An Incisive, In-depth Analysis on the Vegan Flavors Market
This study offers a comprehensive, 360 degree analysis on the Vegan Flavors market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Vegan Flavors market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
Vegan Flavors Market Outlook & Key Findings
- Future Market Insights (FMI) forecasts optimistic growth for global vegan flavors market and projects a CAGR of 4.8% between 2020 and 2030
- Demand for plant-based bakery and confectionery products is increasing as consumers are more inclined towards vegan diet and healthy lifestyle
- More than 80% of vegan flavors produced worldwide in 2019 were derived from fruits
- In 2019, liquid form of vegan flavour held over 60% production share against other forms
- Other factors contributing to market’s snowballing growth includes increasing prevalence of lactose intolerance among consumers and a desire to maintain eco-friendly and sustainable food choices
Brand Differentiation by Acquiring Certifications has been playing for Companies
As per FMI, the global vegan flavor market is estimated to surpass the valuation of US$ 7.9 Bn by the end of 2020. The increasing awareness about animal welfare and popularity of vegan lifestyle are the key factors driving vegan flavor market.
The competition in vegan flavor market is intense due to the presence of a number of small, medium and large scale manufacturers. There is also immense focus on gaining consumer trust. Companies operating in the market are therefore concentrating on organic, vegan, kosher, Non-GMO, halal, and natural certifications. Through this they also intend to boost their overall sales.
As a result of their efforts, the market is witnessing a spurt of certifications. For instance, IFF-LMR, a subsidiary of International Flavors & Fragrances Inc. has received vegan certification for its natural extracts from Expertise Vegan Europe.
With more consumers go the vegan or flexitarian way, market players are compelled to introduce unique flavors and fragrances. They are introducing more vegan ingredients to woo consumers. Driven by this trend Sensient Technologies Corporation has developed a special website for vegan flavors only.
Vegan Flavor Sale Surges as a Result of Spurt of Artisan Bakeries
The vegan flavor market will witness sales uptick in response to the rising popularity of artisan bakery. Artisan bakery products are handcrafted and produced by using high quality ingredients. Color, texture and flavor in these food items are chosen as per consumer’s requirements.
The number of health-conscious consumers is increasing, which in turn fuels the demand for healthier options in baking products. The trend has picked pace since consumers around the world are seeking a healthy lifestyle. Experts believe it to have long-term impact on consumers’ purchase behavior.
The prevailing trend also has resulted in spurt in the number of artisan bakeries. Artisan bakeries use various vegan flavors to cater to the demand for healthy and high quality bakery products. The consumption of high quality vegan bakery products is growing, which is resulting in the positive growth of vegan flavors market.
Marketing and Promotional Strategies Creating Lucrative Opportunities in Vegan Flavor Market
In the highly competitive vegan flavor market, it becomes necessary to focus on promotional strategies. Monitoring target consumers and using proper promotional strategies are the most important aspects, which can help to improve the sales of vegan flavors.
There are many consumers who do not have any information about the available vegan flavors, and thus, prefer other available options. Providing vegan flavor specific product brochures and developing customized services are expected to create growth opportunities for the vegan flavors market.
The increasing number of vegan influencers will have a significant impact on the sales of vegan flavor products. There are many vegan influencers who are spreading awareness regarding health benefits associated with vegan products on Instagram, Facebook, Pinterest, YouTube, and blogs. This is expected to have a positive influence on the overall market.
Several companies are partnering with these influencers to get an authentic review about their product and increase awareness regarding the same.
Focus on the Specific Needs of F&B Manufacturers
Key players in the vegan flavors market such as International Flavours and Fragrances, Inc., Sensient Technologies Corporation, Symrise AG, and others are focusing on customizing vegan flavors to enhance their sales prospects. They are hiring special professionals to study consumers’ trends and requirements, besides setting up creative centers around the world. Through this, they intend to understand the regional flavor trends and develop innovative products accordingly.
Acquisition also remains one of the key strategies adopted by the market players. Strategic collaborations and acquisitions give them scope to expand geographic footprint as well as product portfolio. The market has witnessed a spurt of acquisitions in the last few years.
- In July 2017, McCormick & Company, Inc. acquired the food division from the Reckitt Benckiser Group PLC for US$ 4.2 billion. The acquisition helped the company to strengthen its position in the condiment and flavor segment.
- In July 2018, the Sensient Technologies Corporation acquired Mazza Innovation Limited. The acquisition provided an umbrella technology and extraction technology to Sensient Technologies Corporation which supports applications in both flavors & fragrances and color segments. Due to the use of technologies the efficiency in production increased.
- In May 2019, Givaudan SA acquired a Vietnamese flavor company named Golden Frog, with the aim of expanding its product portfolio. Golden Frog manufactures natural flavors and extracts essential oils for the consumers in the ASEAN region.
West is Dominator and the East is the Rising Star: Vegan Flavors Regional Analysis
While Europe and North America are deemed as leading markets for vegan flavors, East Asia and South Asia are anticipated to exhibit higher growth prospects.
Europe and North America accounts for more than 60% of the global vegan flavor market. These regions will continue to lead in global vegan flavor market in forecast period.
