The global vanilla market size is expected to grow at a CAGR of 4.32% during the forecast period. The market has been segmented based on application, which includes the food and beverages segment and pharmaceuticals and cosmetics segment. As per the latest market research report published by Technavio, the global vanilla market size will grow by USD 219.7 million during 2019–2023. Get the free sample report below for the detailed information.
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The food and beverages segment comprised the largest segment by revenue of the vanilla market in 2018. Vanilla is used as an ingredient in food products and as a flavoring agent in various products, including ice cream and beverages. It is added to various food and beverages to reduce the amount of sugar used for sweetening, especially in baked goods and desserts. The increasing application of vanilla in bakery products such as bread, cakes, and pastries will drive the growth of the food and beverages segment.
However, changing consumer taste preferences can negate the market growth as many customers have begun preferring ethnic and spicy flavors. Also, alternative flavoring agents such as maple syrup and almond syrup are gaining popularity among consumers. Even so, the vanilla market size by the food and beverages segment is expected to register a steady growth rate during the forecast period. To know the complete and in-depth analysis and forecast of this market get the complete report by clicking the link below.
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