Global Market Study on Vegan Flavors - Explosion of Veganism Fostering Demand


Vegan Flavors  Market
  • Published On : Sep-2019 |
  • Pages : 320 Pages |
  • Format : Vegan Flavors  Market Vegan Flavors  Market Vegan Flavors  Market Vegan Flavors  Market

Rising vegan population in various regions across the world is estimated to be the most prominent driver for the vegan flavors market. According to Google Trends, vegan trend increased four times in the period 2012-2017. Moreover, increasing awareness is a key factor for growth in veganism. Today’s consumers are becoming more aware about environmental and health-effects caused by the consumption of animal-based food, and thus, prefer the use of plant-based products. As the vegan population continues to be on the rise, manufacturers in the food and beverage industry are investing significant amount of their profits in the development of vegan products, thereby fulfilling the newer demands. Due to these factors, the demand for vegan flavors is estimated to increase at significant rate in the foreseeable future.

For instance, in 2019, Baskin-Robbins launched two vegan flavors, Chocolate Extreme and Chocolate Chip Cookie Dough, in the U.S. to provide vegan ice-cream options to its consumers.

Government Regulations and Support Expected to Propel the Demand for Vegan Flavors

Various governments are taking strict measures to reduce the consumption of meat and to promote veganism. In some regions, governments have developed new dietary guidelines to decrease the consumption of animal-based products, which further reduces the risk of certain health problems. The development of such guidelines enhances the confidence of the consumers, which further promotes veganism and vegetarianism among the population. Also, because of such guidelines, manufacturers in food and beverage industries have developed meat-free substitutes to highlight their presence. Therefore, these factors are expected to have a promising impact on the vegan flavors market.

Developing Customized Vegan Flavors - Strategy to Enhance Sales

Major market players are focusing on developing customized vegan flavors to enhance their sales. Companies such as Sensient Technologies Corporation and International Flavors & Fragrances offer customized flavors to meet the requirements of the consumers. Additionally, several companies have employed special professionals to study consumer requirements and trends across the globe. There are some companies that have a large product portfolio, which include categories such as non-GMO flavors, organic flavors, clean-label flavors, etc., to target consumers. Such strategies are anticipated to have a positive impact on the vegan flavors market.

vegan flavors market

Europe and North America Remain Significant Shareholders in the Vegan Flavors Market

Established regions such as Europe and North America have a prominent share in the vegan flavors market. In 2019, these regions are forecast to collectively account for more than 50% of the vegan flavors market share. Rising vegan population, presence of major food and beverage industry players, and consumer preferences are some of the major reasons for the high demand of vegan flavors in these regions. The vegan flavors market in North America is estimated to grow at a CAGR of ~3.0% while Europe is expected to have growth of ~4.0% during the forecast period.

The vegan flavors market is anticipated to grow at a high rate in both East Asia and South Asia during the forecast period. Increasing awareness, changing lifestyles, urbanization, and other economic factors are estimated to drive the vegan flavors market growth in these regions. Major industry players are focusing on emerging countries such as China, India, etc., to increase their sales of vegan flavors. The vegan flavors market in East Asia is estimated to grow at a CAGR of ~7.0%, while the growth is expected to be ~8.0% in the South Asia region.

Analysts’ Viewpoint

A detailed study on the global vegan flavors market concludes that the market is estimated to grow at a moderate rate. North America and Europe remain the leading shareholders in the vegan flavors market during the forecast period. Consumers prefer the use of healthy food products but at the same time they are not willing to compromise on the flavor. Increasing number of adventurous consumers is also a factor that is revolutionizing the food and beverage industry. Adventurous consumers are the ones willing to try something new. These consumers prefer to try new flavors and food products. Therefore, manufacturers are trying to launch healthy products with exotic flavor options to attract consumers, which is estimated to further fuel the vegan flavors market. However, volatile prices of raw materials and changing consumer preferences are estimated to hinder the vegan flavors market growth

The recent market report by PMR on the global vegan flavors market assesses the current market scenario and opportunities and also offers insights about the various segments that are present in the vegan flavors market during the forecast period 2019-2029. The study includes a comprehensive study on the key market dynamics and an exhaustive analysis of vegan flavors market. This report provides detailed analysis about the growth of the vegan flavors market in various regions across the globe during the forecast period.

A detailed profile of the market participants in the vegan flavors market is present in the report which includes, product portfolio, regional presence, company description, and many more details. The main objective of the study is to provide details about the opportunities and the current market trends that are driving the vegan flavors market. It is significant to consider that in an ever-changing economy, we provide the estimated (Y-o-Y) year-on-year growth rate in addition to the compound annual growth rate (CAGR) for the overall forecast, for better understanding of the analysis and evaluation of the global vegan flavors market, and to discover equitable opportunities.

The study is relevant for all manufacturers, suppliers, distributors, and investors in the global vegan flavors market. This report will offer them the required information to boost their growth in the market. All the stakeholders in the global vegan flavors market, investors, industry experts, researchers, journalists as well as business researchers can leverage the information and data represented in PMR’s study.

Key Segments of the Global Vegan Flavors Market

PMR’s study on the global vegan flavors market provides details about four segments – source, form, end use, and region.

Source

Form

End Use

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 & Spice

Others

South Asia

East Asia

Oceania

Middle East & Africa

Key Questions Answered in PMR’s Global Vegan Flavors Market

  • What are the key factors that are driving the vegan flavors market?
  • What are the strategies that are adopted by key players in the vegan flavors market?
  • What are the major trends which are having a positive impact on the vegan flavors market?
  • Which region is estimated to grow at a high CAGR during the forecast period?
  • Which region has a dominant share in terms of value as well as volume in the global vegan flavors market?

Global Vegan Flavors Market: Research Methodology

PMR is committed to providing unbiased market research solutions to its clients. PMR follows a robust methodology for deducing the data that is included in this report. The unique research methodology is utilized to conduct extensive research on global vegan flavors market and reach conclusions on the future growth factors of the global vegan flavors market. The research methodology uses primary research methods coupled with the secondary research methods which ensure the accuracy and reliability of the conclusions.

A detailed study is done on the global flavors market to under the demand side and supply side trends. The global flavors market is further divided into various segments and sub-segments to understand the consumption of vegan flavors in the market. Also, the market is cross-referenced by understanding the recent production and consumption trends in specific regions. The prices have been obtained from manufacturers, distributors, and wholesalers for bulk quantities at a country-level. 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 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 includes:-

  • Primary Research
  • Secondary Research
  • Trade Research                                               

Companies covered in Vegan Flavors Market Report

Company Profiles:

  • Givaudan SA
  • International Flavors & Fragrances, Inc.
  • Symrise AG
  • Sensient Technologies Corporation
  • McCormick & Company, Inc. 
  • Takasago International Corporation
  • Döhler
  • Kerry Group
  • The Edlong Corporation 
  • Innova Flavors
  • Firmenich SA
  • Mane SA
  • Flavor Producers, LLC 
  • Gold Coast Ingredients, Inc. 
  • LorAnn Oils

 

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