Global Market Study on Plant-based Flavors: Rising Vegan and Organic Trend Bolstering Demand


Plant Based Flavors  Market
  • Published On : May-2020 |
  • Pages : 270 Pages |
  • Format : Plant Based Flavors  Market Plant Based Flavors  Market Plant Based Flavors  Market Plant Based Flavors  Market

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.

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.

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.

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.

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.

Analysts’ Viewpoint

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.

Plant-based Flavors Market: Scope of the Report

The latest report by Persistence Market Research on the global plant-based flavors market evaluates the opportunities and current market scenario, providing insights and updates about the corresponding segments involved in the global plant-based flavors market over the forecast period of 2020-2030. The report provides detailed assessment of key market dynamics and comprehensive information about the structure of the global plant-based flavors market. This market study contains exclusive insights into how the global plant-based flavors market is anticipated to grow over the forecast period.

The primary objective of the global plant-based flavors market report is to provide insights regarding opportunities in the market that are supporting the transformation of global businesses associated with plant-based flavors. It is very important to consider that, in an ever-wavering economy, we provide estimated (Y-o-Y) year-on-year growth rate in addition to the compound annual growth rate (CAGR) for overall forecasts, enabling readers to better understand the analysis and evaluation of the global plant-based flavors market, and to discover lucrative opportunities in the market.

This study also provides an estimate of the global plant-based flavors market size and corresponding revenue forecasts carried out in terms of absolute $ opportunity. It also offers actionable insights based on the future trends in the plant-based flavors market. Furthermore, new and emerging players in the global plant-based flavors market can make use of the information presented in the study to make effective business decisions, which will provide momentum to their businesses and the global plant-based flavors market.

The study is relevant for manufacturers, suppliers, distributors, and investors in the global plant-based flavors market. All stakeholders in the global plant-based flavors market, as well as industry experts, journalists, and business researchers can leverage the information and data represented in PMR’s study.

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.

Source

Form

Application

Region

Vegetables

Liquid

Food Industry

  • Processed Food
  • Dairy
  • Bakery
  • Confectionery

North America

Fruits & Others

Powder

Beverage Industry

  • Flavored Drinks
  • Energy Drinks
  • Fruit Juices

Latin America

Fusion

Pharmaceutical Industry

Europe

Herbs & Spices

Others (Animal Feed, Oral & Personal Care, Dietary Supplements, & Tobacco)

South Asia

East Asia

Oceania

Middle East & Africa

Key Questions Answered in PMR’s Global Plant-based Flavors Market

  • Which region will hold the highest market share in the global plant-based flavors market over the forecast period?
  • Which region is experiencing the highest growth (CAGR)?
  • Which factors are impacting the global plant-based flavors market?
  • What are the global trends impacting the plant-based flavors market?
  • What strategies must emerging players adopt to capture the opportunities in various regions in the plant-based flavors market?
  • What is the market structure of the global plant-based flavors market?

Global Plant-based Flavors Market: Research Methodology

Persistence Market Research is committed to providing unbiased market research solutions to its clients. PMR follows a robust methodology in the deduction of data included in this report. A unique research methodology is utilized to conduct extensive research on the global plant-based flavors market and reach conclusions about the future growth factors of the plant-based flavors market. The research methodology uses primary research methods coupled with secondary research methods, which ensures the accuracy and reliability of the conclusions in this report.

A demand-side approach is followed to estimate the sales of target products, followed by an in-depth supply-side assessment of value generated, key trends, and events over a predefined period. This methodology is based on the use of standard market structures, methods, and definitions that are based on inputs from local sources in over seven regions, i.e. North America, Latin America, Europe, South Asia, East Asia, Oceania, and the Middle East & Africa, which PMR considers for segmenting the global market. Statistics, characteristics, and variances are collected at a regional level, aggregated at the same level, and then synthesized at a worldwide level to create global market measurements. Our main sources of research include-

  • Primary Research
  • Secondary Research
  • Trade Research
  • Social Media Research

Companies covered in Plant Based Flavors Market Report

  • 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. 
  • Mane SA 
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