Global Plant Based Flavors Market Overview:
The flavor defined as the combination of taste and odor used for flavoring and seasoning to enhance the quality of beverages, foods, and drugs. Plant-based characteristics are influenced by other sensations such as pain, heat cold, and tactile sensations, often referred to as the texture of foods.
Global Plant Based Flavors Market Insights
The global plant-based flavors
market expected to increase market value by USD 18.36 million with significant CAGR in the forecast period from 2020-2027. The market demand for the plant-based flavors is growing due to rising awareness for the use of natural and animal-free products and coupled with emerging knowledge for the side-effects of the antibiotics and hormones in animals’ products. The demand for plant-based flavors increases as the consumers are now conscious of their health and shifting to plant-based products. The benefit of consuming plant-based products helps in reducing the risk of cancer, heart diseases, diabetes, and mental illness. Therefore, plant-based flavors used to enhance the taste of the vegan consumer without compromising on their micronutrients. Further, many food manufacturers and other end-use industries are opting to use vegan flavors in products to fuel sales among health-conscious consumers. Thus, the emerging awareness and easy availability of vegan products in the market will help estimate the rise of the growth of the plant-based flavors market in the forecast period. Moreover, the rising disposable income, urbanization, and developing countries are increasing the demand for organic and plant-based products. Besides, the change in people’s eating habits helps to update and modify food products and their inventories. Thus, catering to consumer trends and altering consumption patterns. Besides, governments across various regions have regulated policies and guidelines to reduce the consumption of meat products to minimizes health-related problems. Therefore, government support increases the propensity of consumers for the use of plant-based products. Therefore, companies are trying to develop various vegan meat replacement that can fulfill the requirements of consumers. These can be used by manufacturers across the food industry to create innovative products, based on which, the demand for plant-based flavors is estimated to increase during the forecast period.
Changing Lifestyle of the People
Change in people’s lifestyles across various regions of the world due to the increase in disposable income, rising awareness, and increasing inclination toward healthy products have brought about a change in consumer lifestyles. Also, changing consumer habits create an opportunity for bringing in innovative products.
Increasing awareness among consumers
The rising awareness among consumers for the consumption of plant-based flavors in the diet is increasing the market share for the global plant-based product. Thus, the food industry manufacturer is also making changes in the food industry and rising in the market demand for the plant-based flavors product.
By End-Use Segmental Analysis
Based on the End-use, the global plant-based flavors market segmented into Food Industry (Processed Food, Dairy, Bakery, Confectionery) Beverage Industry (Flavored Drinks, Energy Drinks
, Fruit Juices), Pharmaceutical Industry, Others. The food industry segment estimated to dominate the maximum share of the global plant-based flavors market. It is mainly due to the emerging demand for vegan food products to reduce the consumption of animal-based products as they have side effects on the body. Moreover, rising contamination in the food has deteriorated the quality of dairy products and other animal-based food. Additionally, the pharmaceutical industry will also grow at a lucrative rate in the forecast period. The government regulation in various pharmaceutical sectors is fueling plant-based flavors’ demand to reduce animal use in making medicines.
By Natural Source Segmental Analysis
Based on the natural source, the global plant-based flavors market classified into Spices, Fruit, Vegetable, herb, or similar plant materials. The spices segment contributes the largest share in the global plant-based flavors market. It is mainly due to the different flavors and aroma of the spices, such as turmeric, ginger, garlic, cayenne, and seaweed, in the diet. Moreover, it provides excellent nutrition and medicinal benefits to the food and reduces the risk of health problems.
By Application Segmental Analysis
Based on the application, the global plant-based flavors market categorized into Aroma Chemical, Essential Oil & Natural Extract, Fragrance Blends, Flavors Blends. The flavors blend segment dominates the global plant-based flavors market. It is mainly due to the rising market demand for the flavors blends used in food and beverage, tobacco, pharmaceutical industries, and others to provide pleasant scents. With emerging organic beauty products, market use flavors blend to enhance the fragrances of the beauty care products.
By Region Segmental Analysis
Based on geography, the global plant-based flavors market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Europe is the world’s fastest-growing global plant-based flavors market, accounting for the largest share. It is mainly due to the changing people’s lifestyle; awareness among people for the benefits of consuming plant-based products fuels the market demand in the European region.
Companies such as International Flavors & Fragrances, Inc., Sensient Technologies Corporation, Symrise AG, Givaudan SA, McCormick & Company, Inc., Takasago International Corporation, Kerry Group, Döhler Group SE, The Edlong Corporation, Innova Flavors, Flavor Producers, LLC, LorAnn Oils, Gold Coast Ingredients, Inc. and others are key players in the global plant-based flavors market.
- Market research and consulting firms
- Industry associations
- Global plant-based flavors manufacturing companies
- Research organizations and consulting companies’ plant-based flavors
- Regulatory bodies
The objective of the Research
- Market modeling starts with identifying a target market where historical data exists. A Market can include prediction problems, economic factors, analyzing customer behavior, and identifying new patterns from past events, which helps our client to have deep dive into the market.
- Product analysis involves steps such as examining product features, costs, availability, quality, and other aspects. Product analysis is conducted to understand potential buyers and measure competition in the market.
- Market Trend and Economic Factors Analysis helps in assessing potential changes to an economy’s inflation rate, taxes, interest rates, exchange rates, trading regulations, and excise duties that can or have a major effect on the target market.
- Market Segmental Analysis defines in-depth scenario of the target market by the process of grouping consumers into naturally existing created segments of consumers who share similar product preferences or characteristics
- The geographical mapping approach helps our clients to understand national or international markets because different consumers in different regions have different needs wants, and cultural characteristics that can be specifically targeted.
Market Modelling By End-User
By Natural Sources
- Food Industry
- Processed Food
- Beverage Industry
- Flavored Drinks
- Energy Drinks
- Fruit Juices
- Pharmaceutical Industry
- Herbs or similar plant materials
- Aroma Chemical
- Essential Oil & Natural Extract
- Fragrance Blends
- Flavor Blends
- North America
- Asia Pacific
- South America
- Middle East & Africa