The global vegan flavors market is anticipated to acquire significant momentum, expanding at a CAGR of ~5.0% during the forecast period 2020-2030 reaching nearly US$ 13 Bn by 2030-end.
The shift in dietary decisions, which began as a fringe movement, is quickly gaining momentum across the world, driven by increased adoption of healthier diets in order to reduce the adverse impact of meat production on the environment. Additionally, increasing health-consciousness amid concerns over the usage of synthetic flavors in ready-to-eat foods is stimulating the incorporation of vegan flavors.
Based on these trends, prominent manufacturers are scrambling to introduce organic, gluten-free and plant-based foods and claw their way into the vegan flavors market across the forecast period.
As more consumers adopt the vegan outlook towards consumption, market players are augmenting their sales channels to reach a wider audience. An example of this is the launch of vegan only shopping website by Sensient Technologies Corporation. According to FMI’s analysis, consumers are willing to pay premium prices for vegan products, expanding sales and yielding positive outcomes for the market players.
Key Takeaways from FMI’s Report on Vegan Flavors Market
- Plant-based bakery and confectionary products shall tower over other food items
- Liquid-based vegan flavor concentrates captured more than 3/5th of the production share over powdered ones in 2019
- Fruit-sourced vegan flavors comprised 80% of the market share in 2019
- Europe and North America to remain dominant regions, East Asia emerges as the rising sun
- Rising prevalence of lactose intolerance amongst adults across various regions is one of the chief drivers of veganism
Vegan Flavors Market: Key Trends
- Global vegan flavors market shall surpass a value of US$ 7.9 Bn by 2020-end
- The presence of small, medium and large scale enterprises makes the vegan flavors market a highly competitive one
- Artisan bakeries are becoming increasingly popular in the vegan flavors market. This is because consumers can customize their flavor requirements themselves while purchasing a food item
- Surging animal rights activism and promotion of animal welfare is boosting adoption of vegan flavors across the world
Vegan Flavors Market: Region-wise Analysis
- North America and Europe shall retain market dominance across the forecast period. Growing health consciousness is a key driver.
- According to Plant Proteins Co., U.S. retail sales of plant-based foods increased by 11% between 2018 and 2019, creating immense opportunities for the entry of market players.
- Market growth shall remain limited in the Middle East and Africa, attributed to limited awareness about vegan products and increased animal consumption.
- East Asia shall be the fastest growing vegan flavors market due to rising concerns about the environment due to meat consumption.
Vegan Flavors Market: Competitive Analysis
The global vegan flavors market is highly fragmented, with the presence of over 60 vendors. Prominent market players are leveraging consumer preference for vegan flavors to expand their product portfolio and expand their outreach.
Players such as Sensient Technologies Corporation, International Flavors and Fragrances Inc. and Symrise AG concentrate on customizing vegan flavors to enhance sales prospects. Establishing creative centers and analyzing consumer tastes and preferences by trained professionals are some of their most effective strategies.
Acquisitions, mergers and joint-ventures also comprise an important market expansion strategy for market players. In July 2018, Sensient Technologies acquired Mazza Innovation Limited to avail an umbrella technology supporting vegan application flavors and fragrances. Also, in May 2019, Givaudan SA acquired a Golden Frog, a Vietnamese flavor company to expand its product portfolio.
Vegan Flavors Market Taxonomy:
Form
- Powder
- Liquid
Source
- Vegetables
- Fruits & Others
- Fusion
- Herbs & Spice
Application
- Food Industry
- Processed Food
- Dairy
- Bakery
- Confectionery
- Beverage Industry
- Flavored Drinks
- Energy Drinks
- Fruit Juices
- Pharmaceutical Industry
- Others
Region
North America
- U.S.
- Canada
Latin America
- Mexico
- Brazil
- Peru
- Chile
- Others
Europe
Western Europe
- Germany
- U.K.
- France
- Italy
- Nordic Countries
- Belgium
- Netherlands
- Luxembourg
Eastern Europe
- Poland
- Russia
East Asia
- China
- Japan
South Asia
- India
- ASEAN
Oceania
- Australia
- New Zealand
MEA
- GCC
- Southern Africa
- North Africa
Press Release Source: https://www.prnewswire.com/news-releases/premiumisation-strategy-working-well-for-vegan-flavor-market-players–future-market-insights-301085931.html
Get Valuable Insights into the Vegan Flavors Market
Future Market Insights, in its new report, presents an unbiased analysis of the global vegan flavors market, covering historical demand data and forecast figures for the period between 2020 and 2030. The study divulges compelling insights into growth witnessed in the market. Based on source the market can be segmented into vegetables, fruits and others, fusion and herbs and spices. In terms of form, the market can be segmented into liquid and powder. Based on applications the market can be segmented into food industry, beverage industry, pharmaceutical industry and others. Regionally, the market covers North America, Latin America, Europe, East Asia, South Asia, Oceania and MEA.
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