According to Plant Proteins Co., U.S. retail sales of plant-based foods have increased 11% from 2018 to 2019. This creates ample opportunities for the expansion of the vegan flavors market in U.S and Canada.
The increasing health consciousness amongst consumers is a key factor bolstering veganism in Asia Pacific. Inevitably this would boost growth prospects for vegan flavors market.
In the Middle East & Africa, consumption of animal based products is high as well as awareness of vegan products is limited due to which vegan flavor market is expected to grow at a slow pace.
Regardless of difference in consumer preferences across key regions, there is more or less similarity in the variance of product pricing. The price of fruit based vegan flavor is higher than vegetable, fusion and herbs and spice vegan flavors.
Key players are launching various unique vegan flavors in these regions and investing in research and development to launch innovative products in the future.
Top Vegan Flavors Brands in the Market
Several big brands such as McCormick, 360 Nutrition, Accent, Alovitox, Colgate, and Earth Balance are now going organic, gluten-free and GMO free, subsequently driving vegan flavors market.
With an estimated 60+ vegan flavors players with personalized packaging, innovative flavors, and variety of claims including clean-label claims.
Following list of brands are commonly preferred brands around the globe in vegan flavors category:
- Beyond Fresh
- California Gold Nutrition
- Crook & Marker
- Feel Great 365
- Foreal Foods
- Honey Badger
- Ice Chips
- Lifetime Vitamins
- Marcia Boothby
Below are some of the key players in the vegan flavors market:
- 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
- Firmenich SA
- Takasago International Corporation.
*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis available in the report
Vegan Flavors: Future Tastes Good
Governments of various countries have designed dietary guidelines to encouraging healthy food choices. A few European countries such as the U.K, Sweden, Netherlands and France and others have established new dietary guidelines, which suggest that individuals should decrease the consumption of meat and dairy products. The support from government is encouraging consumers to include vegan products in their daily diet.
This has also impelled manufacturers to focus on the production of various vegan meat alternatives that can satisfy the requirements of the customers. The use of vegan flavors is rising by key players in food and beverage industry as they focus on producing innovative vegan products.
The rising prevalence of lactose intolerance is one of the chief drivers of veganism. Evidently it has a strong influence on the vegan flavors market as well. This, coupled with strategies adopted by manufacturers aimed at expanding their distribution network, will boost vegan flavors market.
FAQ about the Market
What factors are driving the demand for Variable Data Printing?
Increasing adoption of interactive label & tag printers for enhanced printing quality and durability of prints grows the demand for variable data printing.
Which is the major restraint hampering the growth of the market?
High costs of printing systems and lack of R&D expenditure hampering the growth of the variable data printing market.
Which is the most preferred by end-use industries for Variable Data Printing?
Retail & CPG is the most preferred by end-use industries for variable data printing.
Which application area of Variable Data Printing is experiencing the highest growth?
Barcodes/QR code labels printing is experiencing the highest growth in the variable data printing market.
Which sectors are companies tapping for new growth opportunities?
Food & Beverage, Pharmaceuticals, and Electronics & Electrical sectors in which companies tapping for new growth opportunities.
What are the key focus areas of manufacturers for market consolidation?
The major manufacturers in the market are focusing on RFID printer to diversify their product portfolios and providing value added products to their consumers.
Vegan Flavors Market: Global Industry Analysis 2015-2019 & Opportunity Assessment 2020-2030
A recent market study published by Future Market Insights on the Vegan Flavors market offers global industry analysis for 2015-2019 & opportunity assessment for 2020–2030. The study offers a comprehensive assessment of the most important market dynamics. After conducting a thorough research on the historical, as well as current growth parameters of the Vegan Flavors market, the growth prospects of the market are obtained with maximum precision.
The global Vegan Flavors market is segmented in detail to cover every aspect of the market and present complete market intelligence to readers.
Chapter 01 - Executive Summary
The executive summary of the Vegan Flavors market includes the market proprietary wheel of fortune, demand-side and supply-side trends, opportunity assessment, and recommendations on the global Vegan Flavors market.
Chapter 02 – Market Overview
Readers can find the detailed segmentation and definition of the Vegan Flavors market in this chapter, which will help them understand basic information about the Vegan Flavors market. This section also highlights the inclusions and exclusions, which help the reader understand the scope of the Vegan Flavors market report.
Chapter 03 – Market Background
The associated industry assessment of the Vegan Flavors market is carried out in this section. The macroeconomic factors affecting growth of the Vegan Flavors market are provided in this section and the impact of these macroeconomic indicators on the Vegan Flavors market is analyzed. The processing overview and technological advancements in the Vegan Flavors market is also provided.
Chapter 04 - Global Vegan Flavors Market Value Chain
Profit margins at each level of the Vegan Flavors market are analyzed and readers can find detailed information on top importers and exporters as well as the value chain of the Vegan Flavors market.
Chapter 05 – Market Dynamics
The drivers and restraints impacting the growth of the Vegan Flavors market are explained in this chapter. Opportunities and ongoing trends in the Vegan Flavors market are also comprehensively discussed.
