The North America Vanilla Extract Market would witness market growth of 4.1% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 8,080.83 tonnes, showcasing a growth of 3.3% (2019-2022).
Departmental stores often employ knowledgeable staff who can assist shoppers in selecting the right vanilla extract for their specific culinary needs, further enhancing the overall shopping experience. Additionally, these stores frequently run promotions and discounts, making vanilla extract more affordable and enticing to consumers. Therefore, the Canada market has 108.55 kilo tonnes vanilla extract at departmental stores in 2022.
The US market dominated the North America Vanilla Extract Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,506.3 million by 2030. The Canada market is experiencing a CAGR of 6.4% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 5.5% during (2023 - 2030).
The growing food and beverage sector benefits from the increasing demand for vanilla extract. As per the data from the Government of Canada, in 2022, the food and beverage processing industry was the largest manufacturing industry in Canada in terms of production value, with sales of goods manufactured worth $156.5 billion. In 2022, processed food and beverage product exports reached a noteworthy $54.3 billion in value, reflecting a 14.1% growth compared to 2021. This figure accounted for 34.7% of the total value of production.
Furthermore, a greater consciousness regarding environmental and ethical issues has impacted consumer preferences. The demand for sustainably and ethically sourced vanilla has prompted industry players to focus on responsible sourcing practices, supporting local farmers and biodiversity conservation. Sustainable vanilla cultivation often involves the integration of agroforestry techniques. By planting vanilla orchids alongside other crops or within existing ecosystems, farmers can promote biodiversity, reduce environmental impact, and enhance the resilience of their agricultural practices.
The rising personal care sector in the United States has played a significant role in expanding the usage of vanilla extract beyond the culinary realm. With its sweet and comforting aroma, Vanilla has become a sought-after ingredient in various personal care products, contributing to the growth and diversification of the beauty and skincare industry. Therefore, the rising personal care sector in North America will assist in the growth of the regional vanilla extract market.
Free Valuable Insights: The Vanilla Extract Market is Predict to reach USD 6.5 Billion by 2030, at a CAGR of 4.8%
Based on Product Type, the market is segmented into Liquid and Powder. Based on Source, the market is segmented into Natural and Synthetic. Based on Application, the market is segmented into Food and Beverages, Personal Care and Others. Based on Distribution Channel, the market is segmented into Business-to-Business, Supermarkets & Hypermarkets, Convenience Stores, Departmental Stores and Online Sales Channels. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Product Type (Volume, Tonnes, USD Billion, 2019-2030)
By Source (Volume, Tonnes, USD Billion, 2019-2030)
By Application (Volume, Tonnes, USD Billion, 2019-2030)
By Distribution Channel (Volume, Tonnes, USD Billion, 2019-2030)
By Country (Volume, Tonnes, USD Billion, 2019-2030)
Unique Offerings Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
