The vegan flavor market is estimated to be valued at USD 9,021 million in 2023 and is projected to grow at a CAGR of 4.8% from 2023 to 2033 to reach a value of USD 14,406.1 million.
A machine learning and AI approach can be used to predict and understand flavor profiles. As a result of combining flavor science and artificial intelligence, vegan flavors could become much more precise and tailored, making them more capable of addressing individual preferences and dietary restrictions.
Environmental concerns about food choices are becoming increasingly prevalent among consumers. With a focus on reducing carbon footprints and promoting biodiversity, vegan flavors may not just be tasty, but ethically and sustainably sourced as well.
The flavor combinations of vegan snacks such as chips, crackers, popcorn, and energy bars can be enhanced with spices, herbs, and other natural ingredients. Consumers seeking healthy and ethical ready-to-eat vegan meals can take advantage of convenient, tasty meals with diverse flavors.
| Report Attribute | Details |
|---|---|
| Expected Market Value in 2023 | USD 9,021 million |
| Anticipated Forecast Value in 2033 | USD 14,406.1 million |
| Global Growth Rate (2023 to 2033) | 4.8% CAGR |
| Forecast Period | 2023 to 2033 |
Plant-based ingredients from different cultures are becoming increasingly popular as veganism becomes more mainstream. As a result of this trend, consumers may experience a wider range of flavors from around the globe.
Due to factors such as the growing vegan population in developed countries, including the United States, Canada, Australia, Germany, France, and Italy, the vegan flavor market share has witnessed tremendous expansion.
Furthermore, rising public awareness of animal cruelty and its negative impact on the environment presents tremendous growth opportunities for the vegan flavor market key players. However, the sales of vegan flavors are expected to be hampered by price fluctuations in raw ingredients.
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Historically, the demand for vegan flavors expanded at a 2% CAGR between 2018 and 2022. According to a report, the sales of vegan flavors are increasing as more than 70% of vegan cheese consumers agree that vegan cheese alternatives must mimic traditional texture and taste to deliver a true-to-dairy experience.
As people become more conscious about their health and well-being, they are gravitating toward natural and organic products, which is another factor propelling the demand for vegan flavor. The sales of vegan flavors are anticipated to grow as people become more aware of the dangers of synthetic and chemical additions, and they are turning to natural-based goods.
Vegan flavor manufacturers want to keep their customers' faith, so they keep their ingredients and manufacturing procedures as transparent as possible. Many vegan flavor producers also list the raw material's source and region of origin. Plant-based food ingredients are becoming more popular, as compared to animal, seaweed, microbial & fermented, and artificial sources, due to the increased demand for vegan flavor.
The vegan flavor market, along with fruits as the source, powdered vegan flavor, confectionery items as application, and B2C sales channel segments, is projected to reflect a favorable growth outlook in terms of revenue, according to the market analysis conducted by Future Market Insights. The rising population of the vegan category is also a reason behind the escalating demand for vegan-flavored products. Recent research and developments in the vegan flavor market have revolutionized the industry over the period and are projected to grow at a CAGR of 4.8% from 2023 to 2033.
Growing Dietary Habits and Increasing Allergies are Expected to Boost Demand for Vegan Flavor Market
Plant-based alternatives to traditional animal-derived products are becoming more popular with health-conscious consumers. Foods and beverages with vegan flavors are a delicious way for people to enjoy delicious meals and beverages without consuming any animal products.
Vegetarian and vegan diets continue to increase in popularity, increasing the demand for plant-based protein sources. Soy, pea protein, jackfruit, and other innovative plant sources are being researched and developed to create realistic and tasty meat alternatives. As technology advances, meat alternatives might become even more convincing and appealing to a wider audience.
With the growing awareness of animal farming's impact on the planet and animal welfare, many people are switching to vegan products and flavors. Lactose intolerance or egg allergy may be one of the reasons why some people choose vegan flavors. Individuals with specific dietary needs can enjoy vegan flavors in a safe and inclusive manner. Dairy alternatives are rapidly growing in popularity, and companies are constantly trying to improve their flavor and texture. The future could bring even better imitations of traditional dairy products and an expanded range of flavors.
Flavored frozen desserts are much more popular in the United States as key players such as Kind LLC are venturing into the segment. This is anticipated to propel the vegan flavor market growth in the United States during the forecast period. A report by FMI estimates that the market share will grow to 26.4% by 2033.
The company is mainly known for nut and energy bars, among which a few products are vegan. Still, the company is venturing into the desserts section with a new line of vegan ice cream, including cherry cashew, dark chocolate almond sea salt, pistachio, dark chocolate peanut butter, coffee hazelnut, and strawberry. This wide variety of vegan products propels the demand for vegan flavor during the forecast period.
