The vegan population is rising at a very high rate across countries and regions. According to Google Trends, the vegan trend increased four times from 2012 to 2017. Also, according to a study conducted by the Vegan Society, in partnership with Vegan Life magazine, in the U.K., the number of people identifying themselves as vegan has increased 350% as compared to a decade ago. Main reasons for the growth of the vegan population are increasing health awareness and rising concerns regarding animal cruelty. These factors have greatly influenced manufacturers across various end-use industries. Manufacturers in the food & beverage industry are striving to develop vegan products to attract more consumers. As a consequence, the global vegan flavors market has witnessed substantial growth over the past few years, and this trend is expected to continue through the course of the forecast period (2020 to 2030). The market is estimated to rise at a steady CAGR of around 5% through the forecast period.
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Key Takeaways from Vegan Flavors Market Study
- By source, fruits & other sources of vegan flavor are witnessing a prominent market value share at more than 50%. The key contributing factor is higher utilization of fruit flavors in food & beverage products.
- Among the application segments, the food industry is projected to experience substantial growth in global vegan flavors market over the forecast period. This is attributable to rapid rise in the consumption of vegan food products. Combined, the food & beverage industry literally rule this space, with more than 90% market share.
- By form, the liquid segment is exhibiting the highest market value share at close to 60%. The liquid form of vegan flavors is easy and convenient to use in beverage products, where they are most widely utilized.
- Government support in various countries such as the United Kingdom, France, Sweden, etc., is estimated to have a positive influence on the vegan flavors market across these regions.
- North America and Europe hold around half the share of the global market, mainly on back of a high vegan population across these regions.
- The growing impact of COVID-19 on various industries is expected to have a moderate impact on the progress of the vegan flavors market.
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The vegan flavors market is fragmented in nature. Key players operating in this space are expected to continue expanding their production capacities and enhance processes with the incorporation of latest technologies. Also, they are seeking various certifications such as Vegan, Halal, Organic, and Kosher from regulatory bodies to have a competitive edge and expand their customer base through new product development and frequent launches of novel product lines.
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