Vegan Flavors: Rapidly Rising Vegan Population Across Regions Catalyzing Market Growth | Global Market Study

Between the years 2015 to 2019, shipment of global vegan flavors grew 4.8%. High prevalence of plant-based food products is among the key driving factors for the market. The study also concludes that, in the food industry, 50-60% food is based on vegan flavors. Whereas, the beverage industry is also offering more products that are made by using of vegan flavors.

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Another promising factor is growing health consciousness among consumers, which is escalating the sales of plant-based food products. Historically, the health & wellness industry has performed prominently, and spending on health has witnessed substantial rise. According to the Global Wellness Institute, wellness expenditure was valued at at US$ 4.5 trillion and grew 6.4% annually from 2015-2017. The veganism and health & wellness trend, coupled, will accelerate the sales volume in the vegan flavors market over the coming years, and its market value is projected to expand at a CAGR of around 5% through 2030.

Top Companies: 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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As a consequence, the global vegan flavors market has witnessed substantial growth over the past few years, and this trend is expected to continue through the course of the forecast period (2020 to 2030). The market is estimated to rise at a steady CAGR of around 5% through the forecast period.

Key Takeaways from Vegan Flavors Market Study

By source, fruits & other sources of vegan flavor are witnessing a prominent market value share at more than 50%. The key contributing factor is higher utilization of fruit flavors in food & beverage products.

Among the application segments, the food industry is projected to experience substantial growth in global vegan flavors market over the forecast period. This is attributable to rapid rise in the consumption of vegan food products. Combined, the food & beverage industry literally rule this space, with more than 90% market share.

By form, the liquid segment is exhibiting the highest market value share at close to 60%. The liquid form of vegan flavors is easy and convenient to use in beverage products, where they are most widely utilized.

Government support in various countries such as the United Kingdom, France, Sweden, etc., is estimated to have a positive influence on the vegan flavors market across these regions.

North America and Europe hold around half the share of the global market, mainly on back of a high vegan population across these regions.

The growing impact of COVID-19 on various industries is expected to have a moderate impact on the progress of the vegan flavors market.

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Key Questions Answered in the Report

Which region will hold the highest market share in the global vegan flavors market during the forecast period?
Which region is experiencing the highest growth (CAGR)?
Which factors are impacting the global vegan flavors market?
Which are the global trends impacting the vegan flavors market?
What strategies must emerging players adopt to capture opportunities in various regions in this industry?
What is the market structure of the global vegan flavors market?
Research Methodology

Persistence Market Research is committed to providing unbiased market research solutions to its clients. Persistence Market Research follows a robust methodology for the deduction of data included in this report. A unique research methodology is utilized to conduct extensive research on the global vegan flavors market, and reach conclusions about the future growth factors of the market. The research methodology comprises 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 standard market structures, methods, and definitions that are based on inputs from local sources in over seven regions - North America, Latin America, Europe, South Asia, East Asia, Oceania, and the Middle East & Africa, which Persistence Market Research 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.
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