Vegan Flavor Market Forecasts to 2030 – Global Analysis By Source (Herbs & Spice, Algae, Fruits, Vegetables and Other Sources), Form (Oil, Liquid, Blended, Powder and Other Forms), Sales Channel (Hypermarkets /Supermarkets, Convenience Stores, Food Specia

Vegan Flavor Market Forecasts to 2030 – Global Analysis By Source (Herbs & Spice, Algae, Fruits, Vegetables and Other Sources), Form (Oil, Liquid, Blended, Powder and Other Forms), Sales Channel (Hypermarkets /Supermarkets, Convenience Stores, Food Specialty Stores and Online Retail), Application (Dietary Supplements, Beverage Industry, Processed Food, Dairy & Desserts, Confectionery Items and Other Applications) and By Geography

According to Stratistics MRC, the Global Vegan Flavor Market is accounted for $9.7 billion in 2023 and is expected to reach $16.6 billion by 2030 growing at a CAGR of 7.9% during the forecast period. Vegan cuisine offers a wide range of tastes that honor a broad spectrum of plant-based components. Fruits such as citrus and berries are vibrant with life and have a natural sweetness that entices the palate. A savory symphony is created by the earthy notes from vegetables like caramelized onions or roasted mushrooms, which provide depth and complexity. It offers solutions for consumers with dietary restrictions, allergies, or ethical concerns, allowing them to enjoy flavorful experiences while adhering to their principles.

Market Dynamics:

Driver:

Rising vegan population

As more people choose to abstain from consuming animal products for ethical, environmental, and health reasons, there is a growing demand for plant-based alternatives in all aspects of daily life, including flavorings. This shift in consumer preferences has prompted food manufacturers, flavor companies, and other stakeholders in the food industry to invest in research and development to create innovative vegan flavor solutions. Additionally, the rising vegan population has led to greater mainstream acceptance and availability of vegan products, including flavors, in grocery stores, restaurants, and online retailers.

Restraint:

Limited consumer awareness

Despite the increasing popularity of veganism and plant-based diets, there remains a lack of widespread awareness among consumers about the availability and benefits of vegan flavors. Many individuals may not be familiar with the wide variety of plant-based alternatives to traditional animal-derived flavorings or may hold misconceptions about their taste, quality, or nutritional value. This lack of awareness can deter consumers from actively seeking out and purchasing vegan flavor products, resulting in slower market adoption and growth.

Opportunity:

Innovation in food technology

Advances in food science and technology have enabled the development of new plant-based flavor formulations that closely mimic the taste and aroma of animal-derived ingredients. Through techniques such as fermentation, enzyme engineering, and flavor encapsulation, researchers and food manufacturers can create innovative vegan flavors that offer consumers a satisfying sensory experience without the need for animal products. These technological advancements not only improve the quality and variety of vegan flavors available but also contribute to the overall appeal and marketability of plant-based products.

Threat:

Cost considerations

Producing vegan flavors often involves sourcing and processing plant-based ingredients, which can be more expensive than their animal-derived counterparts. The production methods required to extract and refine these plant-based ingredients may be more complex or resource-intensive, further driving up production costs. As a result, vegan flavor products may command higher prices, making them less accessible or less appealing to price-conscious consumers. Moreover, manufacturers may face challenges in achieving cost competitiveness with conventional animal-derived flavorings, which could limit their ability to penetrate mainstream markets or compete effectively on price.

Covid-19 Impact:

The heightened focus on health and wellness during the pandemic has spurred greater interest in plant-based diets and products, including vegan flavors. This has led to an increase in demand for vegan options as consumers seek healthier and more sustainable food choices. However, the pandemic has also disrupted supply chains, leading to challenges in sourcing and distributing ingredients for vegan flavors. Additionally, economic uncertainties and changes in consumer spending habits have affected purchasing patterns, with some consumers prioritizing essential items over specialty products like vegan flavors. Furthermore, restrictions on foodservice establishments and changes in dining behaviors have impacted the demand for vegan flavors in restaurant and catering settings.

The herbs & spice segment is expected to be the largest during the forecast period

Herbs & Spice segment commanded the largest share during the forecast period. Herbs and spices are natural plant-based ingredients that offer a wide range of flavors and aromas, making them ideal for enhancing the taste of vegan products. As consumers increasingly seek out healthier and more natural alternatives to artificial flavorings, herbs and spices provide an attractive option for adding depth and complexity to plant-based dishes and products. Additionally, the growing popularity of global cuisines and culinary diversity has fueled interest in using a variety of herbs and spices to create authentic flavors in vegan cooking.

The convenience stores segment is expected to have the highest CAGR during the forecast period

Convenience Stores segment is expected to have the highest CAGR during the forecast period. Convenience stores are increasingly expanding their offerings to cater to changing consumer preferences, including the rising demand for vegan products. With more people seeking convenient options for on-the-go meals and snacks, convenience stores are stocking a variety of vegan-friendly products, including snacks, ready-to-eat meals, and beverages that feature plant-based flavors. Additionally, convenience stores are strategically located in high-traffic areas, making vegan products more accessible to a wider audience.

Region with largest share:

North America region in the Vegan Flavor Market is expected to hold the largest market share over the projection period. With a growing awareness of the link between diet and overall well-being, more people in North America are adopting healthier eating habits, including incorporating plant-based foods into their diets. As consumers seek alternatives to traditional meat and dairy products, they are turning to vegan options that offer lower levels of saturated fat and cholesterol while providing essential nutrients and antioxidants. Furthermore, concerns about sustainability and environmental impact are also driving interest in plant-based diets, as consumers recognize the benefits of reducing their carbon footprint and supporting more eco-friendly food choices.

Region with highest CAGR:

Asia Pacific region in the Vegan Flavor Market is expected to hold the lucrative growth over the extrapolated period. As concerns about environmental sustainability and animal welfare gain momentum, governments across the region are implementing stringent regulations aimed at promoting plant-based diets and reducing reliance on animal-derived products. These regulations encompass labeling requirements, nutritional guidelines, and subsidies for plant-based food production. Additionally, initiatives to curb carbon emissions and promote healthier lifestyles are further encouraging consumers to adopt vegan diets. This regulatory landscape creates a conducive environment for the expansion of the vegan flavor market, as food manufacturers seek to meet compliance standards while catering to the growing demand for plant-based alternatives.

Key players in the market

Some of the key players in Vegan Flavor market include Givaudan SA, Symrise AG, Sensient Technologies Corporation, International Flavors & Fragrances, Inc, Takasago International Corporation, McCormick & Company, Inc, Kerry Group, Döhler GmbH, Innova Flavors, The Edlong Corporation, Gold Coast Ingredients, Inc, Mane SA and Firmenich SA.

Key Developments:

In December 2023, McCormick unveiled a novel series of plant-based flavors strategically created to assist food manufacturers in crafting vegan and vegetarian products with broader consumer appeal.

In October 2023, Firmenich entered into a collaborative partnership with Chr. Hansen aimed to advance the development of plant-based flavors that boast enhanced realism and authenticity compared to conventional options.

In July 2023, Philadelphia Cream Cheese introduced three new plant-based cream cheese flavors: original, chive and onion, and strawberry. The flavors are dairy-free, gluten-free, lactose-free, and dye-free. In addition, they are kosher! Faba bean protein, coconut oil, and potato starch are blended together to create a new plant-based spread.

In March 2023, Lallemand Bio-Ingredients (LBI), home to Lallemand Bio-Products, attended the International Food & Drink Event (IFE) Manufacturing in London. The company's savory EMEA-APAC sales director, Janusz Wielich, spoke with FoodIngredientsFirst about its vegan cheese flavors and allergen-free soy flavor.

Sources Covered:
• Herbs & Spice
• Algae
• Fruits
• Vegetables
• Other Sources

Forms Covered:
• Oil
• Liquid
• Blended
• Powder
• Other Forms

Sales Channels Covered:
• Hypermarkets /Supermarkets
• Convenience Stores
• Food Specialty Stores
• Online Retail

Applications Covered:
• Dietary Supplements
• Beverage Industry
• Processed Food
• Dairy & Desserts
• Confectionery Items
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances