Global Vanilla Market Is Expected to be worth Around USD 735 Million By 2026 - Zion Market Research

NEW YORK, Oct. 18, 2021 /PRNewswire/ -- Zion Market Research has published a new report titled "Vanilla Market by Type (Madagascar, Mexican, Indian, Indonesian, and Others) and By Application (Food and Beverages, Cosmetics, and Pharmaceutical): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2026". According to the report, the global vanilla market accounted for USD 510 million in 2018 and is expected to reach around USD 735 million by 2026, at a CAGR of 4.7% between 2019 and 2026.

Vanilla is one of the most widely used flavoring agents in the food industry. Vanilla extract is prepared by a process of maceration and percolation of vanilla pods in a solution of water and ethanol. The extract finds its application in various bakery products like cakes, ice-creams, brownies, cupcakes, puddings, and yogurt, worldwide. The global vanilla market is expected to grow notably in the years ahead, owing to the growing demand for frozen desserts and bakery products.

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This is majorly due to the increasing disposable income of people and rising demand for processed foods. Another factor stimulating market growth is the vanilla beans application in the medical sector. Studies have shown that vanilla consumption prevents the common cold, respiratory infections, and vomiting. Vanilla is also beneficial for its low caloric value and its common application in the cosmetic industry. However, escalating prices of vanilla bean and low vanilla production due to poor environmental conditions may limit the market.

The global vanilla market is fragmented based on product type and application. The product type includes Madagascar, Mexican, Indian, Indonesian, and others. Madagascar vanilla is the most widely used vanilla type, as it accounts for around 70% of the total vanilla market share. It owes this popularity to its dark, creamy, and rich flavor along with a buttery and sweet aroma. It finds its application in major food products like ice creams, cakes, desserts, and drinks. After Madagascar, the Indonesian vanilla type holds the second position in terms of vanilla production. These beans have a deep and rich vanilla flavor that is appropriate for dark chocolates, cakes, caramels, etc.