Vegan Flavor Market Scope
Vegan flavors are produced by plants and fruits excluding sources from animal origin. Shifting preferences towards the vegan diet for its nutritional value and sustainability and animal welfare the global vegan flavor market is growing. These are used in bakery and other food items like canned and frozen food products. Stringent regulatory norms regarding food additives and flavoring items for food safety can be the market hindrance.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Gold Coast Ingredients Inc. (United States), Sensient Technologies Corporation (United States), Vegan Flavors (United States), The Edlong Corporation (United States), Givaudan (Switzerland), Symrise AG (Germany), McCormick & Company, Inc (United States), Ben & Jerry's (United States), Takasago International Corporation (Japan), Upton's Naturals (United States), Innova Flavors (United States) and LorAnn Oils (United States) |
CAGR | 5.2% |
The key manufacturers are targeting the innovations of the products with better quality, and better technical characteristics, and also assist in providing and humanizing the after-sale service to the consumers. The key players are probable to keep a stronghold on the market over the anticipated period. The key players are accepting strategic decisions and are thinking about mergers and acquisitions to maintain their presence in the market Research Analyst at AMA estimates that United States Vendors will contribute to the maximum growth of Global Vegan Flavor market throughout the predicted period.
Gold Coast Ingredients Inc. (United States), Sensient Technologies Corporation (United States), Vegan Flavors (United States), The Edlong Corporation (United States), Givaudan (Switzerland), Symrise AG (Germany), McCormick & Company, Inc (United States), Ben & Jerry's (United States), Takasago International Corporation (Japan), Upton's Naturals (United States), Innova Flavors (United States) and LorAnn Oils (United States) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Vegan Flavor market by Type , by Application (Snacks, Bakery Products, Frozen Food, Canned Food and Others) and Region with country level break-up.
On the basis of geography, the market of Vegan Flavor has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In April 2023, McCormick and Tabitha Brown expanded their partnership to launch five new salt-free vegan seasoning products.
On 28th January 2020, Ben & Jerry’s launched new sunflower butter-based vegan flavor. This new Ben & Jerry’s new sunflower butter-based Non-Dairy Frozen Desserts use flower power to deliver on the full Ben & Jerry’s experience with loads of chunks and swirls while providing a delicious alternative to the existing almond-based lineup. As the first national brand to offer sunflower butter pints to the public and at its Scoop Shops, Ben & Jerry’s hopes to continue to spread the non-dairy love. The company, which has made no secret of its desire to be the biggest and best purveyor of super-premium, non-dairy frozen desserts, promotes the new flavors with a bright yellow lid and packaging adorned with the bold summer flowers.
Food Addictive Regulation has given the list of authorized flavoring substances according to the food category they should be added. It is also given the term "natural" flavors. They have also established a safety assessment and authorization procedure for smoke flavors intended to be used in food and beverages.
Influencing Trend:
Use of Gluten-Free Vegan Favors in Vegan Fast Food Products and Increasing Awareness about Vegan Food
Market Growth Drivers:
Changing Taste and Preferences of People towards Vegan Diet because of its Nutritional Value and Growing Vegan Restaurants is Increasing the Vegan Flavor Market
Challenges:
Use of Harmful Chemical in Production of Vegan Flavor Products and Non-Vegan FlavornSubstitutes might Hamper the Vegan Flavor market
Restraints:
Stringent Regulatory Guidelines of Vegan Diet
Opportunities:
The growing use of Natural Vegan Flavor in Food and Maintaining its Nutritional Value throughout the Food production will Boost the Market
Key Target Audience
Vegan Flavor Manufactures, Vegan Flavor International Traders, Vegan Flavor Distributors and Suppliers, Research and Development Institutes, Potential Investors, Regulatory Bodies and Others