World 07.02.2024

Sales of Vegan Flavors are slated to reach US$ 18,324.3 million by 2034

Source: The DairyNews
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According to a recent industry analysis conducted by Fact.MR, a leading provider of market research and competitive intelligence, the Global Vegan Flavor Market is anticipated to reach US$ 11,078.2 million in 2024, and it is expected to exhibit steady growth with a Compound Annual Growth Rate (CAGR) of 5.2% until 2034. Projections suggest that the market will reach a valuation of US$ 18,324.3 million by 2034.
Sales of Vegan Flavors are slated to reach US$ 18,324.3 million by 2034
The Vegan Flavor Market, situated within the broader realm of the food industry, has undergone notable expansion and transformation. Distinguished by its commitment to cruelty-free and sustainable options, this market is primarily driven by the increasing adoption of plant-based diets and ethical considerations.

Unlike traditional flavors sourced from animal derivatives, vegan flavors encompass a wide array of options, ranging from fruits and vegetables to herbs and spices. Manufacturers are actively engaged in pioneering innovations, channeling significant investments into research and development to craft authentic and appealing plant-based flavors. This strategic emphasis aligns with the growing demand for flavorful substitutes to conventional animal-derived products, resulting in a plethora of innovative vegan flavor alternatives that cater to evolving consumer preferences and contribute to market growth.

Key drivers of this growth include the heightened awareness of the health advantages associated with plant-based diets, as consumers perceive vegan flavors as healthier alternatives. Environmental sustainability concerns and ethical considerations related to animal welfare also play pivotal roles, prompting consumers to gravitate towards vegan products and driving the demand for corresponding flavors.

A noteworthy contributor to this trend is the increasing number of individuals embracing vegan lifestyles. This shift prompts food manufacturers to introduce novel and enticing vegan flavor options, thereby catering to the needs of a burgeoning market segment. Moreover, exposure to diverse global cuisines, many of which prominently feature plant-based ingredients and flavors, serves to broaden consumer palates and further bolster the popularity of vegan flavors.

Ethical considerations, encompassing concerns for animal welfare and a preference for sustainable choices, significantly underpin the growing popularity of vegan products. The market's evolution is characterized by continuous innovation in product development, with a focus on creating authentic and appealing plant-based flavors.

Key Takeaways from Market Study

· North America market is expected to expand at a CAGR of 6.7% through 2034.

· The vegan flavor industry in the United States holds a market share of 74.1% in 2024.

· The market in the United States is valued at US$ 1,933 million in 2024.

· The vegan flavor industry in China is expected to rise at a CAGR of 5.4% through 2034.

· By form, the liquid segment to hold a market share of 36.99% in 2024.

“The escalating awareness of health benefits associated with plant-based diets is one of the major drivers of the vegan flavor market,” says a Fact MR. analyst.

Competitive Landscape

Key players such as Givaudan, Symrise, and Firmenich mark the competitive landscape of the vegan flavor market. These industry leaders leverage innovative research and development to offer various plant-based flavors.

Smaller players, including Blue Pacific Flavors and Mane, contribute to the market's dynamism with niche offerings. The competition is fueled by a shared commitment to meeting the rising demand for cruelty-free and sustainable flavor options in the global food industry.

Some of the Recent Developments in the Vegan Flavor Market

· In August 2022, ADM introduced a novel range of vegan flavorings to assist food manufacturers in enhancing their vegan products' flavor and nutritional profile.

· In 2022, Nestlé unveiled a new plant-based meal kit featuring vegan flavors, simplifying the process for consumers to prepare delicious vegan meals in the comfort of their homes.

These initiatives underscore the industry's response to the growing demand for flavorful and convenient plant-based options, catering to manufacturers and consumers embracing vegan lifestyles.

Rapid Growth Projected for North America's Vegan Flavor Market

The vegan flavor market in North America is set to experience remarkable growth, with a projected CAGR of 6.7% through 2034. This notable surge is driven by escalating market demand in pivotal countries, particularly the United States and Canada. In 2024, the United States asserted its dominance, capturing an estimated 74.1% market share.

Sales of vegan-flavored products in East Asia are poised for substantial advancement, targeting a 5.6% CAGR in 2024. Within East Asia, China emerges as a key player, commanding a substantial share of 70.7% in 2024.

The United States is positioned as a significant market player, driven by the mainstream adoption of plant-based diets. A cultural shift towards healthier lifestyles, ethical consumerism, and an increasing awareness of environmental sustainability are fueling the demand for vegan flavors.

The market's responsiveness to evolving consumer preferences, coupled with a robust food industry infrastructure in the United States, positions the nation as a crucial contributor to the global growth of the vegan flavor market.
Aaron Smith
Aaron Smith
Professor of Agricultural and Resource Economics at the University of California
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Dr. Sylvain Charlebois
Dr. Sylvain Charlebois
senior director of the agri-food analytics lab and a professor in food distribution and policy at Dalhousie University.
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February 2024
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