23 thousand tons of vanilla. France,Germany, and the U.S. imported almost 80% of Madagascar’s total exports.Certain factor is anticipated to propel growth in the global vanilla extractsmarket.
Thelong procedure involved in production and processing of vanilla extract is afactor that may hamper the growth in the market. Besides this, unfavorableclimatic condition is a factor that may restrain the market during forecastperiod. For instance, Madagascar was hit by a cyclone in 2017. The cyclonecaused major damage to vanilla plantation.
However,Bell Flavors and Fragrances introduced new variety of natural vanillasolutions. The new product range offers customization without impacting thetaste. Such a Product launch is expected to encourage adoption of vanillaextracts.
Archer Acquired Rodelle to Attain Higher Share in Market
Theglobal vanilla extracts is progressing at a positive rate. Market players areadopting industry leading techniques and strategies to create a strong brandpresence. Some players are involved in mergers and acquisitions. For instance,Archer Daniels Midlandacquired Rodelle Inc. in 2018. Archer invested in theacquisition to gain a diverse product portfolio. This is likely to propelgrowth in the global market.
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https://www.fortunebusinessinsights.com/industry-reports/vanilla-extracts-market-100210
