Plant-based Flavors Market to Expand 1.6X by 2030; Reduced Demand and Supply Chain Issues Due to Covid-19 Pandemic Affecting Market Growth
Published On : May 18, 2020
The global plant-based flavors market has been witnessing steady growth since the past few years, and this trend is projected to continue throughout the forecast period of 2020-2030, at a decent CAGR of 5%
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 factors driving demand. The demand for organic and plant-based flavors is anticipated to experience a profitable rise over the forecast years, owing to increasing consumer demand for healthier and organic products. As such, manufacturers in the plant-based flavors market are updating their inventories with organic products to cater to changing consumer trends and altering consumption patterns.
Covid-19 Pandemic Impact
As the effects of COVID-19 are felt around the world, food & beverage companies are facing significantly reduced consumption and supply chain disruption challenges. Plant-based flavors are mostly used by food & beverage and pharmaceutical manufacturers. At present, the production of food & beverage and pharmaceuticals has been hampered due to shortage of raw material, lack of manpower, and disrupted supply chains. International trade has also been badly affected, due to which, there is an impact on the trade and supply of plant-based flavors. These factors are expected to hamper the growth of the global plant-based flavors market in 2020.
Key Takeaways of Plant-based Flavors Market Study
- Plant-based flavors are used for the preparation of healthy as well as vegan snacks for health-conscious consumers, thus, boosting their demand globally.
- The organic segment, in terms of nature, is projected to register the highest CAGR in the global plant-based flavors market over the forecast period of 2020-2030.
- The beverage segment, under application, is projected to hold the highest share, and the food segment is expected to register significant growth by 2030.
- The plant-based flavors market in South Asia and East Asia is expected to register a healthy growth rate during the forecast period.
- Europe is the largest consumer of plant-based flavors. The continent has been badly affected by the COVID-19 virus, which has influenced the demand for plant-based flavors.
“Plant-based flavors are mainly used for beverage manufacturing such as flavored drinks, energy drinks, and fruit juices. Manufacturers of plant-based flavors could gain more profits by targeting processed food, bakery, dairy, and confectionery industries, says a PMR analyst.
Global Plant-based Flavors Market: Competitive Landscape
The main aim of the major market players is to design customized plant-based flavors to grow their sales. International Flavors and Fragrances, Inc. has special professionals that are employed to understand consumer trends and requirements all across the world. It has developed 22 creative centers around the world so as to understand regional flavor trends and develop innovative products accordingly. There are various other companies such as Sensient Technologies Corporation, Symrise AG, etc., that provide customized plant-based flavors to clients.
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Explore More Valuable Insights on Plant-based Flavors Market
Persistence Market Research, in its new report, offers an impartial analysis of the global plant-based flavors market, presenting historical data (2015-2019) and estimation statistics for the period of 2020-2030. The study offers compelling insights on the plant-based flavors market based on source (vegetables, fruits & others, fusion, and herbs & spices), form (liquid and powder), and application (food industry, beverage industry, pharmaceutical industry, and others), across seven regions.
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Plant Based Flavors Market
Global Market Study on Plant-based Flavors: Rising Vegan and Organic Trend Bolstering Demand
Global Market Study on Plant-based Flavors: Rising Vegan and Organic Trend Bolstering DemandRequest TOC