Vanilla Extract Market Size, Growth Analysis, Share, Key Trends And Forecast To 2033

"The new report published by The Business Research Company, titled Vanilla Extract Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the vanilla extract market size has grown steadily in recent years. It will grow from $4.93 billion in 2023 to $5.18 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The vanilla extract market size is expected to see steady growth in the next few years. It will grow to $6.09 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%.

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The Rise In Bakery Consumption Fuels Growth In Vanilla Extract Market
The increasing consumption of bakery products is expected to boost the growth of the vanilla extract market going forward. Bakery products refer to a wide range of items that use wheat flour to produce various final bakery-related products. Vanilla extract is a popular ingredient in bakery products, adding a rich, nuanced flavor characterized by notes of caramel, cream, and floral undertones. For instance, according to a report published by the American Bakers Association, a US-based bakery-specific national and state trade association, in 2021, sales of baking ingredients and supplies increased by 18.7%. Further, in October 2022, according to stats sourced from Euromonitor International, 2022 published on the Government of Canada's official website, retail sales of baked goods in the US reached $67.9 billion in 2021 and are expected to reach US$75.8 billion in 2026. Therefore, the increasing consumption of bakery products is driving the growth of the bakery contract manufacturing market.

Blue Pacific Flavors Inc.'s Kilimanjaro Vanilla, A Tale Of Exquisite Taste, Sustainability, And Social Responsibility
Major companies operating in the vanilla extract market are developing innovative products such as Kilimanjaro Vanilla to differentiate themselves in the market. Kilimanjaro Vanilla is a premium natural vanilla product sourced from the slopes of Mount Kilimanjaro in Tanzania. For instance, in January 2021, Blue Pacific Flavors Inc., a US-based manufacturer of flavors, extracts, essences, and functional ingredients launched Kilimanjaro Vanilla. This rare African vanilla is described as smooth, rich, and luxurious, with complex sweet and exotic aromatics, a smooth and rich flavor, and a luxuriously long finish. The vanilla is produced in a socially, environmentally, and economically sustainable way, and the company operates a social enterprise that educates Tanzanian farmers on vanilla agriculture, champions fair trade wages, and provides full traceability, empowering local communities towards sustainable success. The introduction of Kilimanjaro Vanilla reflects the company's commitment to sustainability, quality, and social responsibility in its flavor products.

The vanilla extract market covered in this report is segmented -

1) By Product Type: Liquid, Powder
2) By Source: Madagascar Vanilla, Mexican Vanilla, Indonesian Vanilla, Other Sources
3) By Nature: Organic, Synthetic
4) By Application: Food And Beverages, Alcoholic Beverages, Dairy Products, Bakery Products, Nutritional Supplements, Pharmaceuticals, Cosmetics

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Major companies operating in the vanilla extract market report are Adams Extract & Spice LLC, C.F. Sauer Company, McCormick & Company Incorporated, Frontier Co-op,  Beyond Good LLC, Nielsen-Massey Vanillas Inc., The J.R. Watkins Co., Eurovanille SAS, Firmenich SA., Symrise Pvt. Ltd., Lochhead Manufacturing Company, OliveNation LLC, Wilton Brands LLC, Great Value Inc., Prova Inc., Naturalight Foods Inc., Cook Flavoring Company, Castella Imports Inc., Herbal Creative LLC, Shanks Extracts Inc., Heilala Vanilla Limited, Steenbergs Organic Ltd.,  LorAnn Oils Inc., Tharakan and Company, Synergy Flavors Inc., The Vanilla Company, Sonoma Syrup Co., Blue Cattle Truck Trading Co., Silver Cloud Estates LLC, Rodelle Inc.

Contents of the report:
1. Executive Summary
2. Vanilla Extract Market Report Structure
3. Vanilla Extract Market Trends And Strategies
4. Vanilla Extract Market - Macro Economic Scenario
5. Vanilla Extract Market Size And Growth
…..
27. Vanilla Extract Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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