Report : North America 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)
Beans segment to dominate the North America Vanilla Market during 2020–2028
According to a new market research study on “North America Vanilla Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Form, Category, and Application” is expected to reach US$ 1,012.76 million by 2028 from US$ 750.39 million in 2021. The market is estimated to grow at a CAGR of 4.4% from 2021 to 2028. The report provides trends prevailing in the North America vanilla market along with the drivers and restraints pertaining to the market growth. Growing vanilla usage in various end-use industries, increasing popularity of clean-label and plant-based products, and surging demand for natural food additives/flavorings are the major factor driving the growth of the North America vanilla market. However, price instability and supply shortage hinders the growth of North America vanilla market.
North America is one of the worst affected economies due to the COVID-19 pandemic. The US has the highest number of confirmed cases of COVID-19, compared to Canada and Mexico. The unprecedented rise in the number of COVID-19 cases across the US and Canada and the subsequent lockdown of numerous manufacturing facilities in the countries have negatively influenced the growth of the various markets. The significant disruption in manufacturing, along with raw material sourcing, has had a negative impact on the demand for the vanilla market in the region. The crisis adversely affected the food and beverage industry in the region due to a restricted supply chain, raw material shortage, and shutdown of manufacturing units. However, the market is reviving on account of significant measures taken by the government such as vaccination drives. With the state of economic recovery, several industrial sectors are strategically planning to invest in advanced products to maximize revenue. This is expected to provide the impetus for market growth.
The North America 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 the US, Canada, and Mexico. In 2020, the US held the largest share in the market, and Mexico 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; Heilala Vanilla US; LAFAZA Foods; The Vanilla Company are among the leading companies in the North America 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, Givaudan, the global leader in fragrances and flavours, announced it has completed the acquisition of Ungerer & Company, the US based Flavour, Fragrance and Specialty Ingredients Company.
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