NEW YORK, Feb. 2, 2021 /PRNewsCentre/ — The vegan population is rising at a very high rate across countries and regions. According to Google Trends, the vegan trend increased four times from 2012 to 2017. Also, according to a study conducted by the Vegan Society, in partnership with Vegan Life magazine, in the U.K., the number of people identifying themselves as vegan has increased 350% as compared to a decade ago. Main reasons for the growth of the vegan population are increasing health awareness and rising concerns regarding animal cruelty. These factors have greatly influenced manufacturers across various end-use industries. Manufacturers in the food & beverage industry are striving to develop vegan products to attract more consumers.
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As a consequence, the global vegan flavors market has witnessed substantial growth over the past few years, and this trend is expected to continue through the course of the forecast period (2020 to 2030). The market is estimated to rise at a steady CAGR of around 5% through the forecast period.
Key Takeaways from Vegan Flavors Market Study
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"Manufactures in the vegan flavors market could gain broad profits by targeting plant-based food manufacturers, and also the bakery and dairy industry, as demand for vegan bakery products and plant-based milk products is growing rapidly. Increasing vegan flavor use in plant-based beverages such as flavored drinks, energy drinks, and others is an important market driver," says an analyst at Persistence Market Research.
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Competitive Landscape
The vegan flavors market is fragmented in nature. Key players operating in this space are expected to continue expanding their production capacities and enhance processes with the incorporation of latest technologies. Also, they are seeking various certifications such as Vegan, Halal, Organic, and Kosher from regulatory bodies to have a competitive edge and expand their customer base through new product development and frequent launches of novel product lines.
Explore More Valuable Insights on Global Vegan Flavors Market
Persistence Market Research, in its new report, offers an impartial analysis of the global vegan flavors market, presenting historical data (2015-2019) and estimation statistics for the forecast period of 2020-2030. The study offers compelling insights on the vegan flavors market based source (vegetables, fruits & others, fusion, and herbs & spices), form (liquid and powder), and application (food industry, beverage industry, pharmaceuticals, and others), across seven regions.
Browse Research Release at: https://www.persistencemarketresearch.com/market-research/vegan-flavors-market.asp
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