Chapter 06 – Global Vegan Flavors Market Demand Analysis and Forecast 2015-2030
This chapter includes detailed analysis of the historical Vegan Flavors market (2015-2019), along with an opportunity analysis for the forecast period (2020-2030). Readers can also find the absolute $ opportunity for the current year (2020 – 2021) and incremental opportunity for the forecast period (2020-2030).
Chapter 07 – Global Vegan Flavors Market - Pricing Analysis
This chapter includes global as well as regional pricing analysis by source. The pricing influencing factors are also explained in this chapter. The readers can understand the manufacturer level, distributor level as well as retail level pricing analysis for 2020 and 2030.
Chapter 08 – Global Vegan Flavors Market Analysis 2015-2019 & Forecast 2020-2030 by Source
Based on source, the Vegan Flavors market is segmented into vegetables, fruits and others, fusion, and herbs and species in this chapter, readers can find information about key trends and developments in the Vegan Flavors market and market attractiveness analysis based on raw material.
Chapter 09 – Global Vegan Flavors Market Analysis 2015-2019 & Forecast 2020-2030 by Form
Based on form, the Vegan Flavors market is segmented into liquid and powder. In this chapter, readers can find information about key trends and developments in the Vegan Flavors market and market attractiveness analysis based on raw material.
Chapter 10 – Global Vegan Flavors Market Analysis 2015-2019 & Forecast 2020-2030 by Application
Based on application, the Vegan Flavors market is segmented into food industry, beverage industry, pharmaceutical industry and others. The food industry is further segmented into processed food, dairy, confectionery and bakery. The beverage segment is segmented into energy drinks, flavored drinks and fruit juices. In this chapter, readers can find information about key trends and developments in the Vegan Flavors market and market attractiveness analysis based on raw material.
Chapter 11 – Global Vegan Flavors Market Analysis 2015-2019 & Forecast 2020-2030 by Region
This chapter explains how the Vegan Flavors market is anticipated to grow across various geographic regions such as North America, Latin America, Europe, South Asia, East Asia, Oceania, and Middle East and Africa.
Chapter 12 – North America Vegan Flavors market Analysis 2015-2019 & Forecast 2020-2030
This chapter includes a detailed analysis of the growth of the Vegan Flavors market in North America, along with a country-wise assessment that includes the U.S. and Canada. Readers can also find regional trends, regulations, and market growth based on end users and countries in the North America region.
Chapter 13 – Latin America Vegan Flavors market Analysis 2015-2019 & Forecast 2020-2030
Readers can find detailed information about several factors, such as the pricing analysis and regional trends, which are impacting growth of the Vegan Flavors market in Latin America. This chapter also includes growth prospects of the Vegan Flavors market in leading LATAM countries such as Brazil, Mexico, and the Rest of Latin America.
Chapter 14 –Europe Vegan Flavors market Analysis 2015-2019 & Forecast 2020-2030
Important growth prospects of the Vegan Flavors market based on its end users in several countries such as Germany, U.K., France, Italy, Spain, BENELUX, Nordic, Russia, Poland, and the Rest of Europe are included in this chapter.
Chapter 15 – South Asia Vegan Flavors market Analysis 2015-2019 & Forecast 2020-2030
In this chapter, readers can find information about key trends and developments in the key countries of South Asia such as India, Thailand, Malaysia, Indonesia, Singapore, and Rest of South Asia Vegan Flavors market.
Chapter 16 – East Asia Vegan Flavors market Analysis 2015-2019 & Forecast 2020-2030
This chapter includes a detailed analysis of the growth of the Vegan Flavors market in the East Asia region, along with a country-wise assessment that includes, Japan, China, and South Korea. Readers can also find regional trends, regulations, and market growth based on end users and countries in the East Asia.
Chapter 17 – Oceania Vegan Flavors market Analysis 2015-2019 & Forecast 2020-2030
This chapter offers insights into how the Vegan Flavors market is expected to grow in major countries in the Oceania such as Australia and New Zealand, during the forecast period 2020-2030.
Chapter 18 – Middle East & Africa Vegan Flavors market Analysis 2015-2019 & Forecast 2020-2030
This chapter contains information about the market growth of Vegan Flavors in Middle East region such as GCC Countries, South Africa, North Africa, and the Rest of Middle East, during the forecast period 2020-2030.
Chapter 19– Market Structure Analysis
In this chapter, readers can find detailed information about tier analysis and market concentration of the key players in the Vegan Flavors market along with their market presence analysis by region and product portfolio.
Chapter 20 – Competition Analysis
In this chapter, readers can find a comprehensive list of leading manufacturers in the Vegan Flavors market, along with detailed information about each company, which includes company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured in the report 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.
Chapter 21 – Assumptions and Acronyms
This chapter includes a list of acronyms and assumptions that provide a base to the information and statistics included in the Vegan Flavors report.
Chapter 22 – Research Methodology
This chapter helps readers understand the research methodology followed to obtain various conclusions, as well as important qualitative and quantitative information, on the Vegan Flavors market.
Types and Primary Research Splits (%)