According to the latest report by IMARC Group, titled “Vanilla and Vanillin Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global vanilla and vanillin markets reached a volume of 2,580 Tons and 37,286 Tons, respectively in 2018. Vanilla is a flavoring which is derived from the pods of orchids belonging to the genus ‘Vanilla’ which has antimicrobial, antioxidant and antimutagenic properties. As a result, vanilla provides anti-aging skin benefits, reduces the rate of mutations in cells and protects the body against bacterial and yeast infections. It is one of the most popular and expensive spices in the world and is used in a variety of chocolate, confections, ice creams and cakes as a flavoring agent. Apart from this, it is also employed as an aromatic additive in the production of perfumes, incense, candles and air fresheners. Vanillin is an aromatic compound which is the primary component of the extract of the vanilla bean. Its taste is almost like that of vanilla, but it is relatively cost-effective. As a result, vanillin is a more preferred choice in the food and beverage industry as compared to vanilla.
Busy schedules and rising disposable incomes have significantly contributed to the rise in the demand for comfort food items such as frozen desserts, cakes and pastries. This, in turn, is increasing the demand for vanilla and vanillin as they form a crucial part in the processing of comfort foods. Since vanilla and vanillin have low-calorie content, they are preferred by health-conscious consumers as well. Moreover, increasing awareness about the health benefits associated with vanilla is influencing consumers to buy vanilla infused cosmetic and personal care products. Furthermore, a rise in the demand for natural vanillin extracts has led to the introduction of bio vanillin. Owing to the aforementioned factors, the market is currently experiencing stable growth. Looking forward, the vanilla and vanillin markets are projected to reach 2,969 Tons and 59,458 Tons by 2024, growing at a CAGR of around 2% and 8% respectively during 2019-2024.
- On the basis of product types, the vanilla beans market has been categorized into Madagascar Bourbon, Mexican vanilla, Indonesian vanilla, Tahitian vanilla and others. Amongst these, Madagascar Vanilla represents the most popular product type, accounting for the majority of the market share.
- Based on applications, food and beverages hold the dominant market share. Other major segments include cosmetics and pharmaceuticals.
- On the geographical front, Madagascar is the leading producer of vanilla worldwide. Other major regions include Indonesia, Papua New Guinea and India.
- Based on product types, the vanillin market has been divided into natural vanillin and synthetic vanillin. Synthetic vanillin currently accounts for the majority of the total market share. It has been further classified into lignin vanillin, guaiacol vanillin and ethyl vanillin, wherein guaiacol vanillin represents the major segment.
- Based on raw materials, the vanillin market has been classified into beans, lignin, guaiacol and others such as rice bran, clove oil, and pine bark. Presently, guaiacol accounts for the largest market share.
- On the basis of applications, the market has been segregated into food and beverages, cosmetics, pharmaceuticals and others. Currently, vanillin is largely used in the food and beverages industry.
- Based on end uses, extract accounts for the largest segment, followed by powder and paste.
- Region-wise, the vanillin market has been divided into Asia Pacific, Europe, South and Central America, North America, and Middle East and Africa. Asia Pacific currently represents the biggest producer of vanillin.
- The competitive landscape of the vanilla and vanillin markets has also been analyzed in the report. Some of the leading players operating in the market include Solvay, Apple Flavor & Fragrance Group, Evolva Advanced biotech and Jiaxing Zhonghua Chemical Co., Ltd.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter: @imarcglobal