The global vanilla bean market is set to witness growth at a CAGR of 5.5% and top a valuation of US$ 2.1 Bn by 2032. In recent times, vanilla bean prices have hiked at a higher level that it has become worth more by weight if compared to silver.
The main reason behind the fact that vanilla bean has gotten much expensive is that the cultivation of the plant is much complex and hard to grow. Vanilla vines can easily take 2-4 years to mature fully.
The very next reason is that the flowers of vanilla (orchid) only bloom for one day in a year. In order to produce beans from the plants, pollination of flowers need to get done by that day only.
Furthermore, not every birds or bug species are capable of pollinating the flowers, and only in some native places like Hawaiian Island cover such species, otherwise the flowers need to be pollinated artificially or by hand. Also, vanilla beans are native to Mexico, but the production has reduced greatly as a result of deforestation.
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In the natural habitat in Madagascar, where more than 80% of vanilla beans are produced, the flowers need to be pollinated by hand only. The pods of the vanilla orchid need to cure for several months after harvesting.
The whole process thus becomes labor intensive and much time consuming.
However, this high price may not affect the industry as consumers love and demand for vanilla flavour in different end food and beverage products, such as in ice cream, yogurt, chocolate, and even drinks are growing with each passing day.
Key Takeaways from Market Study
- The vanilla bean market is worth of USD 1.2 Bn sales in 2022.
- The vanilla bean market is expected to expand at CAGRs of 5.5% through 2032.
- Global vanilla bean demand is projected to grow year-on-year (Y-o-Y) growth of 4.8% in 2022.
- The vanilla bean market is growing with a notable boost towards the production to reach USD 2.1 Bn by 2032.
- High aroma and flavour profile, and widespread usage in different food and beverage industries are the factors driving growth of the market and to be the influencing factors among consumers, which is driving sales of vanilla bean across global markets.
- Demand for vanilla bean grew at 4.7% CAGR between 2017 and 2021.
- Symrise AG, Eurovanille, Takasago International Corp., Synergy Flavors Inc., and Archer Daniels Midland Co. are expected to be the top players in the industry.
- Vanilla bean market along with organic vanilla bean, vanilla bean extract, Madagascar vanilla bean, and B2C sales channel are in heavy demand from food and beverage industry carrying a notable market share.
"When it comes to taste, the preferences among consumers may be diversified wonderfully, from subtle and aromatic flavor to rich and creamy profile, which can easily pinpoint the ideal flavor of vanilla beans, taste of which is loved by almost everywhere and everyone, and adopted by different cultures and regions as a key flavor ingredient in everything from cuisine to cereal, for which it shows no sign of declining," says a Future Market Insights analyst.
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Key Vanilla Bean brands are looking for new strategic partnerships to develop the applications in food and beverage industry, while core business brands are focusing on developing nutritional and high quality food solutions while being innovative with formulations to attract more customers towards the product.
- In July 2020, Eurovanille, a well-known brand in vanilla beans industry, had filed another building permit at the place of its production facility to support all of its production in a 6,000 m2 building on the same site, which is located in the immediate vicinity of the company in an experimental greenhouse.
Explore More Valuable Insights
Future Market Insights, in its new report, offers an impartial analysis of the global Vanilla Bean market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
The study offers compelling insights based on nature (organic, and conventional), form (whole, and extract), origin type (Indonesian, Madagascar, Mexican, Ugandan, Tahitian, and others), sales channel (b2b / HoReCa, and b2c), application (food and beverages industry, nutritional supplements, pharmaceuticals, cosmetics & personal care, animal feed, household items, and others), across seven major regions of the world.
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Frequently Asked Questions
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