Global Plant Based Flavors Market Overview:
Plant-based flavors are derived from natural sources such as plants and trees. These flavors can be of fruit, vegetable, or herbs and spices. Flavors represent a fraction of the cost of a food product, but they control around 60 percent of consumer preference. These flavors can be used to limit sugar and salt content and cover-up off-notes. The plant-based trend is driven by many factors such as the potential health and environmental benefits, but it is also driven by consumers looking to try new flavors. Some of the players profiled in the study are I.T.S. (United Kingdom), Bell Flavors & Fragrances (United States), Socati (United States), Synergy Flavors (United States), Givaudan (Switzerland), Paradis Danmark A/S (Denmark), Flavors & Fragrances, Inc. (United States), Sensient Technologies Corporation (United States), Symrise AG (Germany) and McCormick & Company, Inc. (United States).
On the basis of geography, the market of Plant Based Flavors 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). If we see Market by Sales Channel, the sub-segment i.e. Online will boost the Plant Based Flavors market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Source, the sub-segment i.e. Spices will boost the Plant Based Flavors market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Growth Drivers
- Growing Demand from Younger Consumers, Including Millennials and Gen Zers Owing To Rising Health Consciousness
- Increasing Demand of Non-Alcoholic, Better-For-You Beverages Results in the Demand of Botanical Extracts
Influencing Trend
- Growing Trend toward More Natural and Organic Flavors Because Of Clean-Label Ingredients
Restraints
- Regulatory Restrictions in 'Clean' Plant-Based Foods
- Procurement and High Cost of Plant-based Flavors
Opportunities
- Increasing Investments in Innovation by Manufacturers to Develop More Natural Formulations and Brands to Get Premium Price
- Sustainability in the Sourcing of Plant-Based Flavors
- Increasing Demand from Beverage Industry Owing to Plant-Based Drink
Challenges
- Lack of Uniformity in Flavor Mapping
Key Market Developments:
In July 2018, Sensient Technologies Corporation completed the acquisition of Mazza Innovation Limited, a botanical extraction business with patented solvent-free extraction processes, located in Vancouver, Canada. This acquisition provides an umbrella technology, which supports applications in both, flavors & fragrances and color segments.
In November 2018, IFF-LMR, a subsidiary of International Flavors & Fragrances Inc., announced its leading position in the industry with 90 natural extracts in its portfolio that are certified as vegan by the EVE (Expertise Vegan Europe) VEGAN standards.
The United Kingdom Plant-Based Flavor market is highly fragmented as more players are now turning towards natural and organic flavors due to demand from the industry. Moreover, they are developing and innovating new flavors of different plants and trees. Companies, such as Socati and Bell Flavors & Fragrances, have recently rolled out ingredients in the hemp and CBD segments, potentially stimulating greater interest and access for manufacturers.
Target Audience:
Plant-Based Flavors Manufacturers, Raw Material Suppliers, Food & Beverage Companies, Traders/Exporters/Importers, End-Use Industry and Others
Major Objectives Focused through this Study
To define, describe, and forecast the Global Plant Based Flavors market on the basis of product [
] , application [Bakery, Beverage, Dairy, Sports Nutrition and Others (Savory, Confectionary)], key regions and end user
To provide in-depth information regarding major influencing factors affecting the growth of the market (trends, drivers, restraints, opportunities, and industry-centric and regional challenges)
To strategically analyse the micro-markets and important business segments with respect to individual growth drivers , market trends and potential, and historical contributions to the total market
Identifying the opportunities in the market for key stakeholders and detailing the competitive landscape for market leaders
To provide market size for various segments of the Plant Based Flavors market with respect to major geographies, namely, 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)
To strategically profile the key players and analyzing their market shares and core competencies in the Plant Based Flavors industry
To track key developments such as product launches, expansions, agreements, partnerships, mergers & acquisitions, and R&D activities that are key factors in shaping the market
Available Customization:
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**. Additionally, the Vendors which are also part of the research are Takasago International Corporation (Japan), Kerry Group (Ireland), Dohler Group SE (Germany), The Edlong Corporation (United States), Innova Flavors (United States), Flavor Producers, LLC (United States), LorAnn Oils (United States) and Gold Coast Ingredients, Inc. (Australia).
** Confirmation on availability of data would be informed prior purchase
While framing the research framework, major and emerging players operating in the Plant Based Flavors market in various regions have been profiled, and their offerings, geographic footprints, and distribution/sales channels have been analysed through in-depth discussions. The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.