February 15 2021
The global future vegan flavors market is set to witness growth, moderate yet steady, over the next few years. As a result of this, from 2020 to 2030, the market would witness new opportunities, ready to be tapped into by players.
As per Transparency Market Research, production of new flavors and growing focus on effective marketing and promotional activities will also hold a positive influence on global future rich vegan flavors market growth over the stated period. Top trend that is set to propel the market forward is veganism – dietary preference that excludes animal-based products, including dairy.
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The global future rich vegan flavors market is slightly fragmented. Players are highly focused on production of vegan meat alternatives and improving distribution channels.
his former is leading to higher investment directed towards research and development. Key market participants include:
Players are trying to claim a larger share of the market by tapping into new consumer bases. To achieve this end, various promotional activities are being deployed. Besides, to enter a new market, alliances are also considered.
Multiple factors of growth – trends and drivers – are driving the global future rich vegan flavors market forward. One of the prominent ones is increasing health consciousness among people. Additionally, varied measures adopted by market players to strengthen channels of distribution are adding to market growth. A glimpse into other prominent factors of growth, as identified by Transparency Market Research, is provided below.
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Over the forecast period, Asia Pacific will be noted as a lucrative market, generating novel growth opportunities. Reasons that will be attributable this growth are increasing awareness regarding benefits of this diet that go beyond health and extend to environment, growing disposable incomes, and promotions by social media influencers such as Shivya Nath in India who is spreading awareness by bursting myths and bringing forth the aspect of animal cruelty.
North America will account for a majority share of the market over the coming years owing to presence of strong players such as International Flavors & Fragrances, Inc, Sensient Technologies Corporation, and The Edlong Corporation. Besides, the region is marked by high disposable income and growing awareness apropos of environmental and physical health benefits.
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In Europe, guidelines which point to reduction in dependence on dairy and meat are being noted in a number of countries. These include Netherlands, the United Kingdom, France, and Sweden. It is set to carve off a notable share of the total market revenue for the region over the forecast period.