Global Vegan Flavors Market: Overview
Vegan flavors come under food categories which are derived from plant sources; such flavors do not contain artificial flavors that are prepared from animal or egg sources. Vegan food is now in very much demand as the drawbacks from such food type is very less as compared to animal-based foods. The rising trend of vegan food eaters can be seen around the world, as many people preferring vegan food over meat due to the health benefits associated with it as well as the movement to lower animal slaughter for food.
Global Vegan Flavors Market: Growth Factors
The rising trend of veganism, rising concerns regarding animal welfare, and the growing prevalence of lactose intolerance are the key factors that are driving the growth of the global vegan flavors market. There is a considerable rise in consumer’s preference toward artisan bakery. These bakeries make use of vegan flavors to meet the demand of the consumer in terms of high quality and healthy bakery products. This is spurring the growth of the market. Moreover, food industries and the new entrants in the market are highly experimenting and investing with new concepts using vegan flavors which include vegan chocolate & vegan ice cream. In addition to this, the trend of vegan food has also introduced ready to eat meal & frozen food such as vegan tinned food and cookies in the market. Moreover, hotels, cafes, restaurants as well as catering services are also innovating in their services using vegan flavors to satisfy the demands of their clients and to attract new ones as well. Overall, all these factors are fostering the growth of the global vegan flavors market. Furthermore, food industries are trying to innovate meatless meat with the same taste using vegan flavors which will spur the growth of the market during the forecast period. However, the lack of availability of raw material and high cost may hamper the growth of the global vegan flavors market.
The covid-19 pandemic has changed the point of view of all the people across the world, whether it is from an industry point of view or selection of products by the consumer. The covid-19 pandemic has a multi-facet impact on the food & beverages industry. The disruption in the supply chain has resulted in a scarcity of raw materials. The creation of vegan flavors has also been halted temporarily. The restriction on transport has also reduced the number of laborers. However, the impact of a pandemic on food & flavors is reducing and is emerging at a steady rate due to the rising preferences among the people. Amid the covid-19 pandemic, most of the people are seeking a healthy diet and some of them are also avoiding eating meat or dairy products to reduce the unprecedented effects. This in turn is rising the demand for vegan foods, thereby boosting the growth of the global vegan flavors market.
Global Vegan Flavors Market: Segmentation
The global vegan flavors market is bifurcated based on form, source, application, and region. Based on form, the market is split into powder and liquid. Based on the source, the global vegan flavors market is divided into fruits & others, vegetables, herbs & spice, and fusion. Whereas, the application segment is bifurcated into the processed food, food industry, bakery, dairy, beverage industry, confectionery, energy drinks, flavored drinks, pharmaceutical industry, fruit juices, and others.
Global Vegan Flavors Market: Regional Analysis
North America is expected to hold the largest share of the global vegan flavors market. Factors such as an increase in demand for plant-based protein sources, rising awareness about healthy food contents and a healthy diet is fueling the growth of the market in this region. The Europe region is also expected to hold significant shares of the market after North America. Factors attributing to the growth of the market in this region are increasing preferences for vegetarian food due to its added benefits such as organic food, no artificial flavors, and healthy food content. Also, market stats estimate that Asia Pacific is expected to grow at a rapid rate over the forecast period. The market growth in this region is attributed to increasing health consciousness among the people.
Global Vegan Flavors Market: Competitive Players
Sensient Technologies Corporation, McCormick & Company, Inc., Flavor Producers, LLC, International Flavors & Fragrances, Inc., Symrise AG, Takasago International Corporation, Firmenich SA, Döhler Group SE, and Innova Flavors are some of the key players in the global vegan flavors market.
Global Vegan Flavors Market: Regional Segment Analysis
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