Brand Story
22 Nov 2022, 14:45 GMT+10
The global vanilla bean market is set to witness growth at a CAGR of 5.5% and top a valuation of US$ 2.1 Bn by 2032. In recent times, vanilla bean prices have hiked at a higher level that it has become worth more by weight if compared to silver.
The main reason behind the fact that vanilla bean has gotten much expensive is that the cultivation of the plant is much complex and hard to grow. Vanilla vines can easily take 2-4 years to mature fully.
The very next reason is that the flowers of vanilla (orchid) only bloom for one day in a year. In order to produce beans from the plants, pollination of flowers need to get done by that day only.
Furthermore, not every birds or bug species are capable of pollinating the flowers, and only in some native places like Hawaiian Island cover such species, otherwise the flowers need to be pollinated artificially or by hand. Also, vanilla beans are native to Mexico, but the production has reduced greatly as a result of deforestation.
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In the natural habitat in Madagascar, where more than 80% of vanilla beans are produced, the flowers need to be pollinated by hand only. The pods of the vanilla orchid need to cure for several months after harvesting.
The whole process thus becomes labor intensive and much time consuming.
However, this high price may not affect the industry as consumers love and demand for vanilla flavour in different end food and beverage products, such as in ice cream, yogurt, chocolate, and even drinks are growing with each passing day.
Key Takeaways from Market Study
"When it comes to taste, the preferences among consumers may be diversified wonderfully, from subtle and aromatic flavor to rich and creamy profile, which can easily pinpoint the ideal flavor of vanilla beans, taste of which is loved by almost everywhere and everyone, and adopted by different cultures and regions as a key flavor ingredient in everything from cuisine to cereal, for which it shows no sign of declining," says a Future Market Insights analyst.
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Competitive Landscape
Key Vanilla Bean brands are looking for new strategic partnerships to develop the applications in food and beverage industry, while core business brands are focusing on developing nutritional and high quality food solutions while being innovative with formulations to attract more customers towards the product.
Explore More Valuable Insights
Future Market Insights, in its new report, offers an impartial analysis of the global Vanilla Bean market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
The study offers compelling insights based on nature (organic, and conventional), form (whole, and extract), origin type (Indonesian, Madagascar, Mexican, Ugandan, Tahitian, and others), sales channel (b2b / HoReCa, and b2c), application (food and beverages industry, nutritional supplements, pharmaceuticals, cosmetics & personal care, animal feed, household items, and others), across seven major regions of the world.
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Frequently Asked Questions
Top Reports Related To Food and Beverage Market Insights
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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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The post Vanilla Bean Market is Projected to Grow at a CAGR of 5.5% During the Forecast Period, to Reach a Value of USD 2.1 Bn by 2032 appeared first on Future Market Insights.
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This press release may contain forward-looking statements. Forward-looking statements describe future expectations, plans, results, or strategies (including product offerings, regulatory plans and business plans) and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.
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