North America to Witness Potential Growth in Vanilla Beans Market, Upcoming Years to Surpass US$ 1.1 Bn – Future Market Insights
There has been a noticeable expansion in the Madagascar vanilla bean owing to rapid urbanization, and low labour cost in agricultural sector.
DUBAI, UAE / ACCESSWIRE / September 30, 2020 / Future Market Insights: The vanilla bean market hit a value of US$ 1.1 billion in 2020. Europe and North America contribute for maximum share in the market and opportunities are likely to expand there. Though COVID-19 might have reduced the consumption of vanilla bean as people have shifted towards essential and non-synthetic components yet this market will revive to the normal position soon due to irreplaceability.
"Investment is seen largely in organic cultivation, all-natural and gluten free products and also on portable and attractive packaging solutions. Leading players are now collaborating with product manufacturers for a better insight into the scenario and to strengthen their regional market scenario," states the FMI Analyst.
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Vanilla Beans Market – Important Takeaways
Europe holds the largest revenue share in vanilla beans market and is going to present lucrative opportunities through the forecast period.
Though certified vanilla products are growing at a faster pace yet conventional beans hold almost 94% of the share.
Global vanilla beans market registered a value of US$ 1.1 billion in 2020, this value is estimated to rise in the forecast period.
Madagascar vanilla beans accounts for 40% of the total market revenue.
Vanilla Beans Market – Driving Factors
Innumerable use of vanilla beans for cakes, biscuits, cosmetics, functional food, as a flavouring agent or fragrance and high demand for superior quality or western-style food and beverage is driving the market.
Visible expanding preference anti-oxidants and anti-microbial products in pharmaceuticals and nutraceuticals is helping in a steady growth.
Increasing demand for frozen desserts and processed food products among the millennial is driving the major part of this market.
Owing to rising income, shifting life-style and urbanization we see a growth in demand in developing economies too i.e. India and China.
Vanilla Beans Market – Key Restraints
Lack of standardization while carrying out organic bean cultivation is causing a major loss.
Reduced cosmetic production is acting as key restraint too.
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Expected Impact on Market by Coronavirus Outbreak
Falling in the food and beverage industry, vanilla beans market is likely to face considerable loss because people will shift to better lifestyle and essential ingredients. Synthetic food and use of non-essential ingredients will not be in trend as before. Due to lockdown and social distancing most of food outlets and stores have been shut down which has reduced the demand and production largely. Though food retail and manufacturers will experience major yet bakery and confectionary sectors are on a way to revive soon.
Major players in the market includes Tharakan and Company, Daintree Vanilla and Spices, Farooqi Vanilla Beans, Venui Vanilla, Varanasi Research Foundation, Vanilla India Producer Company Ltd., Vanam Orchids, Synthite Industries Pvt. Ltd., Heilala Vanilla Ltd., Apex Flavors Inc.
All of these leading players work on building collaborations with major manufacturers to magnify their production capacity. Major participants rely on investing into promoting products and unique packaging solutions to expand the market.
For an instance, Neilsen Massey Vanillas has introduced allergen-free, non-GMO products with portable and smaller packaging format for better convenience.
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FMI's analysis presents segmentation on the basis of applications (food, beverage, confectionary, cosmetics, pharmaceuticals etc.), type (Madagascar, Indonesia, and Mexican), form (whole extract, liquid, powder, paste) and region (North America, Europe, South Asia, East Asia)
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SOURCE: Future Market Insights