Future Rich Vegan Flavors Market is Expected to Grow US$ 12.7 Bn by 2030 | FMI Report - PowerPoint PPT Presentation

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Future Rich Vegan Flavors Market is Expected to Grow US$ 12.7 Bn by 2030 | FMI Report


Based on these trends, prominent manufacturers are scrambling to introduce organic, gluten-free and plant-based foods and claw their way into the vegan flavors market across the forecast period. – PowerPoint PPT presentation

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Title: Future Rich Vegan Flavors Market is Expected to Grow US$ 12.7 Bn by 2030 | FMI Report

Future Rich Vegan Flavors Market is Expected to
Reach US 12.7 Bn with CAGR of 4.8 by 2030 FMI
  • July 2020

Report Id REP-GB-11701 Published On  Jun
18,2020 Category Food and Beverages
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Future Rich Vegan Flavors Market Analysis
The global vegan flavors market is anticipated to
acquire significant momentum, expanding at a CAGR
of 5.0 during the forecast period 2020-2030
reaching nearly US 13 Bn by 2030-end. The shift
in dietary decisions, which began as a fringe
movement, is quickly gaining momentum across the
world, driven by increased adoption of healthier
diets in order to reduce the adverse impact of
meat production on the environment. Additionally,
increasing health-consciousness amid concerns
over the usage of synthetic flavors in
ready-to-eat foods is stimulating the
incorporation of vegan flavors.
Based on these trends, prominent manufacturers
are scrambling to introduce organic, gluten-free
and plant-based foods and claw their way into the
vegan flavors market across the forecast
period. As more consumers adopt the vegan
outlook towards consumption, market players are
augmenting their sales channels to reach a wider
audience. An example of this is the launch of
vegan only shopping website by Sensient
Technologies Corporation. According to FMI's
analysis, consumers are willing to pay premium
prices for vegan products, expanding sales and
yielding positive outcomes for the market players.
Future Rich Vegan Flavors Market Analysis
  • Key Takeaways from FMI's Report on Vegan Flavors
  • Plant-based bakery and confectionary products
    shall tower over other food items
  • Liquid-based vegan flavor concentrates captured
    more than 3/5th of the production share over
    powdered ones in 2019
  • Fruit-sourced vegan flavors comprised 80 of the
    market share in 2019
  • Europe and North America to remain dominant
    regions, East Asia emerges as the rising sun
  • Rising prevalence of lactose intolerance amongst
    adults across various regions is one of the chief
    drivers of veganism
  • Vegan Flavors Market Key Trends
  • Global vegan flavors market shall surpass a value
    of US 7.9 Bn by 2020-end
  • The presence of small, medium and large scale
    enterprises makes the vegan flavors market a
    highly competitive one
  • Artisan bakeries are becoming increasingly
    popular in the vegan flavors market. This is
    because consumers can customize their flavor
    requirements themselves while purchasing a food
  • Surging animal rights activism and promotion of
    animal welfare is boosting adoption of vegan
    flavors across the world

Future Rich Vegan Flavors Market Analysis
  • Vegan Flavors Market Region-wise Analysis
  • North America and Europe shall retain market
    dominance across the forecast period. Growing
    health consciousness is a key driver.
  • According to Plant Proteins Co., U.S. retail
    sales of plant-based foods increased by 11
    between 2018 and 2019, creating immense
    opportunities for the entry of market players.
  • Market growth shall remain limited in the Middle
    East and Africa, attributed to limited awareness
    about vegan products and increased animal
  • East Asia shall be the fastest growing vegan
    flavors market due to rising concerns about the
    environment due to meat consumption.

Future Rich Vegan Flavors Market Analysis
Vegan Flavors Market Competitive Analysis The
global vegan flavors market is highly fragmented,
with the presence of over 60 vendors. Prominent
market players are leveraging consumer preference
for vegan flavors to expand their product
portfolio and expand their outreach. Players
such as Sensient Technologies Corporation,
International Flavors and Fragrances Inc. and
Symrise AG concentrate on customizing vegan
flavors to enhance sales prospects. Establishing
creative centers and analyzing consumer tastes
and preferences by trained professionals are some
of their most effective strategies. Acquisitions,
mergers and joint-ventures also comprise an
important market expansion strategy for market
players. In July 2018, Sensient Technologies
acquired Mazza Innovation Limited to avail an
umbrella technology supporting vegan application
flavors and fragrances. Also, in May 2019,
Givaudan SA acquired a Golden Frog, a Vietnamese
flavor company to expand its product portfolio.
Future Rich Vegan Flavors Market Analysis
  • Vegan Flavors Market Taxonomy
  • Form
  • Powder
  • Liquid
  • Source
  • Vegetables
  • Fruits Others
  • Fusion
  • Herbs Spice
  • Application
  • Food Industry
  • Processed Food

Future Rich Vegan Flavors Market Analysis
  • Region
  • North America
  • Latin America
  • Europe
  • Western Europe
  • Eastern Europe
  • Press Release Source https//www.prnewswire.com/n
  • Get Valuable Insights into the Vegan Flavors
  • Future Market Insights, in its new report,
    presents an unbiased analysis of the global vegan
    flavors market, covering historical demand data
    and forecast figures for the period between 2020
    and 2030. The study divulges compelling insights
    into growth witnessed in the market. Based on
    source the market can be segmented into
    vegetables, fruits and others, fusion and herbs
    and spices. In terms of form, the market can be
    segmented into liquid and powder. Based on
    applications the market can be segmented into
    food industry, beverage industry, pharmaceutical
    industry and others. Regionally, the market
    covers North America, Latin America, Europe, East
    Asia, South Asia, Oceania and MEA.

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Private Limited (FMI)
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