Report : Asia Pacific Vanilla Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Form (Paste, Liquid, Powder, and Beans), Category (Organic and Conventional), and Application (Food and Beverages, Personal Care, Pharmaceuticals, and Others)
Conventional segment to dominate the Asia Pacific Vanilla Market during 2020–2028
According to a new market research study on “Asia Pacific Vanilla Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Form, Category, and Application” is expected to reach US$ 125.97 million by 2028 from US$ 86.36 million in 2021. The market is estimated to grow at a CAGR of 5.5% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific vanilla market along with the drivers and restraints pertaining to the market growth. Increasing demand for natural food additives/flavorings, growing demand for organic vanilla, and fostering vanilla usage in various end-use industries are the major factor driving the growth of the Asia Pacific vanilla market. However, unsteady price and supply shortage hinders the growth of Asia Pacific vanilla market.
The COVID-19 pandemic is anticipated to cause a significant economic loss in Asia Pacific. The consequence and impact can be even worse, and they totally depend on the spread of the virus. The Asian economies have been hit hard due to the pandemic. The emergence of new COVID-19 waves in India, Thailand, and other Asian economies has prolonged the effect of the pandemic upon the GDP. The ongoing COVID-19 pandemic is anticipated to cause huge disruptions in the growth of various industries of Asia Pacific. However, the uncertainty regarding the future outbreak, especially in countries such as India and a few other Asian countries, has altered the status of several industrial sectors. The governments of various Asia Pacific economies are taking possible steps to restrict the spread of the virus by announcing country-wide lockdown, which has a direct impact upon the growth of industrial sectors. However, the market is expected to witness an increase in investment by players to tap the prevailing opportunities as well as cater to expanding demand for vanilla in post-pandemic times.
The Asia Pacific vanilla market is segmented on the basis of form, category, application, and country. Based on form, the market is segmented into paste, liquid, powder, and beans. In 2020, beans segment held the largest share in the market, liquid is expected to be the fastest growing segment during the forecast period. Based on category, the market is segmented into organic and conventional. In 2020, conventional segment held the largest share in the market, and organic is expected to be the fastest growing segment during the forecast period. Based on application, the market is segmented into food & beverages, personal care, pharmaceuticals, and others. In 2020, food & beverages segment held the largest share in the market, and personal care is expected to be the fastest growing segment during the forecast period. Similarly, based on country the market is segmented into China, Japan, India, South Korea, Australia, and Rest of APAC. In 2020, Japan held the largest share in the market, and India is expected to be the fastest growing country during the forecast period.
Camlin Fine Sciences Ltd.; Givaudan S.A.; Nielsen-Massey Vanillas, Inc.; Symrise; Kerry Group; Touton S.A.; Madagascar Vanilla Company; and Heilala Vanilla US are among the leading companies in the Asia Pacific vanilla market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, Nielsen-Massey Vanillas launched Bake to Share Sweepstakes.
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