Global Vanilla Market 2024

Vanilla Market Size

In 2023, the global vanilla market decreased by X% to $X for the first time since 2020, thus ending a two-year rising trend. Over the period under review, the total consumption indicated tangible growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption increased by X% against 2020 indices. Over the period under review, the global market reached the peak level at $X in 2018; however, from 2019 to 2023, consumption failed to regain momentum.

Vanilla Production

In value terms, vanilla production dropped to $X in 2023 estimated in export price. Over the period under review, production, however, continues to indicate a notable expansion. The most prominent rate of growth was recorded in 2016 when the production volume increased by X% against the previous year. Over the period under review, global production hit record highs at $X in 2018; however, from 2019 to 2023, production failed to regain momentum.

The countries with the highest volumes of production in 2023 were Madagascar (X tons), Indonesia (X tons) and Mexico (X tons), with a combined X% share of global production. Uganda, Papua New Guinea, China and Turkey lagged somewhat behind, together accounting for a further X%.

From 2012 to 2023, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Uganda (with a CAGR of X%), while production for the other global leaders experienced more modest paces of growth.

The global average vanilla yield soared to X kg per ha in 2023, with an increase of X% against 2022 figures. In general, the yield continues to indicate significant growth. As a result, the yield attained the peak level and is likely to continue growth in the immediate term. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The global vanilla harvested area dropped significantly to X ha in 2023, which is down by X% compared with 2022 figures. In general, the harvested area recorded a precipitous decline. Over the period under review, the harvested area dedicated to vanilla production reached the peak figure at X ha in 2022, and then declined significantly in the following year.

Vanilla Exports

Exports

In 2023, after two years of growth, there was decline in overseas shipments of vanilla, when their volume decreased by X% to X tons. Overall, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 when exports increased by X% against the previous year. As a result, the exports reached the peak of X tons, and then fell modestly in the following year.

In value terms, vanilla exports reduced to $X in 2023. In general, exports, however, showed resilient growth. The most prominent rate of growth was recorded in 2016 with an increase of X%. Over the period under review, the global exports reached the maximum at $X in 2018; however, from 2019 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

Madagascar was the major exporter of vanilla in the world, with the volume of exports recording X tons, which was approx. X% of total exports in 2023. France (X tons) held the second position in the ranking, followed by Papua New Guinea (X tons), the United States (X tons), Uganda (X tons), Turkey (X tons) and Indonesia (X tons). All these countries together took near X% share of total exports. Germany (X tons), the Netherlands (X tons), Canada (X tons), China (X tons) and Spain (X tons) followed a long way behind the leaders.

Exports from Madagascar decreased at an average annual rate of X% from 2012 to 2023. At the same time, Uganda (X%), Spain (X%), Papua New Guinea (X%), the Netherlands (X%), the United States (X%), China (X%), Turkey (X%) and Indonesia (X%) displayed positive paces of growth. Moreover, Uganda emerged as the fastest-growing exporter exported in the world, with a CAGR of X% from 2012-2023. France experienced a relatively flat trend pattern. By contrast, Canada (X%) and Germany (X%) illustrated a downward trend over the same period. Papua New Guinea (X p.p.), Uganda (X p.p.), the United States (X p.p.), the Netherlands (X p.p.) and Turkey (X p.p.) significantly strengthened its position in terms of the global exports, while Germany and Madagascar saw its share reduced by X% and X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Madagascar ($X) remains the largest vanilla supplier worldwide, comprising X% of global exports. The second position in the ranking was held by Indonesia ($X), with a X% share of global exports. It was followed by France, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in Madagascar amounted to X%. In the other countries, the average annual rates were as follows: Indonesia (X% per year) and France (X% per year).

Export Prices by Country

In 2023, the average vanilla export price amounted to $X per ton, almost unchanged from the previous year. Over the period under review, the export price, however, enjoyed prominent growth. The pace of growth was the most pronounced in 2016 an increase of X% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2018; however, from 2019 to 2023, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while Spain ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Indonesia (X%), while the other global leaders experienced more modest paces of growth.

Vanilla Imports

Imports

For the third consecutive year, the global market recorded growth in supplies from abroad of vanilla, which increased by X% to X tons in 2023. In general, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, global imports attained the peak figure in 2023 and are likely to see steady growth in the immediate term.

In value terms, vanilla imports contracted to $X in 2023. Overall, imports recorded a buoyant increase. The most prominent rate of growth was recorded in 2016 when imports increased by X%. Over the period under review, global imports hit record highs at $X in 2018; however, from 2019 to 2023, imports failed to regain momentum.

Imports by Country

In 2023, the United States (X tons), distantly followed by France (X tons), Syrian Arab Republic (X tons), Germany (X tons) and Canada (X tons) represented the largest importers of vanilla, together making up X% of total imports. Indonesia (X tons), the Netherlands (X tons), Spain (X tons), Belgium (X tons), Switzerland (X tons), the Czech Republic (X tons), Saudi Arabia (X tons) and Denmark (X tons) followed a long way behind the leaders.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Syrian Arab Republic (with a CAGR of X%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest vanilla importing markets worldwide were the United States ($X), France ($X) and Germany ($X), together comprising X% of global imports. Canada, the Netherlands, Switzerland, Indonesia, Denmark, Belgium, the Czech Republic, Spain, Syrian Arab Republic and Saudi Arabia lagged somewhat behind, together accounting for a further X%.

In terms of the main importing countries, Syrian Arab Republic, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices by Country

The average vanilla import price stood at $X per ton in 2023, which is down by X% against the previous year. Overall, the import price, however, enjoyed strong growth. The pace of growth was the most pronounced in 2016 an increase of X% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2023, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Switzerland ($X per ton), while Syrian Arab Republic ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the Netherlands (X%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform