Vegan Flavor Market 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) : Global

Vegan Flavor Market 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) : Global Opportunity Analysis and Industry Forecast, 2024-2034

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.

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.

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