Vanilla Extracts Market Worldwide Industry Share, Trend, Future Demand Forecast till 2026
In 2018, Asia Pacific held a considerable share in the global market. The region is foreseen to witness impressive growth over the forecast period 2019-2026. Increasing awareness about using natural and organic elements is fueling the demand for vanilla extracts ingredients. Moreover, the increasing production of vanilla extracts in Indonesia is likely to enable growth in the market. Asian nations are also involved in exports of vanilla extract. This is expected to contribute to market growth.
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Europe is expected to dominate the global market during the forecast period owing to the high consumption of natural vanilla extract it, witnesses. The Europe market is likely to witness high demand for vanilla extracts owing to the presence of well-established bakery sector in various nations. Besides this, France and Germany are actively involved in imports of vanilla extracts. This is further expected to boost the region’s standing in the global market.
The increasing demand for bakery products is anticipated to enable growth in the global vanilla extracts market. Recently Fortune Business Insights announced a report, named “Vanilla Extracts Market Size, Share and Global Trend By Extracts Type (Mexican Vanilla, West Indian Vanilla, Bourbon Vanilla, Tahitian Vanilla), Application (Food & Beverages, Cosmetics, Pharmaceuticals) and Geography Forecast till 2026,” which offers exclusive insights into the market. According to the report, in 2017 Madagascar and Indonesia together produced 70% of the world’s vanilla extracts.
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Madagascar Aiding the Supply off Vanilla
The increasing demand for confectionary products and rising awareness about consuming healthy food items are some factors anticipated to drive the global market. Moreover, increasing applicability of vanilla extracts in the pharmaceutical, cosmetics, and another industry is likely to fuel the demand for vanilla extracts.
In 2017 Madagascar produced approximately 3.23 thousand tons of vanilla. France, Germany, and the U.S. imported almost 80% of Madagascar’s total exports. The certain factor is anticipated to propel growth in the global vanilla extracts market.
The long procedure involved in the production and processing of vanilla extract is a factor that may hamper the growth in the market. Besides this, the unfavorable climatic condition is a factor that may restrain the market during the forecast period. For instance, Madagascar was hit by a cyclone in 2017. The cyclone caused major damage to the vanilla plantation.
However, Bell Flavors & Fragrances introduced a new variety of natural vanilla solutions. The new product range offers customization without impacting the taste. Such a Product launch is expected to encourage the adoption of vanilla extracts.
Archer Acquired Rodelle to Attain Higher Share in Market
The global vanilla extracts are progressing at a positive rate. Market players are adopting industry-leading techniques and strategies to create a strong brand presence. Some players are involved in mergers and acquisitions. For instance, Archer Daniels Midland acquired Rodelle Inc. in 2018. Archer invested in the acquisition to gain a diverse product portfolio. This is likely to propel growth in the global market.
Some of the key players operating in the global vanilla extracts market are Vanilla Food Company, Boston Vanilla Bean Company, Adams Extract, Tharakan & Company, RROVA SAS, Synthite Industries Ltd., Hawaiian Vanilla Company, Symrise AG, OliveNation LLC, Frontier Natural Products, Amadeus Vanilla Beans, Nielsen-Massey Vanillas, MacTaggart’s Brand, and Agro Products & Agencies.
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