Plant Based Flavors Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Plant Based Flavors Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The global market for plant-based flavors has shown remarkable growth over the years.The market size is projected to reach $10.95 billion in 2024 and $15.40 billion by 2031, growing at a CAGR of 5.00%. Plant-based flavors are ingredients derived from various sources such as fruits, vegetables, herbs, and other plant parts, and do not contain any animal components. They are free from dairy ingredients and are used across various industries such as food, beverage, and pharmaceuticals. Different types of plant-based flavors cater to the demands of end-users in processed food, confectionery, bakery, fruit juices, flavored drinks, and more.

Key Trends in the Market for Plant Based Flavors

Rising Health-Awareness Fueling the Plant-based Flavors Market Growth

Increasing health concerns among consumers serve as one of the major drivers for the plant-based flavors market. As awareness grows, there is a rising inclination towards the use of natural and animal-free products. Consumers are increasingly aware of the presence of antibiotics and hormones in some animal products and the potential side effects of consuming animal-based foods. Consequently, manufacturers in the food & beverage industry are opting for vegan flavors to attract health-conscious consumers. Therefore, the growing knowledge among consumers is propelling the market for plant-based flavors.

Health Halo Surrounding Organic & Plant-based Products

The demand for organic and plant-based products has been witnessing considerable growth globally. Growing consumer awareness regarding the health benefits of organic and plant-based products, along with strong support from local companies for the development of such products, is driving demand. The manufacturers of plant-based flavors are updating their inventories with organic products to cater to changing consumer trends and consumption patterns. Additionally, manufacturers are avoiding the use of genetically modified food products due to consumer concerns about potential health risks.

Plant-based Flavors – the Fastest Growing Culinary Trend

Plant-based flavors are rising rapidly in popularity across various countries. According to Google Trends, the plant-based flavors trend increased significantly over the years. A study conducted by the Plant-based Flavors Society, in partnership with Plant-based Flavors Life magazine, showed a substantial increase in the number of people identifying themselves with plant-based flavors. The major reasons for this growth are increasing health awareness and rising animal welfare concerns. These factors have influenced manufacturers in various end-use industries to develop plant-based flavor products to attract more consumers.

For instance, Baskin-Robbins launched two plant-based flavored ice creams. Such initiatives by manufacturers are expected to boost sales in the market.

The Fastest Growing Culinary Trend

Consumers are becoming more mindful of their health, leading to a shift towards liquid-based plant-based flavors in dietary supplements. As supplements have become an essential part of daily diets, consumer preferences regarding the form of these supplements are also changing. The fast-paced lifestyle of consumers contributes to the growing demand for convenient supplement forms. Traditionally available in pill form, supplements are now being offered in alternative forms due to ""pill fatigue."" This has led manufacturers to adopt innovative packaging solutions for liquid supplements without compromising on dosage and quantity.

For example, Frutarom, a supplement manufacturer, launched a liquid formula of solubilized turmeric, which supports immune health.

Challenges in the Market

Intense Competition and Changing Consumer Preferences

Major global players like Givaudan SA, Firmenich, International Flavors and Fragrances, Inc., and Symrise AG hold significant shares in the flavors market. These companies have developed various vegan, natural, organic, clean-label, and vegetarian flavors to attract a wide consumer base. However, the high competition in the flavors market and the presence of numerous options make it challenging to understand consumer preferences. Additionally, limited knowledge about plant-based flavors and their benefits is a significant limitation for market growth in certain regions. These factors are estimated to hinder the market for plant-based flavors.

Regional Insights

Growth in the European Region

Governments across various regions have designed dietary guidelines to reduce meat consumption and avoid related health issues. In Europe, countries such as the United Kingdom, France, Sweden, and the Netherlands have developed guidelines recommending reduced intake of meat and dairy products. Such support increases consumer inclination towards vegan products. Consequently, companies are developing various vegan meat substitutes to meet consumer demand. Plant-based flavors offering the taste of meat and dairy products can be used by food industry manufacturers to develop innovative products, thereby increasing demand for plant-based flavors.

Segmental Breakdown of the Plant Based Flavors Market

The plant-based flavors market is segmented based on source, form, and application.

Source Segment

The source segment includes vegetables, fruits & others, fusion, and herbs & spices. The fruits & other plant parts category holds a significant share in the market, driven by the wide range of applications and high popularity among consumers.

Form Segment

The form segment comprises liquid and powder. The liquid form holds a major share in the global market due to its ease of formulation with other ingredients and high availability.

Application Segment

The application segment includes the food industry, beverage industry, pharmaceutical industry, and others (oral & personal care, dietary supplements, & tobacco). The food industry segment is further categorized into processed food, dairy, bakery, and confectionery. The beverage industry is segmented into flavored drinks (still drinks, alcoholic drinks, and others), energy drinks (instant mixes, sports drinks, and others), and fruit juices.

Competitive Analysis

Major market players aim to design customized plant-based flavors to enhance their sales. Companies like International Flavors and Fragrances, Inc. employ professionals to understand consumer trends and requirements worldwide. They have established creative centers globally to develop innovative products based on regional flavor trends. Other companies such as Sensient Technologies Corporation, Symrise AG, and others provide customized plant-based flavors to boost their sales.

For instance, International Flavors & Fragrances, Inc. acquired The Additive Advantage (TAA) to expand and strengthen its innovative capabilities for taste, active ingredients, and scent. Symrise AG invested significantly in a facility for natural ingredients in the United States. Takasago International Corporation acquired a U.S.-based company that produces natural flavor and fragrance ingredients using unique biotechnology processes. Döhler acquired a majority stake in a company with extensive experience in the production of fruit and vegetable juices, concentrates, and purees for the food and beverages industry.

Key Companies Profiled
• 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
• Firmenich SA
• Flavor Producers, LLC
• LorAnn Oils
• Gold Coast Ingredients, Inc.
• Mane SA

Industry Research by Category

By Form
• Liquid
• Powder

By Source
• Vegetables
• Fruits & Others
• Fusion
• Herbs & Spice

By Application
• Food Industry
Processed Food
Dairy
Bakery
Confectionery
• Beverage Industry
Flavored Drinks
Energy Drinks
Fruit Juices
• Pharmaceutical Industry
• Others

By Region
• North America
• Latin America
• Europe
• South Asia & Pacific
• East Asia
• Middle East & Africa

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