Vanilla Extract Market to Reach $7.8 Billion, Globally, by 2032 at 5.0% CAGR: Allied Market Research

The market is driven by consumer demand for natural and high-quality flavors in various food and beverage products. Moreover, vanilla extract is a key ingredient in a wide range of food items, such as baked food, desserts, beverages, and even it is used in non-food products such as cosmetics and personal care products.

PORTLAND, Ore., April 10, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Vanilla Extract Market by Product Type (Powder, Liquid), Source (Natural, Synthetic), Application (Food and Beverages, Personal Care, Others), and Distribution Channel (B2B, Supermarkets/Hypermarkets, Convenience Stores, Departmental Stores, Online Sales Channel): Global Opportunity Analysis and Industry Forecast, 2022–2032". According to the report, the global vanilla extract market was valued at $4.8 billion in 2022 and is projected to reach $7.8 billion by 2032, registering a CAGR of 5.0%.

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Prime determinants of growth

The rise in demand for processed bakery products has significantly helped to boost the market demand for vanilla extracts. Vanilla is a classic flavor that is used in a wide range of packed baked products, which includes cakes, cookies, pastries, muffins, and bread items. This increases the demand for vanilla extracts in the baking industry. The sweet and aromatic quality of vanilla extract strengthens the overall flavor profile of these products, which makes them more appealing to consumers. Many consumers associate vanilla with ease and tradition in baked goods. As the bakery industry caters to consumers' growing preferences for familiar and classic flavors, the demand for vanilla extracts is expected to increase in the coming years.  

Report coverage & details:

The liquid segment to maintain its leadership status throughout the forecast period

By product type, the liquid segment held the highest market share in 2022, accounting for more than half of the global vanilla extract market revenue and is estimated to maintain its leadership status throughout the forecast period. Liquid vanilla extract is versatile and can be easily incorporated into a wide range of recipes. The liquid form allows for even distribution in batters, doughs, and liquids, making it suitable for various culinary applications. This versatility contributes to its popularity in both home and commercial kitchens. The expanding bakery and confectionery industry is a significant driver of the demand for liquid vanilla extract. Vanilla extract is a staple ingredient in cakes, cookies, pastries, and candies, and the growth in demand for these products contributes to the overall demand for the liquid vanilla extract segment.

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The natural segment to maintain its leadership status throughout the forecast period

By source, the natural segment held the highest market share in 2022, accounting for more than three-fifths of the global vanilla extract market and is estimated to maintain its leadership status throughout the forecast period. There is a growing trend among consumers to choose products made with natural ingredients over synthetic or artificial ones. Natural vanilla extract aligns with this preference for clean label products without artificial additives, making it a popular choice among those seeking more natural and wholesome options. Moreover, natural vanilla extract is often associated with higher quality and purity compared to synthetic alternatives. Consumers may view natural extracts as a premium ingredient, and this perception can influence their purchasing decisions. This has contributed to the acceptance and adoption of natural vanilla extract options in various products, thus driving the share of this segment.

The food and beverage segment to maintain its leadership status throughout the forecast period

By application, the food and beverage segment held the highest market share in 2022, accounting for more than two-fifths of the global vanilla extract market and is estimated to maintain its leadership status throughout the forecast period. Vanilla extracts are particularly prevalent in the bakery and confectionery sector, enriching the taste of cakes, cookies, and chocolates. With the surge in consumer interest in premium and artisanal offerings, vanilla extracts contribute to the production of high-quality, indulgent products. The beverage industry, too, witnesses a continuous integration of vanilla extracts to elevate the flavor of a diverse range of drinks, including coffees, teas, and cocktails. Moreover, in response to the growing consumer preference for natural and clean-label ingredients, vanilla extracts derived from vanilla beans align well with health and wellness trends. Furthermore, the globalization of culinary preferences and the associated demand for international flavors further drive the usage of vanilla extracts in a variety of cuisines. As a result, vanilla extracts help to enhance product taste along with contributing to the innovation and customization of food and beverage formulations.

The business-to-business segment to maintain its leadership status throughout the forecast period

By distribution channel, the business-to-business (B2B) segment held the highest market share in 2022, accounting for more than one-third of the global vanilla extract market and is estimated to maintain its leadership status throughout the forecast period. The B2B vanilla extract ecosystem is comprised of multiple players, including manufacturers/suppliers, wholesalers/distributors, retailers, food service providers, food manufacturers, importers, and exporters. It consists of marketplaces where the vendor and the buyer of vanilla extract make deals and transactions. The suppliers provide vanilla extract directly from other businesses and go through a process where one business makes a transaction with another. Moreover, the B2B distribution channel does not involve any intermediaries and has smooth monetary transactions without any fraud. The B2B e-commerce evolution has introduced the path to digital procurement in the vanilla extract industry.  The adoption of digitalization in sales channels has made the work of manufacturers and vendors easy and smooth. In addition, the manufacturers display their products directly through digital marketing platforms such as Facebook, Instagram, Twitter, and Google. Therefore, manufacturers can expand their consumer base along with the improved perception of their brand.

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North America to maintain its dominance by 2032

By region, North America held the highest market share in terms of revenue in 2022 and is expected to dominate the market during the forecast period. North America is anticipated to dominate the market with the largest share during the forecast period. The North American consumer base exhibits a growing interest in health and wellness. As vanilla extract is a natural flavoring derived from vanilla beans, it aligns with the preference for clean-label and natural ingredients, driving its demand in health-conscious markets. Moreover, the demand for premium and gourmet food products is on the rise in North America. Vanilla extract, associated with premium and high-quality offerings, is sought after by consumers willing to pay a premium for products with an authentic and superior flavor profile. Furthermore, the North American region has a robust and growing bakery and confectionery industry. Vanilla extract is a key ingredient in these sectors, driving its demand as consumers continue to indulge in a variety of sweet treats.

Leading Market Players: -

• McCormick & Company, Inc.
• Firmenich SA
• Adams Flavors
• Foods & Ingredients, LLC
• OliveNation LLC
• Nielsen-Massey Vanillas, Inc.
• Naturalight Foods Inc.
• Frontier Co-op.
• Kerry Group plc.
• Saucer Brands, Inc.

The report analyzes government regulations, policies, and patents to provide information on the current market trends and suggests future growth opportunities globally. Furthermore, the study highlights Porter's five forces analysis to determine the factors affecting market growth.

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