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The vanilla bean extract segment is the fastest growing among the various sources of natural vanillin during the forecast period.
The vanilla bean extract segment is the second largest and is projected to grow at a CAGR of 8.09% during the projected period. This growth is majorly attributed to the increased preferences for natural and clean-label products and reduced synthetic flavors in food & beverage products worldwide. Consumers want their food products to contain natural, familiar, and simple ingredients, easy to understand and recognize. Additionally, they are growing more conscious about the sourcing, composition, and production of packaged foods, demanding natural ingredients and more sustainable and ethical production methods.
Asia Pacific region is witnessing the highest growth rate in the natural vanillin market
Asia Pacific region includes countries such as China, India, Japan, Australia & New Zealand, and the Rest of Asia Pacific. There is significant growth in Asia Pacific for vanilla and its by-products due to the growing food & beverage industry. Additionally, there is also increasing demand for bakery products. Because of changing lifestyles and changing consumption habits, consumers increasingly spend on natural ingredients products. Emerging economies such as China and India are the fastest-growing markets in the region. Vanilla is the most commonly used flavoring ingredient in various food & beverage applications.
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Key Market Players
The key players in the natural vanillin market include Givaudan (Switzerland), Firmenich SA (Switzerland), Symrise (Germany), Kerry Group plc (Ireland), Solvay (Belgium), International Flavors and Fragrances (US), Sensient Technologies Corporation (US), McCormick & Company, Inc. (US), Mane (France), and Lesaffre (France).
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