This report was recently updated on April 19 2024 with the latest and most recent
market numbers
Global Plant-Based Flavour Market Size, Trends & Analysis- Forecasts to 2026 By Type (Chocolate & Brown Flavours, Vanilla, Fruits & Nuts, Species, and Others), By Application (Beverages, Dairy Products, Confectionery Products, Bakery Products, Meat Products, Savory & Snacks, Frozen Products), By Region (North America, Europe, Asia Pacific, MEA, CSA); Vendor Landscape, End-User Landscape, and Company Market Share Analysis & Competitor Analysis
Plant-Based Flavours Market Insights
The global plant-based flavours market is projected to grow at a significant CAGR% during the forecast period. Changing lifestyle, rising health awareness among the population, and growing demand for organic food products are the major factors driving the market growth for plant-based flavours. Plant-based flavours are created from substances extracted from herbs, bark, buds, root leaves, or plant material that are either used in a natural state or processed through physical, microbiological or enzymatic methods. These flavours are unique, newer, and tastier which propels the growth of the market. An increase in the purchasing power of consumers and rising awareness regarding the benefits of organic and plant-based products are some of the factors boosting the growth of the plant-based flavours market. However, the high cost associated with the preparation of natural flavours is restraining the market growth during the forecast period.
Plant-Based Flavours Market Size: By Type
On the basis of type, the plant-based flavours market is segmented into chocolate & brown flavours, vanilla, fruits & nuts, and species among others. The fruit & nuts segment is anticipated to witness considerable growth over the period owing to its several benefits and a wide variety of applications in dairy products, bakery products, and others. Growing demand for packaged foods across the globe is driving the market growth. The growing consumption of fruits & nuts and changing diet habits among consumers are propelling the market growth.
Plant-Based Flavours Market Size: By Application
On the basis of application, the plant-based flavours market is segmented into beverages, dairy products, confectionery products, bakery products, meat products, savoury & snacks, and frozen products. The beverages segment is estimated to be the fastest-growing segment during the forecast period owing to the rising demand for beverages derived by varied consumer tastes and preferences. These plant-based flavours are widely used in beverages that drive the growth of the segment in the market. The dairy products segment is also expected to witness significant growth over the period. The increased demand for non-dairy milk along with growing health concerns, has urged consumers to look out for alternate food option.
Plant-Based Flavours Market: By Region
North America is estimated to hold the largest market share of the overall plant-based flavours market attributing to the high consumption of nutritional beverages and soft drinks, and rising investments in flavours manufacturing industries. Rising awareness regarding organic products, increasing consumption of packaged food, and growing concern about healthier lifestyles are some of the other factors propelling the growth of the region in the plant-based flavours market. Asia-Pacific region is also expected to witness considerable growth owing to the rising disposable income, and changing food habits. The presence of key food processing companies such as Nestle China, Baijia Food, Gold Peg International Pty Ltd., Emura Food Machine Co, Ltd., and Waycool among others is driving the market growth in the region.
Plant-Based Flavours Market Share & Competitor Analysis
The key players operating in the global plant-based flavours market include: Frutarom (Israel), Givaudan (Switzerland), Sensient (US), BASF SE (Germany), International Flavours & Fragrances (US), Corbion NV (Netherlands), Symrise (Germany), Kerry Group, Plc. (Ireland), MANE (France), Takasago (Japan), and Archer Daniels Midland among others.
Please note: This is not an exhaustive list of companies profiled in the report.
Check the Press Release on Global Plant-Based Flavour Market Report
Plant-Based Flavours Market: By Type
Plant-Based Flavours Market: By Application
Plant-Based Flavours Market: By Region
The global Plant-Based Flavour Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Plant-Based Flavour Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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