Report : North America Vanilla Extract Market Forecast to 2030 - Regional Analysis - by Form (Powder and Liquid), Category (Organic and Conventional), and Application (Food & Beverages [Bakery & Confectionery, Dairy & Frozen Desserts, Beverages, Sweet & Savory Snacks, and Others], Personal Care, and Others)
At 5.7% CAGR, North America Vanilla Extract Market is Projected to be Worth US$ 129.88 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the North America vanilla extract market was valued at US$ 83.27 million in 2022 and is expected to reach US$ 129.88 million by 2030, registering a CAGR of 5.7% from 2022 to 2030. High demand for organic vanilla products and expanding demand for natural/clean-label ingredients are among the critical factors attributed to the North America vanilla extract market expansion.
Organic products are cultivated naturally with manure or compost without chemical fertilizers and pesticides. As children are more vulnerable to illnesses caused by pesticide residues in food than adults, parents choose to feed them organic foods. Organic foods are free of growth hormones, genetically modified ingredients (GMI), and antibiotic residues. Thus, the popularity of organic foods has increased among health-conscious consumers owing to the rising awareness of benefits of organic foods. The rising inclination toward organic foods propels demand for organic vanilla extract. Organic vanilla farming comprises eco-friendly agricultural practices that result in higher crop yields. Many organic vanilla farming communities across Madagascar, Tonga, and other vanilla-producing economies follow organic farming practices to produce value-added vanilla products. Organic vanilla farming is challenging due to the stringent farming practices required. However, due to the upsurging demand for organic vanilla, communities across Tonga, Madagascar, and other vanilla-producing economies are undergoing extensive training programs to learn the required agricultural skills. For instance, Tonga Skills, a community of vanilla farmers in Tonga, has teamed up with the Ministry of Agriculture, Food, and Forestry (MAFF) in Vava'u to provide extensive training on vanilla pollination skills. Organic vanilla is in high demand worldwide. Tonga Skills is working with MAFF to ensure Tongan farmers have the skills to take advantage of these opportunities. Furthermore, manufacturers of various food products such as ice creams, desserts, cakes, and pastries are increasingly employing organic vanilla to ensure offering of sustainable products free of added sugars, genetically modified organisms (GMOs), or any other questionable ingredients. Organic products offer a significant competitive advantage to vanilla extract manufacturers, enhancing their brand awareness and profitability. Thus, the rising demand for organic vanilla products is expected to create a new trend in the vanilla extract market during the forecast period.
On the contrary, price volatility and supply shortage hurdles the growth of North America vanilla extract market.
Based on form, the North America vanilla extract market is bifurcated into powder and liquid. The liquid segment held 84.7% share of North America vanilla extract market in 2022, amassing US$ 70.54 million. It is projected to garner US$ 110.55 million by 2030 to expand at 5.8% CAGR during 2022-2030.
In terms of category, the North America vanilla extract market is bifurcated into organic and conventional. The conventional segment held 74.3% share of North America vanilla extract market in 2022, amassing US$ 61.85 million. It is projected to garner US$ 94.20 million by 2030 to expand at 5.4% CAGR during 2022-2030.
By application, the North America vanilla extract market is segmented into food & beverages, personal care, and others. The food & beverages segment held 54.5% share of North America vanilla extract market in 2022, amassing US$ 45.37 million. It is projected to garner US$ 69.93 million by 2030 to expand at 5.6% CAGR during 2022-2030. Further, food & beverages segment is categorized into bakery & confectionery, dairy & frozen desserts, beverages, sweet & savory snacks, and others.
Based on country, the North America vanilla extract market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 76.1% share of North America vanilla extract market in 2022. It was assessed at US$ 63.33 million in 2022 and is likely to hit US$ 97.61 million by 2030, exhibiting a CAGR of 5.6% during 2022-2030.
Key players operating in the North America vanilla extract market are Prova SAS, Natural Vanilla Pty Ltd, Kerry Group Plc, Archer-Daniels-Midland Co, Virginia Dare Extract Co Inc, Lochhead Manufacturing Co, and Synergy Flavors Inc, among others.
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