Oleoresins are increasingly used as flavoring agents in food processing across the globe. Individuals are attracted towards different flavored foods as they have developed taste buds for different flavors, owing to which demand for flavoring agents is increasing. Vanilla oleoresins are extensively used in sensual blends and is well known for its warm and inviting scent. Vanilla oleoresins are also known for its stress reducing effects, possess anti-oxidants, and are also assumed to exhibit aphrodisiac effects. Owing to its extensive use in food flavoring, cosmetics use etc., vanilla oleoresin market is expected to expand with significant CAGR over the forecast period. Vanilla is originated from Madagascar and Latin American countries, ended up spreading across the globe. Indonesia is one of the prominent grower of vanilla across the globe now.
Vanilla oleoresin has been used extensively in food and beverage flavorings, cosmetics and perfumes, pharmaceuticals etc. which is expected to fuel the growth of vanilla oleoresin market.
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Vanilla Oleoresin Market: Segmentation
Vanilla oleoresin market can be segmented on the basis of nature, end-use applications and region.
On the basis of nature, vanilla oleoresin market can be segmented into conventional and organic. Organic segment is expected to expand with significant CAGR as demand for organic products is increasing among consumers.
Vanilla oleoresin market can be further segmented on the basis of end-use application into pharmaceuticals, food and beverages, cosmetics and personal care and others. Food and beverage is further sub-segmented into beverages, bakery and confectionery, jams, desserts and ice-creams, syrups etc.
On the basis of region, Vanilla oleoresin market can be segmented into five key regions: North America, Latin America, Europe, Asia Pacific, and Middle East and Africa.
Vanilla Oleoresin Market: Drivers, Restraints, and Trends
Owing to developed taste for vanilla among individuals across the globe, vanilla oleoresin market is expected to grow in terms of revenue across the globe. Vanilla oleoresins have wide range of benefits, which is expected to fuel growth of the market. Individuals are getting health conscious and inclined to consume natural food products, which will expand the vanilla extract market over the forecast period. Increasing demand for vanilla flavors in fragrances, toiletries etc. is also expected to expand the vanilla oleoresin market.
Weak distribution channel in some of the untapped markets is expected to hamper the sales of vanilla oleoresins, which could be considered as a restraint for vanilla oleoresin market. Vanilla is trending across the globe as people are inclined towards the taste of vanilla and this trend is expected to continue over the forecast period.
Vanilla Oleoresin Market: Regional Outlook
Depending on the geographic regions, global Vanilla oleoresin market is segmented into five key regions: North America, Latin America, Europe, APAC, and MEA.
In terms of consumption, North America holds the largest share of Vanilla oleoresin market followed by Europe which also possess a large Vanilla oleoresin market. Latin America comes after North America in terms of consumption.
Asia Pacific Vanilla oleoresin market is expected to grow at significant rate in terms of consumption during the forecast period because people getting aware of benefits of vanilla and increasingly developing the taste for the same. The Middle East and Africa is expected to grow in the forecast period as disposable income is increasing in the region.
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Population around the globe is developing the taste for vanilla which is expected to increase the sales for vanilla oleoresin market over the forecast period.
Vanilla Oleoresin Market: Key Players
Some of the prominent manufacturers of Vanilla oleoresin are Edens Garden, Haldin, Lemur International Inc., Advanced Biotech, Flavorchem Corp., and other regional players.