Rise in adoption of plant-based diets for health,
environmental, and ethical reasons, coupled with advancements in
flavor technology to replicate animal-derived tastes, are major
factors driving the growth of the vegan flavor
market.
WILMINGTON, Del., Aug. 8, 2024
/PRNewswire/ -- Allied Market Research published a report,
titled, "Vegan Flavor Market by Type (Fruit
Flavors, Botanical Flavors, Nut/seed Flavors and Others), Form
(Liquid Flavors and Powdered Flavors), and Application (Food
& beverages, Bakery & Confectionery, Plant-based Dairy
& Frozen Desserts and Savory Products): Global Opportunity
Analysis and Industry Forecast, 2024-2034". According to the
report, the vegan flavor market was valued at $10.4 billion in 2023, and is estimated to reach
$15.6 billion by 2034, growing at a
CAGR of 3.9% from 2024 to 2034.
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Brochure: https://www.alliedmarketresearch.com/request-sample/A279675
Prime determinants of growth
The growth of the vegan flavor market is primarily driven by a
surge in plant-based diets, influenced by health consciousness,
environmental concerns, and ethical considerations. Innovations in
flavor technology enable the creation of diverse and appealing
vegan flavor profiles, meeting the demand for meat, dairy, and
seafood alternatives. Moreover, factors such as regulatory support
for transparent labeling and the development of plant-based
products further drive market growth. As consumers increasingly
seek sustainable and cruelty-free food options, the vegan flavor
market is positioned for continued expansion, catering to a growing
global population embracing plant-centric lifestyles.
Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2033
|
Base
Year
|
2023
|
Market Size in
2023
|
$10.4
Billion
|
Market Size in
2033
|
$15.6
Billion
|
CAGR
|
3.9 %
|
No. of Pages in
Report
|
380
|
Segments
Covered
|
Flavor Type, Form,
Application, And Region.
|
Drivers
|
Rise In Vegan
Population
|
Health And Wellness
Trends
|
Expansion Of Vegan Food
Industry
|
Opportunities
|
Product
Diversification
|
Functional and
Nutritional Benefits
|
Restraints
|
Taste And Texture
Limitations
|
Segment Highlights
The demand for fruit flavors is driven by several factors.
Fruits are inherently vegan and widely recognized for their natural
sweetness and vibrant taste profiles, making them a popular choice
for flavoring various food and beverage products. Additionally,
fruit flavors offer versatility, as they can be used in a wide
range of applications, from dairy alternatives to snacks and
desserts, enhancing the sensory experience of plant-based foods.
Moreover, consumer preferences for clean labels and natural
ingredients drive the demand for fruit flavors, as they are
perceived as healthier alternatives to artificial flavors. With the
rising interest in health-conscious and plant-based diets,
manufacturers are increasingly incorporating fruit flavors into
their products to meet consumer expectations and capitalize on the
growing market for vegan options.
The demand for liquid flavors is influenced by multiple factors.
Liquid flavors are the most dominating segment in the vegan flavor
market due to their versatility, ease of use, and ability to
deliver intense and consistent flavor profiles. Liquid flavors
offer manufacturers greater flexibility in formulation, allowing
for precise control over flavor intensity and distribution
throughout the product. This makes them particularly well-suited
for a wide range of applications, including beverages, dairy
alternatives, confectionery, and baked goods. Furthermore, liquid
flavors are highly stable and have a longer shelf life compared to
other forms, such as powders or extracts, ensuring product
consistency and quality over time. Additionally, liquid flavors can
easily be customized to meet specific dietary requirements and
flavor preferences, making them a preferred choice for vegan
products.
The food & beverages dominated the application segment. The
food and beverages segment is the most dominant in the vegan flavor
market due to the widespread adoption of plant-based diets and the
increasing demand for vegan-friendly options in these categories.
As consumers become more health-conscious and environmentally
aware, they are seeking alternatives to traditional animal-derived
products, driving the need for flavorful plant-based alternatives.
Moreover, Within the food and beverages industry, vegan flavors
play a crucial role in enhancing the taste, aroma, and overall
sensory experience of plant-based products. From meat substitutes
and dairy alternatives to snacks, desserts, and beverages, vegan
flavors are used across a wide range of applications to replicate
the flavors of animal-derived ingredients while catering to the
preferences of vegan and non-vegan consumers alike.
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Regional Outlook
North America has witnessed a
significant shift toward plant-based diets driven by health
consciousness, environmental concerns, and ethical considerations.
