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According to the estimates by IMARC Group, the global vanilla and vanillin market is expected to grow at a CAGR of XX% during 2022-2027.
The rising demand for vanilla and vanillin in frozen desserts and bakery products represents one of the key drivers for the global vanilla and vanillin market.
The expanding utilization of vanilla and vanillin the pharmaceutical and cosmetic sectors represents one of the key trends in the global vanilla and vanillin market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary closure of numerous cafes, bakeries, restaurants, etc., thereby negatively impacting the demand for vanilla and vanillin.
On the basis of the product type, the market has been bifurcated into Madagascar bourbon, Mexican vanilla, Indonesian vanilla, Tahitian vanilla, and other. Currently, Madagascar bourbon holds the majority of the total market share.
On the basis of the product type, the market has been segmented into natural vanillin and synthetic vanillin. At present, synthetic vanillin exhibits a clear dominance in the market.
On the basis of the raw material, the market has been bifurcated into beans, lignin, guaiacol and others. Currently, guaiacol holds the majority of the total market share.
On the basis of the end use, the market has been segmented into extract, powder, paste and others. At present, extract exhibits a clear dominance in the market.
On the basis of the application, the market has been divided into food and beverages, cosmetics, pharmaceuticals and others. Among these, the food and beverages segment represents the largest segment.
Region-wise, the market has been classified into Asia Pacific, Europe, South and Central America, North America, and Middle East and Africa, where Asia Pacific dominates the global market.
The key companies in the global vanilla and vanillin market are Solvay, Apple Flavor & Fragrance Group, Evolva, Advanced biotech, and Jiaxing Zhonghua Chemical Co., Ltd.
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