The growing demand for ice cream and bakery products are driving global vanilla bean market. The demand for all-natural food and ingredients is contributing to the growth of global vanilla bean market. Vanilla beans are widely used for the domestic and commercial purpose. Vanilla beans have major application in making sweet food, flavoring drinks, cosmetic products and medical applications. Madagascar is the largest producer of vanilla beans. Commonly found types of vanilla beans are Bourbon vanilla, Mexican vanilla, Tahitian vanilla and West Indian vanilla.
Being the most labor-intensive agriculture production, vanilla bean is second most expensive crop after saffron. Around 97% of vanilla is used for fragrance and flavorings. The dairy sector has the major application of vanilla in ice cream, yogurt, and other flavored products. Vanilla is also used in the industrial application like its strong fragrance is used to conceal the smell of paint, rubber tires, and cleaning products.
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Vanilla Bean Market: Drivers and challenges
Vanilla bean has wide application in food & beverage industry for flavoring drink, ice cream, and cake. These flavoring application is witnessing high demand from end consumers and is driving the demand for the vanilla bean. The impact of vanilla beans in medical applications is another major potential driver which is contributing to the growth of global vanilla bean market. Consumption of vanilla controls a cough, cold, respiratory infections, diarrhea, and vomiting.
The rising price of vanilla bean and declining production is the major challenge for global vanilla bean market. Due to poor environmental condition, production of vanilla fell drastically. The unbalance between demand and supply resulted in the high cost of vanilla beans in 2016 when compared to 2015.
Vanilla Bean Market: Segmentation
Vanilla bean market is segmented into Food and beverages, Cosmetics, Medical use and others.
Vanilla bean market on the basis of bean type is classified as Bourbon vanilla, Mexican vanilla, Tahitian vanilla, and West Indian vanilla.
Key players for global vanilla bean market are Amadeus, Agro Products and Agencies, Boston Vanilla Bean Company, Frontier Natural Products, Mac Taggart Brand, Nielsen-Massey Vanillas, Tharakan and Company and Vanilla Food Company. In July 2016, Boston Vanilla Bean Company moved to bricks and mortar business. They opened their first store in Nags Head, North Carolina. The expansion from the online store to physical store enabled the opportunity to serve more customers in North Carolina.
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Vanilla bean market on the basis of the region is segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan and Middle East & Africa. Presently, Asia Pacific holds the largest market share of vanilla bean market due to high consumption of dairy products and use of vanilla bean in the manufacturing of final products.
North America is the potential market for the vanilla bean. The US has the major demand of vanilla bean in this region during the forecast period.