Vanilla and Vanillin Market: Global Industry Overview, Growth Rate, Trends, COVID-19 Impact Analysis, Opportunities and Forecast

The global vanilla and vanillin markets reached a volume of 2,580 Tons and 37,286 Tons, respectively in 2018. Looking forward, the vanilla and vanillin markets are projected to reach 2,969 Tons and 59,458 Tons by 2024, growing at a CAGR of around 2% and 8% respectively during 2019-2024.

Vanilla is a flavoring which is derived from the pods of orchids belonging to the genus 'Vanilla' which has antimicrobial, antioxidant and antimutagenic properties. As a result, vanilla provides anti-aging skin benefits, reduces the rate of mutations in cells and protects the body against bacterial and yeast infections. It is one of the most popular and expensive spices in the world and is used in a variety of chocolate, confections, ice creams and cakes as a flavoring agent.

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Apart from this, it is also employed as an aromatic additive in the production of perfumes, incense, candles and air fresheners. Vanillin is an aromatic compound which is the primary component of the extract of the vanilla bean. Its taste is almost like that of vanilla, but it is relatively cost-effective. As a result, vanillin is a more preferred choice in the food and beverage industry as compared to vanilla.

Note: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Vanilla and Vanillin Market Trends:

Busy schedules and rising disposable incomes have significantly contributed to the rise in the demand for comfort food items such as frozen desserts, cakes and pastries. This, in turn, is increasing the demand for vanilla and vanillin as they form a crucial part in the processing of comfort foods. Since vanilla and vanillin have low-calorie content, they are preferred by health-conscious consumers as well. Moreover, increasing awareness about the health benefits associated with vanilla is influencing consumers to buy vanilla infused cosmetic and personal care products.

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Furthermore, a rise in the demand for natural vanillin extracts has led to the introduction of bio vanillin. Owing to the aforementioned factors, the market is currently experiencing stable growth.

Competitive Landscape:

The competitive landscape of the vanilla and vanillin markets has also been analyzed in the report. Some of the leading players operating in the market include:

Solvay

Apple Flavor & Fragrance Group

Evolva Advanced biotech

Jiaxing Zhonghua Chemical Co., Ltd.

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This release was published on openPR.