Persistence Market Research has published a report on the vegan flavors market, which includes the global industry analysis 2014-2018 and opportunity assessment 2019-2029, and projects that the global vegan flavors market is expected to reach ~ US$ 8.0 Bn by the end of 2019 in terms of value, and is forecasted to reach ~ US$ 13.0 Bn by the end of 2029.
According to the analysis of the vegan flavors market, increase in awareness about vegan flavors 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, beverage, pharmaceutical, etc. Manufacturers in several industries are focusing on incorporating natural ingredients in their products. Thus, players in the vegan flavors industry have an excellent opportunity to showcase their vegan flavors portfolio, which is estimated to increase the convenience for the manufacturers in different end-use industries.
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For instance, Sensient Technologies Corporation has created a special website to present its vegan flavors. This helps to easily find the variety of vegan flavors that are available in the market and also promote awareness about them in the market.
Increasing Demand for Natural and Plant-based Products Propelling the Market Growth
The rising inclination of consumers towards natural and plant-based products is estimated to enhance the sales of vegan flavors. 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 flavors 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 flavors market growth.
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Manufacturers Focusing on Attaining Certifications to Stand Out Among Competitors
The number of players in the vegan flavors market is increasing continuously. Key players in the market are focusing on getting various certifications such as vegan, natural, halal, kosher, non-GMO, etc., to gain the trust of the consumers and to increase their sales.
For instance, IFF-LMR, which is a subsidiary of International Flavors & Fragrances Inc. has a product portfolio, which contains 90 natural extracts, certified as vegan by the EVE (Expertise Vegan Europe) VEGAN standards.
Also, 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 & Fragrances, Inc. completed the acquisition of Frutarom. With the help of this acquisition, the company acquired more than 50 manufacturing sites. It also helped in expanding the company’s core product portfolio with the addition of other natural flavors.
PMR study covers thorough analysis about the competitive scenario in the global vegan flavors market. The study offers comprehensive data on market players, important strategies, key developments, and many others aspects. The report is divided into various chapters for the better understanding of the vegan flavors market.