Global Vanilla Market expected to reach USD $ 200 million by 2022, Key Players - Archer Daniels Midland Company, Heilala Vanilla Limited, McCormick & Company, Synthite Industries Limited, Nielsen-Massey Vanillas

Global Vanilla Market:

The growing need for the simple vanilla is a result of it being the most extensively loved and most widely used flavour in the world. From cakes to ice creams to chocolates to beverages, the flavour vanilla rules them all. Therefore, the vanilla bean is used as a consort to many domestic and commercial dishes. Not just for the purposes of eating, the vanilla bean is also a part of many cosmetics and medical care as well. Because of its easy availability, the vanilla bean is often used locally and can be in the form of liquid, powder or paste. Apart from the latest trend of organic vanilla, the conventional form is still the bestseller.

As of latest reports, Madagascar is largest producer of the humble bean with 85% of the market share of the world and it is cultivated here in a variety of Bourbon vanilla, Mexican vanilla, Tahitian vanilla and West Indian vanilla.

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The global vanilla market is expected to grow at a rate of 17.24% by 2022 to touch USD 200 million, while the organic vanilla is expected to record 6.75% growth rate in the forecasted period. And because of the commoditized nature of the market, the big players usually bring out the differentiation in their pricing and flavour of the product.

However, with the crop being extremely susceptible to regulation concerns, diseases, lack of genetic variability and lack of sustainability, utmost care needs to be provided before the product is dispensed. To add to it, the vanilla bean is an extremely labour-intensive crop.

This makes the product expensive overall. The price at Madagascar currently runs to about $400-450 per kilo. Therefore, the rising prices and declining production has majorly pushed the bean to extinction. The bean itself is also grown in North America, which is also a major market. Asia Pacific is a huge market owing to its dietary habits of consuming dairy products.

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Recently, Barry Callebout, cocao producer and Prova, manufacturers of vanilla, tied up to launch a new project to save the vanilla from dying out because of its expensive prices, and offer sustainable options to make economic use of it. Being the second most expensive spice after saffron, the extension of this product is also in imparting fragrance and flavour in dishes. With such extensive applications to the vanilla bean and with multiple organizations coming into play to save it, the influence on the global market is expected to be positive and help it grow out of extinction.

Major Players in Global Vanilla Market:

Some of the key manufacturers of the vanilla are Archer Daniels Midland Company, Heilala Vanilla Limited, McCormick & Company, Synthite Industries Limited, Nielsen-Massey Vanillas, Takasago International Corporation etc.

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