Premiumisation Strategy Working Well for Vegan Flavor Market Players | Future Market Insights
DUBAI, U.A.E, June 30, 2020 /PRNewswire/ -- The global vegan flavors market is anticipated to acquire significant momentum, expanding at a CAGR of ~5.0% during the forecast period 2020-2030 reaching nearly US$ 13 Bn by 2030-end.
The shift in dietary decisions, which began as a fringe movement, is quickly gaining momentum across the world, driven by increased adoption of healthier diets in order to reduce the adverse impact of meat production on the environment. Additionally, increasing health-consciousness amid concerns over the usage of synthetic flavors in ready-to-eat foods is stimulating the incorporation of vegan flavors.
Based on these trends, prominent manufacturers are scrambling to introduce organic, gluten-free and plant-based foods and claw their way into the vegan flavors market across the forecast period.
As more consumers adopt the vegan outlook towards consumption, market players are augmenting their sales channels to reach a wider audience. An example of this is the launch of vegan only shopping website by Sensient Technologies Corporation. According to FMI's analysis, consumers are willing to pay premium prices for vegan products, expanding sales and yielding positive outcomes for the market players.
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Key Takeaways from FMI's Report on Vegan Flavors Market
- Plant-based bakery and confectionary products shall tower over other food items
- Liquid-based vegan flavor concentrates captured more than 3/5th of the production share over powdered ones in 2019
- Fruit-sourced vegan flavors comprised 80% of the market share in 2019
- Europe and North America to remain dominant regions, East Asia emerges as the rising sun
- Rising prevalence of lactose intolerance amongst adults across various regions is one of the chief drivers of veganism
Vegan Flavors Market: Key Trends
- Global vegan flavors market shall surpass a value of US$ 7.9 Bn by 2020-end
- The presence of small, medium and large scale enterprises makes the vegan flavors market a highly competitive one
- Artisan bakeries are becoming increasingly popular in the vegan flavors market. This is because consumers can customize their flavor requirements themselves while purchasing a food item
- Surging animal rights activism and promotion of animal welfare is boosting adoption of vegan flavors across the world
Vegan Flavors Market: Region-wise Analysis