Global Vanilla Bean Market: Overview
As market for the ever loved ever admired vanilla beans is witnessing rise in demand from across industry verticals, significant growth is predicted over the forecast period. From nutraceuticals to beauty and personal care, more and more industries are adopting the magic bean to partake share from market growth over the coming years.
Therefore, it should come as no surprise that the global vanilla bean market is expected to grow at a notable CAGR (Compound Annual Growth Rate). This growth will translate to a good increase in market opportunities over the forecast period of 2019-2027. And, these will bring in more players into fold.
Global Vanilla Bean Market: Notable Developments
The global vanilla bean market is undergoing critical developments in its landscape. It is creating the future of competitive landscape as well as the road ahead to growth over the forecast period.
2015: The year saw Nestlé, a renowned food and beverage manufacturer, come up with a way forward to use only naturally-derived ingredients in its products. And, here began a trend with brands to use only natural vanilla in their products. This was then followed by some of the most prominent names follow suit such as Hershey’s and Kellogg’s.
The global vanilla bean market is fragmented and key players in the landscape include The players profiled in the report include Lochhead Manufacturing Co., David Michael & Co., Spice Jungle, Venui Vanilla, Blue Cattle Truck, Vanuatu, among others. In order to maintain edge, players enter strategic collaborations and product development.
Global Vanilla Bean Market: Key Trends and Drivers
The global vanilla bean market is on a high growth trajectory, credit factors such as varied usage across industry verticals. Some of the factors that will lead to growth in the vanilla bean market are outlined below.
- So far vanilla beans were considered a flavouring agent only. But as people realise the health benefits these promise, the demand for vanilla beans will rise substantially. Therefore, it doesn’t come as a surprise that while traditionally these were used in food and beverages, going forward they will be used in nutraceuticals, beauty industry and personal care products. This is largely attributable to their being rich in antioxidants. And, these can be retained in the extract. This helps in heart health, cancer prevention and in inflammation control and reduction. Besides, it helps with skin conditions such as acne, with weight loss and with hair and skin care.
- Clean labels are a big consumer demand in this day and age. It is primarily because consumers are more aware and demand to know if the money they are paying is for natural or synthetic product, in clear terms. They also want to know if the money they are paying is actually reaching the last person – the actual grower and farm labourer. So companies involved are paying attention as they realise that what they do today becomes their story and determines what gains they achieve from the market growth over the forecast period.
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Global Vanilla Bean Market: Geographical Analysis
North America will hold the largest piece of the cake as multiple industries in the region see a high adoption rate of vanilla beans. Besides, there is a significant increase in consumption of baked goods that is fuelling the vanilla bean market. The region following North America is Europe. It will perform well overall owing to increase in consumption of food and beverages with vanilla undertones. But, it is important to note here that the fastest growth demonstrating region would be the Asia Pacific (APAC). It will create a multitude of untapped opportunities, drawing to itself a lot of attention going forward.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.