The new report by Expert Market Research titled, ‘Global Vanilla and Vanillin Market Share, Report and Forecast 2023-2028’, gives an in-depth analysis of the global vanilla and vanillin market, assessing the market based on its segments like bean colour, bean type, application, type, form, raw material, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): 2,590 Tons (Vanilla) and 37,296 Tons (Vanillin)
- Forecast CAGR (2023-2028): 3% (Vanilla) and 8.5% (Vanillin)
- Forecast Market Size (2026): 6 Tons (Vanilla) and 60847.2 Tons (Vanillin)
A variety of factors are currently driving this sector. A key factor driving this market is the rising demand for frozen desserts and bakery items. Vanillin also has a good potential to improve the taste of food products and has properties including low calorie content and high antioxidant availability. Its demand in the food and beverage industry is also expected to increase as a result of this. Increasing disposable incomes, the demand for packaged foods, growing applications in the pharmaceutical and cosmetics industries, and so on are some of the major factors that will drive vanilla and vanillin demand over the forecast period.
Industry Definition and Major Segments
Vanilla is a spice derived from orchids of the genus vanilla, primarily obtained from the pods of the mexican species, flat-leaved vanilla. Vanillin has the molecular formula C8H8O3 and is an organic compound. It’s a kind of phenolic aldehyde. Aldehyde, hydroxyl, and ether are some of its functional groups.
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The vanilla market is bifurcated on the basis of bean colour into:
- Red Beans
- Black Beans
On the basis of bean type, the vanilla market is divided into:
- Madagascar Bourbon
- Mexican Vanilla
- Indonesian Vanilla
- Tahitian Vanilla
On the basis of application, the vanilla market is categorised into:
- Food and Beverages
Regionally, the vanilla industry can be segmented into:
- Papua New Guinea
The vanillin market is bifurcated on the basis of type into:
- Guaiacol Lignin
The vanillin market is divided on the basis of form into:
On the basis of raw material, the vanillin market is segmented into:
On the basis of application, the vanillin market is divided into:
- Foods and Beverages
Regionally, the vanillin industry can be categorised into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Natural vanillin has seen an increase in demand as a result of the ongoing trend of natural ingredients. Nestle and General Mills, two major end-user companies, revealed that they would use natural colours and flavourings in their products. Companies like Solvay have introduced natural vanillin to the United States market for bakery, confectionery, beverage, and other food manufacturers in response to the increasing demand for natural vanillin, especially in the developed countries. In another case, Camlin Fine Sciences Ltd., a leading vanillin producer, acquired a 51 percent stake in Ningbo Wanglong Flavors and Fragrances Company Limited (China), gaining a leading role among vanillin producers in the global market.
Key Market Players
The major players in the market are Solvay SA, Evolva Holding SA, Advanced Biotech, and Jiaxing Zhonghua Chemical Co. Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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