The market for vegan flavors is experiencing a remarkable surge, with an estimated value of USD 9,021 million in 2023. Projections indicate a robust growth trajectory, with a forecasted value of USD 14,406.1 million by 2033, marking a 4.8% compound annual growth rate (CAGR) from 2023 to 2033. This exponential growth is fueled by a convergence of factors, including shifting dietary habits, environmental concerns, technological advancements, and an expanding consumer base embracing veganism.
Consumers worldwide are increasingly gravitating towards plant-based alternatives, driven by concerns for health, the environment, and animal welfare. This demand extends across various product categories, from snacks like chips and crackers to ready-to-eat meals and beverages. Vegan flavors offer a solution that not only caters to dietary restrictions but also satisfies taste preferences, thereby broadening their appeal among a diverse demographic.
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Flavored Frozen Desserts Propelling the Sales of Vegan Flavor in the United States
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.
Several factors contribute to the burgeoning growth of the vegan flavor market. Firstly, there’s a rising awareness of the environmental impact of animal agriculture, prompting consumers to seek sustainable alternatives. Additionally, health-conscious individuals are embracing plant-based diets, driving demand for innovative vegan flavor profiles. Moreover, advancements in machine learning and AI are revolutionizing flavor science, enabling the development of more precise and tailored vegan flavors to meet individual preferences.
Key Takeaways from the Market Study
- From 2018 to 2022, the vegan flavor market demand expanded at a CAGR of 2%.
- Based on the source segment, the fruit segment accounts for a CAGR of 80.7% market share.
- Based on form, the liquid segment is expected to hold a market share of 59.8%.
- United States to emerge as a promising vegan flavor market, capturing a market share of 26.4%.
- Between 2023 and 2033, the beverage industry is expected to hold a market share of 53.7%.
“Expanding demand for plant-based product and exotic flavors for healthy and ethical consumers to drive demand for vegan flavors,” Nandini Roy Choudhury, Client Partner at Future Market Insights
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Competitive Landscape
Most of the global vegan flavors market is made up of large-scale international companies and local businesses. Manufacturers of food & beverages are trying to meet their diverse flavor requirements by offering customized flavors. It specializes in vegan flavors, such as organic and natural food products, to meet the needs of vegan food manufacturers. Vegan flavor companies are smaller operations, export more products, and provide vegan flavors.
- In January 2023, Magnum UK expands its vegan ice cream selection with new flavours. A new product line of vegan and minis multipacks will feature Sunlover and Starchaser, two new Double flavors. A milk chocolate and caramelized corn coating coat Starchaser, which includes popcorn, caramel ice cream, and caramel sauce. As opposed to the sunlover, the sunlover is coated in white chocolate and desiccated coconut, and it contains mango and passionfruit sauce beneath.
- In July 2023, two legendary Philadelphia food brands, HipCityVeg, and The Franklin Fountain, join forces to make one of the best vegan ice cream flavors around: HipCityVeg is releasing an exclusive vegan ice cream flavor. HipCityVeg’s Rittenhouse and Suburban Square locations will offer free ice cream on National Ice Cream Day, July 16.
Purchase now and gain full access to the Vegan Flavor Industry report, featuring comprehensive Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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