The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Steady Growth in the Vanilla Extract Market

• Market Size Increase: The vanilla extract market is projected to grow from $4.93 billion in 2023 to $5.18 billion in 2024, at a CAGR of 4.9%.
• Historic Growth Drivers: Factors include traditional culinary use, a booming food and beverage industry, consumer preference for natural flavors, rising disposable incomes, and increased bakery and confectionery consumption.

Future Market Trends and Projections

• Expected Market Size: The market is anticipated to reach $6.09 billion by 2028, growing at a CAGR of 4.1%.
• Forecast Growth Drivers: Growth will be driven by increased applications in non-food products, health and wellness trends, sustainable sourcing practices, expanding artisanal and craft markets, and innovations in extraction processes.

Key Trends Shaping the Future

• Natural and Organic Products: Rising demand for natural and organic products.
• Vanilla Bean Price Fluctuations: Impact on market pricing and stability.
• Sustainable and Ethical Sourcing: Increased focus on sustainability and ethical practices.
• Stringent Quality Standards: Importance of quality standards and certifications.
• Bakery and Confectionery Boom: Continued growth in bakery and confectionery sectors.

Read The Full Vanilla Extract Market Report Here:
https://www.thebusinessresearchcompany.com/report/vanilla-extract-global-market-report

The Bakery Consumption Boom

• Growth in Bakery Products: Increased consumption of bakery products boosts vanilla extract market.
• Sales Data: Sales of baking ingredients and supplies increased by 18.7% in 2021.
• Retail Sales: Baked goods sales in the US reached $67.9 billion in 2021, expected to grow to $75.8 billion by 2026.

Leading Companies in the Market

• Major Players: Adams Extract & Spice LLC, C.F. Sauer Company, McCormick & Company Incorporated, and others.
• Innovative Products: Companies like Blue Pacific Flavors Inc. are innovating with products like Kilimanjaro Vanilla.

Kilimanjaro Vanilla: A Case Study

• Product Innovation: Kilimanjaro Vanilla, launched by Blue Pacific Flavors Inc. in January 2021, is a premium vanilla product sourced sustainably from Tanzania.
• Sustainability and Social Responsibility: The product supports Tanzanian farmers, champions fair trade wages, and provides full traceability.

Strategic Acquisitions in the Market

• Universal Corporation’s Acquisition: In October 2021, Universal Corporation acquired Shank’s Extracts Inc. for $120 million.
• Expansion of Plant-Based Ingredients: The acquisition helps Universal expand its plant-based ingredients platform and enhance product offerings.

Market Segmentation

• By Product Type: Liquid, Powder
• By Source: Madagascar Vanilla, Mexican Vanilla, Indonesian Vanilla, Other Sources
• By Nature: Organic, Synthetic
• By Application: Food and Beverages, Alcoholic Beverages, Dairy Products, Bakery Products, Nutritional Supplements, Pharmaceuticals, Cosmetics

Regional Insights

• Asia-Pacific Dominance: Asia-Pacific was the largest region in the vanilla extract market in 2023.
• Future Growth: Asia-Pacific is expected to be the fastest-growing region during the forecast period.

Get A Free Sample On The Global Vanilla Extract Market Report:
https://www.thebusinessresearchcompany.com/sample_request?id=10101&type=smp

The Vanilla Extract Global Market Report 2024  provides an overview of the vanilla extract market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The vanilla extract market forecast analyzes vanilla extract market size, vanilla extract market share, leading competitor and their market positions.

Explore Similar Reports From The Business Research Company:
Crop Production Global Market Report 2024
Organic Vegetable Farming Global Market Report 2024
Commercial Greenhouse Global Market Report 2024

Learn More About The Business Research Company
The Business Research Company has published over 6500+ detailed industry reports, spanning over 3000+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

Contact us at:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at info@tbrc.info

Follow us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Found this article helpful? Share it on: