The vegan flavor market was valued at $10.4 billion in 2023, and is projected to reach $15.6 billion by 2034, growing at a CAGR of 3.9% from 2024 to 2034.
Vegan flavors are food additives that are formulated using using plant-based ingredients such as fruits, vegetables, grains, nuts, seeds, and legumes, as well as a variety of herbs, spices, and natural flavorings. Vegan flavors not only cater to ethical and health-conscious consumers but also appeal to those seeking diverse and sustainable culinary experiences.
The growth of the global vegan flavor market is driven by increase in trend of veganism, which has led to innovative developments in vegan flavoring, making plant-based diets more diverse and appealing. According to the 2021 estimates of Redefine Meat - an innovative food technology company that specializes in creating plant-based meat alternatives - approximately 79 million individuals have adopted veganism across the world. Studies predict that merely 40% of the world will be meat eaters by 2040. Furthermore, rise in awareness of the health benefits associated with plant-based diets and increase in concerns about animal welfare and ethical considerations drive the demand for vegan products. Moreover, with increasing focus on sustainability and reducing carbon footprint, manufacturers are ensuring that vegan flavors are ethically and sustainably sourced, which is expected to notably contribute toward the growth of the market. In addition, promotion of vegan diets by celebrities and influencers is increasing the acceptance of vegan products, which acts as the key driving force of the global market. This has further increased the number of vegan restaurants across the globe. The top five vegan cities in the world include New York City, London, Los Angeles, Toronto, and Berlin. Among these, 200 vegan restaurants are established in London alone. The Vegan Society - a charity and the oldest vegan organization in the world - registers around 53,000 vegan products; among these, maximum are cosmetics than food. However, plant-based alternatives lack taste and texture as compared to conventional meat, which acts as a key deterrent factor of the global market. In addition, high cost of plant-based meat as compared to traditional meat restrains the market growth. On the contrary, implementation of stringent government regulations on animal cruelty and rise in awareness about its negative impact on the environment is anticipated to offer remunerative opportunities for the growth of the vegan flavor market. Increased funding and research into plant-based foods and flavors drive innovation and product development, which is expected to open new avenues for the expansion of the market during the forecast period.
The global vegan flavor market is segmented into flavor type, form, application, and region. On the basis of flavor type, the market is divided into fruit flavors, botanical flavors, nut/seed flavors, and others. As per form, it is bifurcated into liquid flavors and powdered flavors. Depending on application, it is segregated into food & beverages, bakery & confectionery, plant-based dairy & frozen desserts, and savory products. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, Latin America and Middle East and Africa.
As per form, the liquid flavor segment is anticipated to exhibit significant growth rate in the coming years.
Depending on application, the he food & beverages segment is projected to register notable growth during the forecast period.
Region wise, vegan flavors are likely to gain high prominence in North America in the near future.
Vegan flavors are food additives that are formulated using using plant-based ingredients such as fruits, vegetables, grains, nuts, seeds, and legumes, as well as a variety of herbs, spices, and natural flavorings. Vegan flavors not only cater to ethical and health-conscious consumers but also appeal to those seeking diverse and sustainable culinary experiences.
The growth of the global vegan flavor market is driven by increase in trend of veganism, which has led to innovative developments in vegan flavoring, making plant-based diets more diverse and appealing. According to the 2021 estimates of Redefine Meat - an innovative food technology company that specializes in creating plant-based meat alternatives - approximately 79 million individuals have adopted veganism across the world. Studies predict that merely 40% of the world will be meat eaters by 2040. Furthermore, rise in awareness of the health benefits associated with plant-based diets and increase in concerns about animal welfare and ethical considerations drive the demand for vegan products. Moreover, with increasing focus on sustainability and reducing carbon footprint, manufacturers are ensuring that vegan flavors are ethically and sustainably sourced, which is expected to notably contribute toward the growth of the market. In addition, promotion of vegan diets by celebrities and influencers is increasing the acceptance of vegan products, which acts as the key driving force of the global market. This has further increased the number of vegan restaurants across the globe. The top five vegan cities in the world include New York City, London, Los Angeles, Toronto, and Berlin. Among these, 200 vegan restaurants are established in London alone. The Vegan Society - a charity and the oldest vegan organization in the world - registers around 53,000 vegan products; among these, maximum are cosmetics than food. However, plant-based alternatives lack taste and texture as compared to conventional meat, which acts as a key deterrent factor of the global market. In addition, high cost of plant-based meat as compared to traditional meat restrains the market growth. On the contrary, implementation of stringent government regulations on animal cruelty and rise in awareness about its negative impact on the environment is anticipated to offer remunerative opportunities for the growth of the vegan flavor market. Increased funding and research into plant-based foods and flavors drive innovation and product development, which is expected to open new avenues for the expansion of the market during the forecast period.
The global vegan flavor market is segmented into flavor type, form, application, and region. On the basis of flavor type, the market is divided into fruit flavors, botanical flavors, nut/seed flavors, and others. As per form, it is bifurcated into liquid flavors and powdered flavors. Depending on application, it is segregated into food & beverages, bakery & confectionery, plant-based dairy & frozen desserts, and savory products. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, Latin America and Middle East and Africa.
Key Findings
On the basis of flavor type, the fruit flavors segment is expected dominate the market by 2034.As per form, the liquid flavor segment is anticipated to exhibit significant growth rate in the coming years.
Depending on application, the he food & beverages segment is projected to register notable growth during the forecast period.
Region wise, vegan flavors are likely to gain high prominence in North America in the near future.
Competition Analysis
Competitive analysis and profiles of the major players in the global vegan flavor market include Givaudan S.A, Symrise, International Flavors & Fragrances, Firmenich, Takasago International Corporation, Lallemand Bio-Ingredients, Kerry Group, Sensient Technologies Corporation, Philadelphia Cream Cheese, and Robertet Group. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the global market.Additional benefits you will get with this purchase are:
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Key Market Segments
By Type
- Fruit flavors
- Botanical flavors
- Nut/seed flavors
- Others
By Form
- Liquid flavors
- Powdered flavors
By Application
- Food beverages
- Bakery confectionery
- Plant-based dairy frozen desserts
- Savory products
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Thailand
- Malaysia
- Indonesia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Argentina
- Rest of LAMEA
Key Market Players
- Givaudan S.A
- Symrise
- International Flavors & Fragrances
- Firmenich
- Takasago International Corporation
- Lallemand Bio-Ingredients
- Kerry Group
- Sensient Technologies Corporation
- Philadelphia Cream Cheese
- Robertet Group
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET LANDSCAPE
CHAPTER 4: VEGAN FLAVOR MARKET, BY TYPE
CHAPTER 5: VEGAN FLAVOR MARKET, BY FORM
CHAPTER 6: VEGAN FLAVOR MARKET, BY APPLICATION
CHAPTER 7: VEGAN FLAVOR MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
- Givaudan S.A
- Symrise
- International Flavors & Fragrances
- Firmenich
- Takasago International Corporation
- Lallemand Bio-Ingredients
- Kerry Group
- Sensient Technologies Corporation
- Philadelphia Cream Cheese
- Robertet Group
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 380 |
| Published | July 2024 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value ( USD | $ 10.4 billion |
| Forecasted Market Value ( USD | $ 15.6 billion |
| Compound Annual Growth Rate | 3.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
