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Vanilla Extract Market 2024: Share Analysis, Key Segments, and Growth Forecast
Vanilla Extract Global Market Report 2024
According to The Business Research Company's, 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 growth in the historic period can be attributed to traditional culinary use, growing food and beverage industry, consumer preference for natural flavors, rising disposable income, bakery and confectionery boom.
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%. The growth in the forecast period can be attributed to increased application in non-food products, health and wellness trends, sustainable sourcing practices, expanding artisanal and craft markets, innovations in extraction processes. Major trends in the forecast period include increasing demand for natural and organic products, fluctuations in vanilla bean prices, sustainable and ethical sourcing practices, stringent quality standards and certifications, bakery and confectionery boom.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Vanilla Extract Market 2024 Key Insights:
• The vanilla extract market size will grow to $6.09 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%.
• The Rise In Bakery Consumption Fuels Growth In Vanilla Extract Market
• Blue Pacific Flavors Inc.'s Kilimanjaro Vanilla, A Tale Of Exquisite Taste, Sustainability, And Social Responsibility
• Asia-Pacific was the largest region in the vanilla extract market in 2023
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