The global vegan flavours market is expected to reach approximately $8 billion by the end of 2019 in terms of value, and has been forecast to reach about $13 billion by the end of 2029.
These were the findings of Persistence Market Research’s (PMR) recent report on the vegan flavours market, which included the global industry analysis 2014-2018 and opportunity assessment 2019-2029.
According to the analysis of the vegan flavours market, increase in awareness about vegan flavours is estimated to have a promising impact on the market. In recent years, there has been a lot of change in consumer perception, which has led to a transformation in various end-use industries, such as food, beverages, pharmaceuticals, etc.
Manufacturers in several industries are focussing on incorporating natural ingredients in their products.
Thus, players in the vegan flavours industry have an excellent opportunity to showcase their vegan flavours portfolio, which is estimated to increase the convenience for the manufacturers in different end-use industries.
For instance, Sensient Technologies Corporation has created a special website to present its vegan flavours. This helps to easily find the variety of vegan flavours that are available in the market and also promote awareness about them in the market.
Increasing demand for natural, plant-based products propelling market growth
The rising inclination of consumers towards natural and plant-based products is estimated to enhance the sales of vegan flavours. Increasing awareness about the side-effects of chemicals present in animal-based products, and growing animal concerns are some of the major reasons for the growth of natural and plant-based products.
Therefore, manufacturers in the food and beverage industry are looking for natural and plant-based ingredients to develop innovative products and to gain traction of health-conscious consumers.
Also, the increasing trend for clean label products is anticipated to influence the vegan flavours market.
Consumers are demanding product insights and asking companies to increase the transparency of their products, as well as develop chemical-free ingredients and products.
Therefore, companies are switching towards the use of natural and plant-based ingredients to develop healthy clean label products. This is further estimated to boost the vegan flavour market growth.
Manufacturers focussing on attaining certifications to stand out among competitors
The number of players in the vegan flavours market is increasing continuously. Key players in the market are focussing on getting various certifications such as vegan, natural, halal, kosher, non-GMO (genetically-modified organism), etc., to gain the trust of the consumers and to increase their sales.
For instance, IFF-LMR, which is a subsidiary of International Flavors and Fragrances, Inc, has a product portfolio, which contains 90 natural extracts, certified as vegan by the EVE (Expertise Vegan Europe) vegan standards.
Also, the other major strategy of the market players is acquisition. Acquisitions help companies to increase their production capacity, product portfolio, as well as regional presence.
For instance, in October 2018, International Flavors and Fragrances, Inc completed the acquisition of Frutarom.
With the help of this acquisition, the company acquired over 50 manufacturing sites. It also helped in expanding the company’s core product portfolio with the addition of other natural flavours.
The study covered thorough analysis about the competitive scenario in the global vegan flavours market.
It offered comprehensive data on market players, important strategies, key developments, and many other aspects. The report was divided into various chapters for the better understanding of the vegan flavours market.
This study underlined key opportunities in the global vegan flavours market and found that the market would exhibit growth at a value CAGR (compound annual growth rate) of about five per cent during the forecast period.
