Both the vocal quality: the way we produce the sound with the vocal folds (phonation). It can be anything from relaxed phonation, strained, fry, instability etc.
The sound then goes through the vocal tract (the throat, mouth and occasionally nose. The fundamental shape of these structures are the same in everyone, at the same time everyone have minute individual characteristics which make sound resonate slightly differently on its way out of the vocal tract.
Some biological difference in voice production is related to length of vocal folds. Women have roughly 15mm long vocal folds, and men have roughly 20 mm. The effect being men usually have a lower sound frequency then women and vice versa. Men also have roughly 17% larger vocal tracts than women, which affects resonance.
Edit: grammar
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