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

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

• 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.
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Future Rich Vegan Flavors Market Analysis

• Key Takeaways from FMI's Report on Vegan Flavors
  Market
• 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
  item
• Surging animal rights activism and promotion of
  animal welfare is boosting adoption of vegan
  flavors across the world

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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
  consumption.
• East Asia shall be the fastest growing vegan
  flavors market due to rising concerns about the
  environment due to meat consumption.

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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.
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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

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Future Rich Vegan Flavors Market Analysis

• Region
• North America
• Latin America
• Europe
• Western Europe
• Eastern Europe
• Press Release Source https//www.prnewswire.com/n
  ews-releases/premiumisation-strategy-working-well-
  for-vegan-flavor-market-players--future-market-ins
  ights-301085931.html
• Get Valuable Insights into the Vegan Flavors
  Market
• 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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