According to a new report, published by KBV research, The Global Vanilla Extract Market size is expected to reach $6.5 billion by 2030, rising at a market growth of 4.8% CAGR during the forecast period. In the year 2022, the market attained a volume of 27,180.29 tonnes, experiencing a growth of 4.0% (2019-2022).
The Liquid market segment is registering a strong potential in the Global Vanilla Extract Market by Product Type in 2022 thereby, achieving a market value of $5 billion by 2030. Liquid vanilla extract allows for more precise recipe measurements, making it a preferred choice for home cooks and professional chefs. The liquid form ensures easier incorporation into recipes, especially when exact measurements are crucial for flavor consistency. The liquid form simplifies the pouring and mixing process in industrial and home settings. Hence, these aspects will boost the demand in the segment.
The Synthetic market segment is poised to have a CAGR of 5.6% during (2023 - 2030). Synthetic vanilla, particularly vanillin, is generally more cost-effective than natural vanilla extract. This affordability makes synthetic options attractive to manufacturers looking for economical alternatives without compromising flavor. Synthetic vanilla allows for greater standardization of flavor profiles. Manufacturers can achieve consistent taste and aroma in their products, which is crucial for maintaining product quality and meeting consumer expectations. Thus, these aspects can assist in the expansion of the segment.
The Food and Beverages segment is leading the Global Vanilla Extract Market by Application in 2022 thereby, achieving a market value of $3.5 billion by 2030. The rise of culinary trends, such as gourmet and artisanal food products, has fueled the demand for high-quality ingredients. Vanilla extract is highly desirable in producing artisanal and premium food and beverage products owing to its complex and rich flavor profile. Therefore, these aspects will help in the growth of the segment.
The Supermarkets & Hypermarkets segment is anticipated to have a CAGR of 4.3% during (2023 - 2030). Supermarkets and hypermarkets often prioritize popular and in-demand products by placing them in prominent locations on shelves. As a staple ingredient for baking and cooking, Vanilla extract benefits from high visibility in these retail settings. Supermarkets and hypermarkets frequently run promotional offers, discounts, and bundle deals. These promotions encourage consumers to try new products or stock up on essentials, including vanilla extract. Therefore, owing to these factors, the segment will expand rapidly in the upcoming years.
Full Report: https://www.kbvresearch.com/vanilla-extract-market/
The North America region dominated the Global Vanilla Extract Market by Region in 2022 thereby, achieving a market value of $2.1 billion by 2030, growing at a CAGR of 4.1 % during the forecast period. The Europe region would witness a CAGR of 4.5% during (2023 - 2030). Additionally, The Asia Pacific region is experiencing a CAGR of 5.6% during (2023 - 2030).
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 Geography (Volume, Tonnes, USD Billion, 2019-2030)
Unique Offerings 
