DUBLIN–(BUSINESS WIRE)–The “Vanilla Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Form, Category, and Application” report has been added to ResearchAndMarkets.com’s offering.

The vanilla market was valued at US$ 1,434.51 million in 2021 and is projected to reach US$ 1,956.09 million by 2028. It is expected to grow at a CAGR of 4.5% from 2021 to 2028.

Vanilla is the second-most expensive spice after saffron. The bourbon vanilla grown in Madagascar is very popular for its rich flavor, purity, and aroma. Growing vanilla is a tedious process, and growers need to follow stringent procedures to meet the required quality standards. It is cured and dried before packaging as the curing process offers vanilla beans their distinct flavor and aroma.

Based on the application, the vanilla market is bifurcated into food and beverage, personal care, pharmaceuticals, and others. The food and beverage segment accounted for a larger market share in 2020. The personal care segment is expected to register a higher CAGR in the market during the forecast period. Due to its anti-inflammatory and soothing properties, vanilla extract is widely used in personal care products, such as moisturizers, scrubs, and anti-aging creams. Vanilla extract is used in products that help fight acne as it possesses antibacterial and antioxidant properties that prevent breakouts while also soothing redness and inflammation. Vanilla contains B-vitamins, such as niacin, thiamin, B6, and pantothenic acid, which are vital for healthy skin. The antioxidant properties of vanilla help protect the skin from pollution and contaminants. Due to all these properties, personal care product manufacturers are frequently utilizing vanilla in their products.

Based on the region, the vanilla market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America (SAM). In 2020, North America held the largest share of the global vanilla market. Asia Pacific is estimated to register the fastest CAGR in the market over the forecast period. The food & beverage industry is an essential part of the US economy. According to the US Committee for Economic Development report, the food and beverage industry consists of close to 27,000 organizations and employs almost 1.5 million people. The continued expansion in the North America food & beverage industry is significantly influencing other related markets, including vanilla.

Source: Business Wire