Overview and Scope
Vanilla extract is a liquid flavor made from a vanilla bean that is cultivated within a pod of an orchid plant. It is obtained from a vanilla bean by immersing it in a combination of water and alcohol, which is then aged for many months to create the extract.
Sizing and Forecast
The vanilla extract market size has grown steadily in recent years. It will grow from $4.93 billion in 2023 to $5.18 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to traditional culinary use, growing food and beverage industry, consumer preference for natural flavors, rising disposable income, bakery and confectionery boom.
The vanilla extract market size is expected to see steady growth in the next few years. It will grow to $6.09 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%. The growth in the forecast period can be attributed to increased application in non-food products, health and wellness trends, sustainable sourcing practices, expanding artisanal and craft markets, innovations in extraction processes. Major trends in the forecast period include increasing demand for natural and organic products, fluctuations in vanilla bean prices, sustainable and ethical sourcing practices, stringent quality standards and certifications, bakery and confectionery boom.
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Segmentation & Regional Insights
The vanilla extract market covered in this report is segmented –
1) By Product Type: Liquid, Powder
2) By Source: Madagascar Vanilla, Mexican Vanilla, Indonesian Vanilla, Other Sources
3) By Nature: Organic, Synthetic
4) By Application: Food And Beverages, Alcoholic Beverages, Dairy Products, Bakery Products, Nutritional Supplements, Pharmaceuticals, Cosmetics
Asia-Pacific was the largest region in the vanilla extract market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global vanilla extract market report during the forecast period. The regions covered in the vanilla extract market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing consumption of bakery products is expected to boost the growth of the vanilla extract market going forward. Bakery products refer to a wide range of items that use wheat flour to produce various final bakery-related products. Vanilla extract is a popular ingredient in bakery products, adding a rich, nuanced flavor characterized by notes of caramel, cream, and floral undertones. For instance, according to a report published by the American Bakers Association, a US-based bakery-specific national and state trade association, in 2021, sales of baking ingredients and supplies increased by 18.7%. Further, in October 2022, according to stats sourced from Euromonitor International, 2022 published on the Government of Canada’s official website, retail sales of baked goods in the US reached $67.9 billion in 2021 and are expected to reach US$75.8 billion in 2026. Therefore, the increasing consumption of bakery products is driving the growth of the bakery contract manufacturing market.
Key Industry Players
Major companies operating in the vanilla extract market report are Adams Extract & Spice LLC, C.F. Sauer Company, McCormick & Company Incorporated, Frontier Co-op, Beyond Good LLC, Nielsen-Massey Vanillas Inc., The J.R. Watkins Co., Eurovanille SAS, Firmenich SA., Symrise Pvt. Ltd., Lochhead Manufacturing Company, OliveNation LLC, Wilton Brands LLC, Great Value Inc., Prova Inc., Naturalight Foods Inc., Cook Flavoring Company, Castella Imports Inc., Herbal Creative LLC, Shanks Extracts Inc., Heilala Vanilla Limited, Steenbergs Organic Ltd., LorAnn Oils Inc., Tharakan and Company, Synergy Flavors Inc., The Vanilla Company, Sonoma Syrup Co., Blue Cattle Truck Trading Co., Silver Cloud Estates LLC, Rodelle Inc.
The vanilla extract market report table of contents includes:
1. Executive Summary
2. Vanilla Extract Market Characteristics
3. Vanilla Extract Market Trends And Strategies
4. Vanilla Extract Market – Macro Economic Scenario
5. Global Vanilla Extract Market Size and Growth
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31. Global Vanilla Extract Market Competitive Benchmarking
32. Global Vanilla Extract Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Vanilla Extract Market
34. Vanilla Extract Market Future Outlook and Potential Analysis
35. Appendix
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