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- Plant-based Flavors Market is Segmented by Sources such as Vegetables, Fruits, Fusion, Herbs and Spices in various Forms such as Liquid and Powdered with applications such as Food Industry, Beverage Industry, Pharmaceutical Industry, Animal Feed, Oral and Personal Care, Dietary Supplements and Tobacco
Growing health concerns among consumers are estimated to serve as one of the major drivers for the growth of the plant-based flavors market over the next decade. As awareness is increasing among consumers, inclination toward the use of natural and animal-free products is rising.
Consumers are now more aware of the presence of antibiotics and hormones in some animal products, and the side-effects that are likely to occur due to the consumption of animal-based foods.
Thus, manufacturers in food and various other end-use industries are opting for the use of vegan flavors in products to increase sales among health-conscious consumers. This increasing knowledge among consumers is estimated to propel the growth of the plant-based flavors market through 2030.
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- International Flavors & Fragrances, Inc.
- Sensient Technologies Corporation
- Symrise AG
- Givaudan SA
- McCormick & Company, Inc.
- Takasago International Corporation
- Kerry Group
- Döhler Group SE
- The Edlong Corporation
- Innova Flavors
- Firmenich SA
- Flavor Producers, LLC
- LorAnn Oils
- Gold Coast Ingredients, Inc.
Health Halo Surrounding Organic & Plant-based Products
The demand for organic and plant-based products has been witnessing considerable growth, globally, over the past few years. Growing consumer awareness regarding the health benefits of organic and plant-based products and strong support from local companies for the development of such products are key driving factors.
The demand for organic plant-based natural flavors is anticipated to witness a profitable rise over the forecast years, owing to increasing consumer demand for healthier and organic products.
Manufacturers of plant-based flavors are thus updating their inventories with organic products to cater to changing consumer trends and altering consumption patterns. Besides, manufacturers are avoiding the use of genetically modified food products due to growing consumer concerns regarding the health adversities of genetically-modified food products.
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Plant-based Flavors – the Fastest-growing Culinary Trend
According to Google Trends, the plant-based flavor trend increased four times from 2012 to 2017. Also, according to a study conducted by the Plant-based Flavors Society in partnership with Plant-based Flavors Life magazine, in the U.K., the number of people identifying themselves using plant-based natural flavors has increased by 350% as compared to a decade ago.
Major reasons for the growth of the plant-based flavor-leaning population are increasing health awareness and rising concerns regarding animals. Manufacturers in the food & beverage industry are trying to develop plant-based flavor products to attract more such consumers.
- For instance, in July 2019, Baskin-Robbins launched two plant-based-flavored ice creams in the U.S. Such initiatives by manufacturers are estimated to increase sales in the plant-based flavors market space.
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Plant-based Meat Substitutes to Propel Demand for Flavors
Governments across various regions of the world have designed dietary guidelines to reduce meat consumption and avoid health problems related to it. In Europe, countries such as the United Kingdom, France, Sweden, and the Netherlands have developed new dietary guidelines, which recommend that, people should reduce their intake of meat and dairy products.
Such support increases the inclination of consumers toward the use of vegan products. Thus, companies are trying to develop various vegan meat substitutes that can fulfill the requirements of consumers. There are a variety of plant-based flavors that can offer the taste of meat, as well as various dairy products.
These can be used by manufacturers in the food industry to develop innovative products, as a result of which, the demand for plant-based flavors is estimated to increase during the forecast period.
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Regional Outlook of Plant-based Flavors Market
There has been a lot of change in the lifestyles of people across various regions of the world. Increase in disposable income, rising awareness, and increasing inclination toward healthy products are some of the factors that have brought about a change in consumer lifestyles.
Changing consumer habits create big scope for bringing in innovative products. Manufacturers in the food & beverage industry are looking for natural, healthy, and plant-based flavor ingredients to gain traction in the landscape.
Thus, manufacturers in the plant-based flavors market have the opportunity to establish themselves in emerging regions to increase their sales and profits.
Anticipated COVID-19 Impact on Plant-based Flavors Market
As the COVID-19 pandemic spreads across the world, the agriculture and food & beverage industry supply chain is stepping up to keep employees and consumers safe, while still providing vital equipment, services, commodities, feed, and food.
The COVID-19 pandemic has affected industries and economies across countries due to lockdowns, businesses shutdowns, travel bans, and suspension of international travel and trade.
The beverage industry has also been widely affected due to the outbreak, with consumers preferring to buy only essential goods rather than beverages and premium products. Plant-based flavors are mostly used in flavored drinks, energy drinks, and fruit juices.
All these beverage categories are suffering from reduced demand. Also, beverage manufacturers are facing challenges in production due to a lack of raw material, manpower, and disrupted supply chain. Thus, the growth of plant-based flavors market has been adversely affected over the last few months.
The global plant-based flavors market has been witnessing substantial growth. Key players in the global plant-based flavors market could gain additional profits by focusing on the production of application-specific plant-based flavors.
Also, manufacturers need to be focused on marketing the benefits of plant-based flavors among mid-size and local food & beverage manufacturers. Emerging economies in South Asia and East Asia will offer huge opportunities to key players in the global plant-based flavors market to expand the businesses and gain increased profits.
Global Plant-based Flavors Market: Segmentation
PMR’s study on the global plant-based flavors market offers information categorized into four segments - source, form, application, and region.
Key Questions Answered in Report
- How much is the plant-based flavors market worth?
The global plant-based flavors market is estimated to be worth US$ 5.9 Bn between 2021 and 2031.
- What will be the demand outlook?
The global plant-based flavors market is expected to witness a CAGR of 5.3% between 2021 and 2031.
- What was the last 5 year market CAGR?
The global plant-based flavors market witnessed a CAGR of 3.9% between 2015 and 2020.
- What are the key trends of plant-based flavors market?
The latest trend is that of multifunctional attributes like frozen desserts, convenience foods, bakery and confectionery, and meat products.
- What is driving the demand for plat-based flavors?
Excessive demand for clean label, non-GMO, and minimally processed products is driving the demand for plant-based flavors.
- What is the market share of top 5 players?
The top 5 players such as DuPont, Givaudan, Archer Daniels Midland, Kerry Group Plc, and International Flavors & Fragrances account for more than 30% of the overall market share.
- What are the top 5 countries driving demand?
The top 5 countries driving demand include the US, Switzerland, Ireland, Israel, and France.
- What is North America’s market Outlook?
North America will continue to account for more than 20% of the market share in terms of revenue due to the US.
- At what percentage plant-based flavors market is going to register growth in Europe?
Europe is expected to register growth at the rate of 3.5% in the plant-based flavors market between 2021 and 2031.
- Which are the key exporters of plant-based flavors?
Japan, France, Switzerland, and the US are the key exporters of plant-based flavors.