Vegan Flavors Market

Vegan Flavors Market is valued at USD 9.47 Billion in 2021 and expected to reach USD 14.43 Billion by 2028 with a CAGR of 6.2% over the forecast period.

Vegan Flavors Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027. Rising inclination towards vegan products, increasing awareness about animal cruelty along with change in climatic conditions are key driving factors for the growth of Vegan Flavors Market.

Scope:               

Food Flavors are the ingredients which alter or enhance the taste of any food item. They can be varied in terms of natural, artificial, vegan or non-vegan which exist in powder or liquid form. They are extracted from fruits, vegetables, yeast, herbs, meat, seafood, poultry, dairy and others in form of essential oil, essence, oleoresin and other similar form. As vegan products or Flavors are free from any animal flesh and other ingredients derived from them, therefore they are adopted widely as people are health conscience and working towards saving planet and animals. As per the study by Loma Linda University, Vegans have less greenhouse gas footprints by 41.7% than meat eaters and 13.9% smaller than vegetarians. A vegan also helps to save hundreds of animals annually and this adoption forcing food and Flavorsing industry to find the alternative Flavors solutions for vegan people.

The COVID-19 pandemic has affected overall economy with positive and negative impact on various industries. It is believed that corona virus has been generated naturally by combination of viruses in animal meat created awareness among foodies to follow vegan lifestyle. The lockdown has crashed the food industry due to gaps in supply chain and demand requirements. From food industry leaders to local outlets, all are depending on vegan products to increase their revenue. Daring Foods, U.S based startup has released 100% plant based chicken pieces. Vegan Fish is also trending with brands like Good Catch and Sophie’s Kitchen.

Key Players:

Some major key players for Global Vegan Flavors Market are -

• Sensient Technologies
• Flavors Dynamics
• Parker Products
• Archer Daniels Midland Company
• International Flavors & Fragrances
• Plamil Foods Ltd
• Symrise AG
• Amy's Kitchen Inc.
• Beyond Meat Inc
• Daiya Foods Inc
• Danone S.A
• others

Segmentation:

Global Vegan Flavors Market report is segmented on the basis of Type, Source, End-User, and Region & country level. Based upon Type, Global Vegan Flavors market is classified as Liquid form and Powder form. The market is classified on the basis of Source are Fruits, Vegetables and others. On the basis of End-User, market is divided as Dairy industry, Bakery industry, Beverage industry, Food product manufacturing, Pharmaceutical Industry and other.

By Type:

• Liquid Form
• Powder Form

By Source:

• Fruits
• Vegetables
• Others

By End-User:

• Dairy Industry
• Bakery Industry
• Beverage Industry
• Food Product Manufacturing
• Pharmaceutical Industry
• Other

The regions covered in this Global Vegan Flavors Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of Vegan Flavors is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia, Africa, etc.

Rising inclination towards vegan products, increasing awareness about animal cruelty along with change in climatic conditions are expected to enhance the market growth.

The major factors driving the growth of Global Vegan Flavors Market are increasing inclination towards plant-based products along with rising awareness towards vegan Flavors are expected to fuel the market growth. On the other hand, increasing awareness about animal cruelty and its negative impact on environment is also expected to have a positive impact on the vegan Flavors market. According to United Nation (UN), in order to save world from climate change, hunger and poverty, the key is to go vegan. Moreover, the companies are focused on getting various certification from regulatory bodies to stand out in vegan Flavors market. These certification include halal, kosher, non-GMO and others which helps the consumer to identify the products easily. However, meeting customer’s expectations and maintaining the vegan food in term of taste, Flavors, and appearance can be challenging and also a restraining factor in the market. New vegan trends like vegan drinks, vegan eggs, vegan seafood and vegan bakery can be a next huge sensation for vegan lovers and investing into new vegan Flavors can create big opportunities in the Vegan Flavors Market.

North America is dominating the Global Vegan Flavors Market

The global Vegan Flavors market is segmented into North America, Europe, Asia-Pacific and Rest of the World. North America is expected to dominate the Global Vegan Flavors Market within the forecast period attributed to highest sales and consumption rate of vegan food. In the U.S., more than 90% grocery stores are selling plant based meat products. Many local restaurants have switched their menu to 100% vegan Flavors. Europe is also expected to grow in vegan Flavors market due to adoption to veganism and prominent vegan startups taking over the market. Allplants, London based startup founded in 2017, raised £7.5 million in 2018 considered to be the largest Series A round for U.K vegan industry. 

News:

Vegan Flavors KitKat chocolate

February 17, 2021; Nestle, owner of KitKat brand announced the releasing of special vegan KitKat called KitKat V in some countries. Head of Confectionery of Nestle said that company fulfilled the wishes for common requests through social media. The candy is made with 100% sustainable cocoa and was developed by R&D center in York, U.K.

New Vegan Flavors Ice cream by Ben & Jerry

February 15, 2021; Ben & jerry launched Stephan Colbert’s Americone Dream Flavors in vegan version inspired by The Late Show. The ice cream is dotted with waffle cone pieces and caramel swirls with almond milk base and vanilla Flavors. Only the vegan option is prepared with all new vegan ingredients. The ice cream is expected to hit the shelves this week.

On Special Requirements Vegan Flavors Market Report is also available for the below Regions and Country:

North America

• U.S.
• Canada

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Switzerland
• Belgium
• Rest of Europe

Asia-Pacific

• South Korea
• Japan
• China
• India
• Australia
• Philippines
• Singapore
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Colombia
• Brazil
• Argentina
• Peru
• Rest of South America

The Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

  Report Coverage

Report Analysis	Details
Historical data	2015 - 2020
Forecast Period	2022 - 2028
Market Size in 2021:	USD 9.47 Billion
Base year considered	2020
Forecast Period CAGR %:	6.2%
Market Size Expected in 2028:	USD 14.43 Billion
Tables, Charts & Figures:	175
Pages	300
Key Players/Companies	Sensient Technologies, Flavors Dynamics, Parker Products, Archer Daniels Midland Company, International Flavors & Fragrances, Plamil Foods Ltd, Symrise AG , Amy's Kitchen Inc., Beyond Meat Inc, Daiya Foods Inc, Danone S.A, others.
Segments Covered	By Type, By Source, By End-User
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa