Vanilla is widely used in personal care products due to its fragrance. It is also used in the rubber industry to counter the unpleasant odor. Additionally, the anticlastogenic effect of vanillin, the compound found in vanilla, has led to its use in sun care products. This compound protects cells from harmful ultraviolet (UV) radiation and X-rays. Thus, these factors are expected to boost the growth of the global vanilla market in the near future.
The global vanilla market has been segmented on the basis of form, category, application, and region.
On the basis of form, the global vanilla has been segmented into liquid, powder, and others. The liquid segment is projected to be the largest and fastest-growing during the forecast period due to the wide availability and convenience of the liquid form of vanilla. Liquid vanilla is made by soaking the beans in a mixture of water and alcohol until the bean separates and liquifies.
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The global vanilla market has been classified, by category, as organic and conventional. The conventional segment is expected to be the larger market owing to the easy availability and lower prices of conventional vanilla as compared to organically grown vanilla. However, the organic segment is projected to register the higher CAGR during the forecast period due to the rising inclination of consumers for organic products.
The global vanilla market has been segmented, by application, into food & beverage, personal care, and others. The food & beverage segment is projected to account for the largest share of the global vanilla market due to the widespread use of vanilla in the bakery and confectionery, dairy and frozen desserts, and beverages sub-segments, among others. Additionally, there is an increasing demand for vanilla in cosmetics and personal care products such as lotions, perfumes, and moisturizers for its fragrance and antispasmodic, anti-inflammatory, and analgesic properties, which help in reducing chromosomal damage caused by X-ray and UV light.
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On the basis of region, the global vanilla market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to account for the largest revenue share of the global vanilla market during the review period due to increasing use in various industries in the region. Moreover, the region is home to several players active in the global vanilla market.
The market in Asia-Pacific is expected to register the highest growth rate during the forecast period as market players are expanding their operations in the region.
Some of the key players in the global vanilla market are E.A. Weber and CO. (US), Organic Spices Inc (US), Sensient Technologies Corporation (US), Symrise AG (Germany), Penta International Corporation (US), Nielsen-Massey Vanillas, Inc. (US), Kerry Group plc (Ireland), Heilala Vanilla Limited (New Zealand), Firmenich SA (Switzerland), and Doehler GmbH (Germany).