At 6.4% CAGR, Asia Pacific Vanilla Extract Market is Projected to be Worth US$ 106.11 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Asia Pacific vanilla extract market was valued at US$ 64.36 million in 2022 and is expected to reach US$ 106.11 million by 2030, registering a CAGR of 6.4% from 2022 to 2030. Rising Adoption of vanilla extract in personal care and expanding demand for natural/clean-label ingredients are among the critical factors attributed to the Asia Pacific vanilla extract market expansion.

Awareness regarding health and skin care has increased significantly among people in recent years. Due to increased disposable income, consumers are willing to spend a tremendous amount on skincare products that make their skin appear healthy and radiant. People also spend extensively on personal care products as they are conscious about their appearance in social settings. Increasing pressure to look good in an image-focused society and rising expenditure on beauty products fuel the growth of the personal care industry across the world. Vanilla has extensive usage in the personal care & cosmetic industry. As vanilla is high in antioxidants, which neutralize free radicals and help repair skin damage, it is highly utilized in cosmetics and skincare products. With the growing awareness about its anti-inflammatory and antiaging properties, use of vanilla has increased in various skincare products such as moisturizers, antiaging lotions, sunscreens, and face masks. Thus, with growing adoption, manufacturers offer vanilla-flavored cosmetics and personal care products. Thus, the rising adoption of vanilla extracts in various cosmetics and personal care products to meet emerging consumer demand bolsters the vanilla extract market growth.

On the contrary, price volatility and supply shortage hurdles the growth of Asia Pacific vanilla extract market.

Based on form, the Asia Pacific vanilla extract market is bifurcated into powder and liquid. The liquid segment held 86.5% share of Asia Pacific vanilla extract market in 2022, amassing US$ 55.68 million. It is projected to garner US$ 92.08 million by 2030 to expand at 6.5% CAGR during 2022-2030.

In terms of category, the Asia Pacific vanilla extract market is bifurcated into organic and conventional. The conventional segment held 75.3% share of Asia Pacific vanilla extract market in 2022, amassing US$ 48.44 million. It is projected to garner US$ 77.87 million by 2030 to expand at 6.1% CAGR during 2022-2030.

By application, the Asia Pacific vanilla extract market is segmented into food & beverages, personal care, and others. The food & beverages segment held 60.7% share of Asia Pacific vanilla extract market in 2022, amassing US$ 39.05 million. It is projected to garner US$ 63.53 million by 2030 to expand at 6.3% 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 Asia Pacific vanilla extract market has been categorized into China, Japan, India, Australia, South Korea, Southeast Asia, and the Rest of Asia Pacific. Our regional analysis states that the Rest of Asia Pacific captured 27.6% share of Asia Pacific vanilla extract market in 2022. It was assessed at US$ 17.74 million in 2022 and is likely to hit US$ 26.77 million by 2030, exhibiting a CAGR of 5.3% during 2022-2030.

Key players operating in the Asia Pacific vanilla extract market are Prova SAS, Tharakan and Co, Natural Vanilla Pty Ltd, Kerry Group Plc, Archer-Daniels-Midland Co, and Synergy Flavors Inc, among others.

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