Report : South 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 South America Vanilla Market during 2020–2028
According to a new market research study on “South America Vanilla Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Form, Category, and Application” is expected to reach US$ 4.01 million by 2028 from US$ 2.87 million in 2021. The market is estimated to grow at a CAGR of 4.9% from 2021 to 2028. The report provides trends prevailing in the South America vanilla market along with the drivers and restraints pertaining to the market growth. Intensifying popularity of clean-label and plant-based products, thriving demand for natural food additives/flavorings, and scaling demand for organic vanilla are the major factor driving the growth of the South America vanilla market. However, inconsistent pricing and supply shortage hinders the growth of South America vanilla market.
Brazil has been ranked to be the third-most affected economy due to the COVID-19 pandemic globally. In South America, Brazil has the highest number of COVID-19 cases, followed by Argentina, Colombia, Peru, Chile, among others. The governments in South America have taken an array of actions to protect their citizens and combat the spread of the COVID-19 virus through lockdowns, trade bans, and travel restrictions. This may have a direct impact on the growth of the vanilla market.
The South 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 Brazil, Argentina and Rest of SAM. In 2020, Brazil held the largest share in the market, and it is also 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; and Touton S.A. are among the leading companies in the South 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, Nielsen-Massey Vanillas launched Bake to Share Sweepstakes.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@businessmarketinsights.com