Premiumisation Strategy Working Well for Vegan Flavor Market Players | Future Market Insights

Premiumisation Strategy Working Well for Vegan Flavor Market Players | Future Market Insights

PR Newswire

DUBAI, U.A.E, June 30, 2020

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.

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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:

Form

Source

Application

Region

North America

Latin America

Europe

Western Europe

Eastern Europe

East Asia

South Asia

Oceania

MEA

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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About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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