A form of vanilla flavoring that is made from vanilla extract and vanilla bean powder (sometimes it’s what’s left over from producing the extract and sometimes fresh vanilla bean seeds), mixed with a binder such as sugar syrup, corn syrup, or in commercial preparations, xanthan gum. It has the consistency of a paste and an intense, distinctly vanilla flavor, and can be used in place of vanilla extract; however, they are not interchangeable unless you are using 1 teaspoon or less.
Here is the exchange rule (yes, it’s a rule!):
1 teaspoon vanilla extract = 1 teaspoon vanilla bean paste
1 teaspoon vanilla bean paste = vanilla bean seeds from one pod + 1 teaspoon corn syrup, cane syrup, or mild agave nectar