NEWARK, Del, Feb. 28, 2023 (GLOBE NEWSWIRE) -- The vanilla bean market is anticipated to expand its roots at an average CAGR of 5.0% between 2023 and 2033. The market is anticipated to cross a market share of US$ 1.9 billion by 2033, while it is likely to be valued at US$ 1.2 billion in 2023.
- The new and advanced bean processing units, coupled with the high demand for natural and organic vanilla products, are fueling market growth.
- Packaged food items and the application of vanilla essence are also contributing to the market. Furthermore, the availability of whole vanilla beans with the penetration of E-commerce platforms is a flourishing growth prospect.
- High demand for products like vanilla bean cake, vanilla bean powder, and powder and paste is pushing vendors to adopt fine-quality vanilla beans.
- The increased demand for organically grown vanilla and products is driving the demand for whole vanilla beans.
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Key Points:
- Indonesia market is likely to lead the vanilla bean market in terms of market share. The market thrives at a CAGR of 5.2% during the forecast period. The market growth is attributed to the increasing production of high-quality vanilla along with the rapid urbanization and commercialization of local farming. The regional market is expected to hold a value of US$ 464.4 million by 2033.
- China vanilla bean market leads the market in terms of CAGR with a leading CAGR of 6.2% between 2023 and 2033. The regional growth is attributed to its high medicinal applications along with the expansion of packaged food industry. The market is anticipated to reach a value of US$ 202.3 million by 2033.
- The whole segment is likely to thrive in the form type category as it thrives at a CAGR of 4.9% between 2023 and 2033. The growth is attributed to factors like high-quality assurances and high prices.
- The Madagascar segment is expected to top the product type category with a CAGR of 5.4% during the forecast period. The growth of this segment is fueled by the special quality and increased consumer preference.
Competitive Landscape:
- Indonesia market is likely to lead the vanilla bean market in terms of market share. The market is likely to thrive at a CAGR of 5.2% during the forecast period. The market growth is attributed to the increasing production of high-quality vanilla along with the rapid urbanization and commercialization of local farming. The regional market is expected to hold a value of US$ 464.4 million by 2033.
- China's vanilla bean market leads the market in terms of CAGR, with a leading CAGR of 6.2% between 2023 and 2033. The regional growth is attributed to its high medicinal applications along with the expansion of packaged food industry. The market is anticipated to reach a value of US$ 202.3 million by 2033.
- The whole segment is likely to thrive in the form type category as it thrives at a CAGR of 4.9% between 2023 and 2033. The growth is attributed to factors like high-quality assurances and high prices.
- The Madagascar segment is expected to top the product type category with a CAGR of 5.4% during the forecast period. The growth of this segment is fueled by the special quality and increased consumer preference.
Who is Winning
Keyplayers are Symrise AG, Eurovanille, Takasago International Corp., Synergy Flavors Inc., Archer Daniels Midland Co., Venui Vanilla, Nielsen-Massey Vanillas Inc.
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Recent Market Developments:
- Eurovanille has introduced its line of vanilla products, such as vanilla pearl, paste, and powder. While the company also launched whole vanilla beans and pods. The flavorful organic bourbon Madagascar vanilla pods are the latest addition to the range.
- Lemur International Inc adds organic certified vanilla beans to the market with liquids like vanilla extracts, Madagascar, concentrate, absolute, blends, and oleoresin. Furthermore, the company also provides vanilla bean powder and vanilla bean pastes.
Given Below are the Vanilla Bean Market Segments
By Nature, Vanilla Bean Market is segmented as:
- Organic
- Conventional
By Form, Vanilla Bean Market is segmented as:
- Whole
- Extract
By Product Variety, Vanilla Bean Market is segmented as:
- Indonesian
- Madagascar
- Mexican
- Ugandan
- Tahitian
- Others
By Distribution Channel, Vanilla Bean Market is segmented as:
- Direct
- Online Retailer
- Specialty Store
- Supermaret/Hypermarket
- Wholesaler
Key Regions Covered
- North America
- The United States
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- The United Kingdom
- France
- Spain
- Russia
- Rest of Europe
- Japan
- Asia Pacific Excluding Japan China
- India
- Malaysia
- Singapore
- Australia
- Rest of Asia Pacific Excluding Japan
- The Middle East and Africa
- GCC Countries
- Israel
- South Africa
- Rest of Asia Pacific Excluding Japan
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Table of Content:
1. Executive Summary | Vanilla Bean Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
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