The global vegan flavors market size is expected to reach US$ 12.7 Bn by the end of 2030. As per FMI study, the vegan flavors market is expected to exhibit positive growth trajectory at 4.8% CAGR between 2020 and 2030.
The vegan, reducetarian and flexitarian population is rising across the globe because of which manufacturers are preferring the use of vegan flavors in processed, snacks, baked and confectionery food products. They are investing in research and development to foster innovations, which would aid in the expansion of the market.
Increasing awareness regarding health and wellness is encouraging consumers to make healthy lifestyle choices. This trend has put vegan flavors and ingredients under the spotlight. As leading companies scramble to capitalize on this opportunity, the market will witness frequent launch of gluten-free, organic, sugar-free, fat-free, and non GMO products.
The report provides an exhaustive overview of the vegan flavors market. It covers prevailing trends, growth drivers and potential restraints. The impact of various strategies adopted by the key players is studied as well in detail in the report.
“Vegan diet is trending across the globe and manufacturers are capitalizing on this opportunity by offering food products in unique vegan flavors. Key players in the market are also focusing on ascertaining product quality, sustainability of the vegan flavor products, partnership and joint venture to strengthen the supply chain, “said a lead analyst at FMI.
It includes in-depth insights into the vegan flavors market. Some of these are:
- The estimated value of global vegan flavors market is US$ 7.9 Bn for 2020
- South Asia poised to offer 1.5X better opportunity prospects in mid to long term forecast period for players in the vegan flavor market
- Key players are focusing on customizing flavors to increase the sale of their products
- The unprecedented spread of COVID-19 has rendered consumers more health conscious. This, besides the spread of rumors linking the virus to meat consumption will push consumers in favor of vegan lifestyle. The vegan flavors market is likely to gain momentum as a result of this
Rising Health-Awareness Driving the Vegan Flavors Market Growth
For More Detailed Insights on Future Rich Vegan Flavors Market
The use of artificial additives and synthetic flavors has been linked to underlying causes of various illnesses. Consumers have therefore become cautious about ingredients used in their food. The scales have inevitably tilted in favor of organic, natural, additive-free, and chemical free food products.
The demand is likely to surge further as consumers consciously choose food to avoid food allergies, poisoning or other side effects. The trend has picked up pace in the last few years and is here to stay. The demand for clean label products has therefore surged.
Consumers are shifting to natural and organic products, as they are more aware about their own and their family’s health and well-being. Growing awareness about the harmful effects of synthetic and chemical additives has made them shift to products containing natural ingredients.
Manufacturers of these products also want to maintain the trust of their consumers, and therefore are maintaining transparency in the ingredients and production processes they use. Many manufacturers also specify the source of procurement of raw materials along with the region that it is procured from.
Due to the growing demand for natural food ingredients, the consumption of plant-based food ingredients is increasing as compared to ingredients derived from animal, seaweed, microbial & fermented and artificial sources. The willingness of consumers to pay a premium price for a natural products has changed dynamics of various markets, and is anticipated to yield positive results for players in the vegan flavors market.
Who is Winning?
Some of the key players operating in the vegan flavors market are International Flavors & Fragrances, Inc., Sensient Technologies Corporation, The Edlong Corporation, Innova Flavors, Flavor Producers, LLC, LorAnn Oils, Symrise AG., Givaudan SA, McCormick & Company, Inc., Döhler Group SE, Kerry Group and other players.
The companies operating in the market are focusing on acquisition, mergers, joint venture and expansion to increase their production capacity, expand their product portfolio and geographical presence. Key players are concentrating on launching unique products withvegan flavors.
- In July 2019, Symrise AG launched a new production line for liquid flavorings in Russia. It aimed to provide regionally-produced taste solutions for sweet, beverages, and dairy products.
- In May 2019, Givaudan SA completed the acquisition of the French company Albert Vieille SAS, which has a strong hold on the local market. This acquisition is expected to help the company to enhance its presence in European countries.
- In 2019, Unilever’s Magnum launched its first ever vegan ice cream in New Zealand. The products are marketed as Magnum Dairy Free.
- In 2019, Plant Veda launched the world’s first vegan probiotic Lassi in North America. It is available in 5 flavors: mango, saffron cardamom, coffee, vanilla, and turmeric ginger.
Get Valuable Insights into 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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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.