At 5.1% CAGR, Middle East & Africa Vanilla Extract Market is Projected to be Worth US$ 23.72 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Middle East & Africa vanilla extract market was valued at US$ 15.98 million in 2022 and is expected to reach US$ 23.72 million by 2030, registering a CAGR of 5.1% from 2022 to 2030. Wide range of applications of vanilla extract in food & beverage industries and rising adoption of vanilla extract in personal care are among the critical factors attributed to the Middle East & Africa vanilla extract market expansion.

Vanilla has a unique flavor and aroma, making it a famous flavoring agent across the food & beverage industry. Vanilla extract has been increasingly used as a flavoring agent in cakes, muffins, pastries, doughnuts, and other bakery products for many years. Over the past few years, vanilla extract has been used in latte, hot chocolates, thick shakes, cocktails, cold drinks, and other beverages. Vanilla extract in powder form is frequently used in spice mixes, dry baking premixes, and other dry ingredients. Vanilla extract is also used in frozen desserts, ice creams, smoothies, frostings, whipped cream, and other products. Vanilla-flavored ice creams are one of the majorly consumed frozen desserts across the world. The increasing disposable income and rising living standard of people propel the demand for premium range of vanilla ice creams. Moreover, vanilla is increasingly used in baby food formulation and infant nutrition formulas. The research studies show that vanilla has a calming effect. Thus, it can lessen the crying of babies. The consumption of convenience, ready-to-eat products such as snacks is increasing. Ready-to-eat products allow consumers to save time and effort associated with ingredient shopping, meal preparation and cooking, and post-meal activities. Manufacturers increasingly utilize vanilla extracts in various sweet and savory snacks, with consumers' growing preference for vanilla-flavored products. The growing food & beverage industry and increasing consumer interest toward tasty and flavorful products boost the demand for vanilla extract. Thus, a wide range of applications of vanilla extracts in various foods and beverages such as baby food, bakery and confectionery, dairy and frozen desserts, and snacks drives the vanilla extract market growth.

On the contrary, price volatility and supply shortage hurdles the growth of Middle East & Africa vanilla extract market.

Based on form, the Middle East & Africa vanilla extract market is bifurcated into powder and liquid. The liquid segment held 89.7% share of Middle East & Africa vanilla extract market in 2022, amassing US$ 14.34 million. It is projected to garner US$ 21.36 million by 2030 to expand at 5.1% CAGR during 2022-2030.

In terms of category, the Middle East & Africa vanilla extract market is bifurcated into organic and conventional. The conventional segment held 78.1% share of Middle East & Africa vanilla extract market in 2022, amassing US$ 12.48 million. It is projected to garner US$ 18.08 million by 2030 to expand at 4.7% CAGR during 2022-2030.

By application, the Middle East & Africa vanilla extract market is segmented into food & beverages, personal care, and others. The food & beverages segment held 61.9% share of Middle East & Africa vanilla extract market in 2022, amassing US$ 9.88 million. It is projected to garner US$ 14.60 million by 2030 to expand at 5.0% 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 Middle East & Africa vanilla extract market has been categorized into Saudi Arabia, the UAE. South Africa, and the Rest of Middle East & Africa. Our regional analysis states that the Rest of Middle East & Africa captured 51.9% share of Middle East & Africa vanilla extract market in 2022. It was assessed at US$ 8.29 million in 2022 and is likely to hit US$ 11.53 million by 2030, exhibiting a CAGR of 4.2% during 2022-2030.

Key players operating in the Middle East & Africa vanilla extract market are Prova SAS, Natural Vanilla Pty Ltd, Kerry Group Plc, and Archer-Daniels-Midland Co, among others.


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