Vegan flavors are derived from the plants and are free from all kinds of artificial flavors and ingredients that are otherwise present in egg or animal sources. The increasing adoption of vegan lifestyle is significantly visible all over the globe, owing to more number of people opting for plant-based and organic food over meat and dairy products.
The growing veganism trend and concerns with respect to animal welfare, coupled with the surging number of people suffering from lactose intolerance and other digestive issues are the important aspects fueling the development of the global vegan flavors market. There is an impressive spike in buyer’s inclination for an artisan bakery. These utilize vegan flavors to satisfy the buyer’s demand as far as healthy and good quality bakery products are concerned. This is uplifting the development of the market. Also, food businesses and the new companies in the market are keenly working on new concepts and products utilizing vegan flavors which incorporate vegan yogurt, vegan ice cream, and vegan chocolate.
Likewise, the increasing trend for vegan food products and flavors has brought about ready-to-eat foods and frozen products such as cookies and tinned foods in the market. Besides, restaurants, cafes, catering business, and hotels are likewise revamping their services by adding vegan menus to fulfill the customer’s demand and to draw in new ones also. In general, these factors are also cultivating the development of the global vegan flavors market. In addition, food ventures are attempting to enhance meatless meat with a similar taste utilizing vegan flavors which will prod the development of the market.
The outbreak of COVID-19 pandemic has had mixed impacts on the global food and beverage sector. The break in the supply chain system has turned into a shortage of raw materials. The manufacturing of vegan food products has also been kept on hold for a while due to this. Nevertheless, the impact is now reducing and the global vegan flavors market will pick up pace gradually again owing to increased demand from the masses.
The global vegan flavors market is mainly divided into application, source, form, and region. In terms of form, the market is bifurcated into liquid and powder. As per the source, the market is segregated into fusion, spice & herbs, vegetables, and fruits. On the basis of application, the global market is sectioned into the food industry, processed food, bakery, beverage industry, dairy, confectionery, flavored drinks, energy drinks, fruit juices, pharmaceutical industry, and others.
Geographically, the global vegan flavors market is likely to be dominated by North America with the highest market share within the forecast period. This is credited to the surging demand regarding plant-based food products and increasing awareness regarding healthy diet and food ingredients. Besides, Europe is also foreseen to witness significant growth attributed to rising preference for vegan food over animal meat owing to its natural texture, health benefits, and no-added chemicals and flavors. Moreover, Asia Pacific is also likely to experience growth due to rising health-consciousness among the people in the region.
The global vegan flavors market is expected to be led by the major players such as McCormick & Company, Inc., Sensient Technologies Corporation, Flavor Producers, LLC, Symrise AG, International Flavors & Fragrances, Inc., Firmenich SA, Takasago International Corporation, Innova Flavors, Döhler Group SE, and so on.
To cite, an International Flavors & Fragrances Inc. subsidiary emerged as a leader in the industry with the 90 variants of natural extracts in the product portfolio. All of these variants are vegan certified by Expertise Vegan Europe (EVE).
Having a Master’s Degree in Brewing Technology and overall experience of 6 years in the field of writing, Jerri has been one of the most workaholic and dedicated team members of thefoodbeveragenews.com portal. She has been a part of this portal for 4 years now. Jerri started a career in writing with freelancing and the journey has been worth watching and appraising. She handles the Beverage Industry domain of the portal and along with her team provides all the vital and up-to-the-minute news and reports to the readers in a simple and comprehensible manner.