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
Vegan Flavors Market: Key Trends
Vegan Flavors Market: Region-wise Analysis
Browse Preview, 2020 Analysis and Review Vegan Flavors by Source - Vegetable, Fruits, Fusion and Herbs & Spice for 2020 – 2030: https://www.futuremarketinsights.com/reports/vegan-flavors-market
Vegan Flavors Market: Competitive Analysis
The global vegan flavors market is highly fragmented, with the presence of over 60 vendors. Prominent market players are leveraging consumer preference for vegan flavors to expand their product portfolio and expand their outreach.
Players such as Sensient Technologies Corporation, International Flavors and Fragrances Inc. and Symrise AG concentrate on customizing vegan flavors to enhance sales prospects. Establishing creative centers and analyzing consumer tastes and preferences by trained professionals are some of their most effective strategies.
Acquisitions, mergers and joint-ventures also comprise an important market expansion strategy for market players. In July 2018, Sensient Technologies acquired Mazza Innovation Limited to avail an umbrella technology supporting vegan application flavors and fragrances. Also, in May 2019, Givaudan SA acquired a Golden Frog, a Vietnamese flavor company to expand its product portfolio.
Vegan Flavors Market Taxonomy:
Get Valuable Insights into the Vegan Flavors Market
Future Market Insights, in its new report, presents an unbiased analysis of the global vegan flavors market, covering historical demand data and forecast figures for the period between 2020 and 2030. The study divulges compelling insights into growth witnessed in the market. Based on source the market can be segmented into vegetables, fruits and others, fusion and herbs and spices. In terms of form, the market can be segmented into liquid and powder. Based on applications the market can be segmented into food industry, beverage industry, pharmaceutical industry and others. Regionally, the market covers North America, Latin America, Europe, East Asia, South Asia, Oceania and MEA.
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