The market for vegan flavors is most likely to incline at a CAGR of 4.8% from 2023 to 2033, as per the latest Future Market Insights report. According to the study, the global vegan flavor market is anticipated to reach a valuation of US$ 14,406.1 million by 2033, up from US$ 9,021 million in 2023.

As animal cruelty and its adverse environmental impact become more widely perceived, key players in the vegan flavor industry benefit from huge market potential. Consumers are making healthy lifestyle choices as a result of increased awareness regarding health and wellness. The popularity of vegan foods and ingredients has increased as a result of this trend. Lactose malabsorption affects around 68% of the global population, as reported by the National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK), resulting in a rise in dairy alternatives, such as vegan milk, cheeses, yogurts, ice creams, and frozen desserts.

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In recent years, advances in food science and technology have made it possible for vegan flavors to mirror the taste and texture of their animal-derived counterparts, making them more appealing to a wider range of consumers. Food manufacturers and restaurants have expanded their vegan offerings to cater to the growing demand for vegan flavors, making it easier for consumers to discover and try vegan options. Vegetarianism, veganism, and flexitarianism have gained traction over the past few years, with more people adopting plant-based diets. Therefore, vegan flavors are in high demand in various food and beverage products.

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

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.