Japanese miso soup, a flavorful vegan soup broth, is made with dashi and fresh ingredients to reflect the flavors of the season and are very popular staple soup in Japanese cuisine. According to the forecast, the market accumulated a market share of 1.9% by 2022.
The popular soup is prepared by adding soy sauce and dashi to a mashed buttery potato broth and then infusing them together. The traditional soup is now being experimented with in different broth items, among which onion and potato soup broths are common.
According to German purity laws, only barley or malted grains, hops, yeast, and water can be used to brew beer in the country. As a result, the manufactured beer automatically becomes a vegan food filled with vegan flavor, as no animal part is added to produce that beer.
These German purity laws are more than five hundred years old, and the flavorful German vegan beer is considered one of the most delicious flavorful beverages worldwide. Germany's vegan flavor market accumulated a revenu share of 6.5% in 2022.
The rising popularity of vegetarians and vegans means that there is likely to be more demand for high-quality vegan flavors that deliver both taste and nutrition.
The vegan flavor market is projected to witness numerous growth opportunities as vegan food manufacturers, fast-food chains, and restaurants are now bringing innovation to the vegan flavor market to expand their product portfolio. From high-quality vegan dips and dressings to mozzarella, vegan flavors are taking on the market by storm.
To satisfy health-conscious customers, vegan drinks are made with a variety of flavors, including milkshakes, smoothies, and fruit-infused waters. A variety of rich and creamy flavors can be found in vegan beverages, such as peanut butter, cashew cream, and hazelnut. The ingredients can be incorporated into smoothies, coffee drinks, and milkshakes. The market for vegan flavor beverages is anticipated to have a market share of 53.7%.
Plant-based infusions and teas provide a wide range of flavors, from soothing chamomile to energizing peppermint, and are often naturally vegan. Health-conscious consumers are increasingly seeking out functional beverages. Demand for vegan flavors in the market is also expected to increase as lactose-intolerant consumers demand vegan coffee and tea.
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Key vegan flavor manufacturers are looking to capture the market with joint ventures, partnerships, mergers, and acquisitions, while keeping up with research for innovative product lines, supported by governments.
Furthermore, top vegan flavor brands are focusing on upgraded and modified products with rising demand for new formulations from the food and beverage industry, which has increased over time with vegan flavor consumption among all populations.
Recent Developments in the Vegan Flavor Market:
| Attribute | Details |
|---|---|
| Market Size Value in 2023 | USD 9,021 million |
| Market Forecast Value in 2033 | USD 14,406.1 million |
| Global Growth Rate | 4.8% CAGR |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value and CAGR from 2023 to 2033 |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia & Pacific; East Asia; Middle East & Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Russia, Poland, Czech Republic, Republic, Romania, China, Japan, South Korea, India, Bangladesh, Australia, New Zealand, GCC countries, South Africa, Israel |
| Kay Segments Covered | Source, Form, Application, Sales Channel, Region |
| Key Companies Profiles | International Flavors & Fragrances Inc.; Givaudan SA; Sensient Technologies Corporation; Symrise AG; DSM N.V.; Takasago International Corporation; McCormick & Company, Inc.; Kerry Group; Döhler GmbH; Innova Flavors; The Edlong Corporation; Mane SA; Gold Coast Ingredients, Inc.; Firmenich SA; Flavor Producers, LLC; Keva Flavours Pvt. Ltd.; Others |
| Customization & Pricing | Available Upon Request |
In 2023, the market is estimated to be worth USD 9,021 million.
The United States accounted for a 26.4% share in 2022.
Bakery products to dominate the vegan flavor market.
A 2% CAGR was recorded between 2018 and 2022.
Food allergies and dietary habits are expected to grow the market.
| Market Size Value in 2023 | USD 176 million |
|---|---|
| Market Forecast Value in 2033 | USD 421.6 million |
| Growth Rate (2023 to 2033) | 9.9% CAGR |
| Market Size Value in 2023 | USD 2,870 million |
|---|---|
| Market Forecast Value in 2033 | USD 4,784.7 million |
| Market CAGR (2023 to 2033) | 5% |
| Market Size (2023) | USD 6.7 billion |
|---|---|
| Market Size (2033) | USD 11.7 billion |
| Market CAGR (2023 to 2033) | 5.8% |
| Market Size Value in 2022 | USD 1,450 Million |
|---|---|
| Market Forecast Value in 2032 | USD 2,453.4 Million |
| Global CAGR (2022 to 2032) | 5.4% |
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Vegan Flavor Market
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