This cultural shift has created a robust demand for vegan-friendly
products, including flavors, across various industries. Moreover,
North America boasts a thriving
food and beverage industry known for its innovation and product
development capabilities. Major players in the region are
increasingly investing in research and development to create
sophisticated vegan flavor profiles that closely mimic the taste
and aroma of animal-derived ingredients. Furthermore, North America benefits from a well-established
infrastructure supporting the production, distribution, and
marketing of vegan products. The region's extensive network of food
manufacturers, retailers, and e-commerce platforms provides ample
opportunities for vegan flavor companies to reach a wide audience
of consumers.
Players: -
- Givaudan S.A.
- Symrise
- International Flavors & Fragrances
- Firmenich
- Takasago International Corporation
- Lallemand Bio-Ingredients
- Kerry Group
- Sensient Technologies Corporation
- Philadelphia Cream Cheese
- Robertet Group
The report provides a detailed analysis of these key players in
the global vegan flavor market. These players have adopted
different strategies such as new product launches, collaborations,
expansion, joint ventures, agreements, and others to increase their
market share and maintain dominant shares in different regions. The
report is valuable in highlighting business performance, operating
segments, product portfolio, and strategic moves of market players
to showcase the competitive scenario.
Recent Development:
- In March 2023, Lallemand
Bio-Ingredients (LBI), which includes Lallemand Bio-Products,
participated in the International Food & Drink Event (IFE)
Manufacturing in London. During
the event, Janusz Wielich, the Sales
Director for savory products in the EMEA-APAC region, discussed the
company's offerings with FoodIngredientsFirst. Wielich highlighted
LBI's vegan cheese flavors and allergen-free soy flavor,
emphasizing their commitment to providing food processors with
wholesome and sustainable yeast components. LBI Savory Ingredients
aims to support food processors by offering high-quality
ingredients that meet the growing demand for plant-based and
allergen-friendly options.
- In July 2023, Philadelphia Cream
Cheese launched three fresh plant-based cream cheese varieties:
original, chive & onion, and strawberry. These flavors are free
from dairy, gluten, lactose, and artificial dyes, making them
suitable for a wide range of dietary preferences. In addition, they
are certified kosher. The plant-based spread is crafted using a
blend of faba bean protein, coconut oil, and potato starch,
offering consumers a delicious and versatile alternative to
traditional cream cheese options.
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Inquiry: https://www.alliedmarketresearch.com/purchase-enquiry/A279675
Report Review:
Definition
The vegan flavor market encompasses a range of plant-based
flavoring agents used to enhance the taste and appeal of food and
beverages without using any animal-derived ingredients. These
flavors are derived from natural sources such as fruits,
vegetables, herbs, spices, and other botanicals. Vegan flavors are
pivotal in the development of plant-based food products, ensuring
they meet the taste expectations of consumers who follow vegan,
vegetarian, or flexitarian diets.
One Driver:
Increasing Adoption of Plant-Based Diets
A significant driver of the vegan flavor market is the growing
adoption of plant-based diets. Consumers are increasingly shifting
towards veganism and vegetarianism, driven by health, ethical, and
environmental concerns. The health benefits associated with
plant-based diets, such as reduced risk of chronic diseases and
improved overall well-being, are well-documented, prompting more
individuals to reduce or eliminate animal products from their
diets. This trend has led to a surge in demand for flavorful and
appealing plant-based food products, thereby boosting the vegan
flavor market.
One Opportunity: Innovation in Flavor
Development
Innovation in flavor development presents a notable opportunity
for the vegan flavor market. Companies are investing in research
and development to create authentic and diverse flavor profiles
that cater to the evolving tastes of consumers. The introduction of
fusion flavors, which blend elements from different culinary
traditions, and the development of flavors that mimic traditional
meat and dairy products, are examples of how innovation is driving
the market. This trend not only broadens the range of vegan
products available but also enhances their appeal to a wider
audience, including non-vegans looking to diversify their diet.
Future Growth Prospects
The future growth prospects of the vegan flavor market are
promising. Factors such as increasing consumer awareness of
the environmental impact of animal agriculture, ethical concerns
regarding animal welfare, and the ongoing cultural shift towards
healthier lifestyles are expected to sustain this growth.
North America, particularly
the United States, is anticipated
to remain a significant market due to the mainstream adoption of
plant-based diets and robust food industry infrastructure.
Additionally, the market in regions like China is set to expand, driven by government
initiatives promoting sustainable food production practices.
In summary, the vegan flavor market is on a robust growth
trajectory, driven by rising consumer demand for plant-based diets
and continuous innovation in flavor development. The market's
future looks promising, with ample opportunities for companies to
tap into evolving consumer preferences and expand their product
offerings.
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