Plant Based Flavors Market Segmentation By Form- (Liquid, Powder), The liquid form has a major share in the global plant-based flavors market.
Industry: Food and Beverages
Published Date: March-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 360
Report ID: PMRREP31510
The market for plant based flavors can be expected to expand at a value based CAGR of 4.8% and show an increase in revenue from US$ 10,437.20 Million to around US$ 16,680.03 Million by 2033.
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Plant Based Flavors Market Size (2023E) |
US$ 10,437.20 Million |
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Projected Sales of Plant Based Flavors (2033F) |
US$ 16,680.03 Million |
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Value CAGR (2023-2033) |
4.8% |
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Value Share of Top 4 Countries (2022E) |
58% |
The global plant based flavors market has witnessed significant growth in the historical period registering a CAGR of 3.99% in the historical period and was valued at US$ 16,680.03 Million in 2023.
Plant-based flavors are ingredients which do not contain any animal component. Plant-based flavors are derived from various sources such as fruits, vegetables, herbs, and other plant-parts. Plant-based flavors are free from dairy ingredients. They are used for various industries such as food, beverage, pharmaceutical, etc. There are various types of plant-based flavors that are available in the market as per the demand of end-users such as in processed food, confectionery, bakery, fruit juices, flavored drinks, and others. The global market for plant based flavors is estimated to reach an approximate valuation of US$ 16,680.03 Million in the forecast period.
“Rising Health-Awareness Fueling the Plant-based Flavors Market Growth”
Growing health concerns among consumers are estimated to serve as one of the major drivers for the plant-based flavors market growth. As awareness is increasing among consumers, inclination towards the use of natural and animal-free products is rising. Consumers are aware of the presence of antibiotics and hormones in some animal products and the side-effects that are likely to occur due to the consumption of animal-based foods. Thus, the manufacturers in the food & beverage industry are opting for the use of vegan flavors in products to increase sales among health-conscious consumers. Therefore, increasing knowledge among consumers is estimated to propel the plant-based flavors market growth.
“Health Halo Surrounding Organic & Plant-based Products”
The demand for organic and plant-based products has been witnessing considerable growth, globally in the past few years. Growing consumer awareness regarding the health benefits of organic and plant-based products and strong support from local companies for the development of such products are key factors driving the demand for food products. The demand for organic plant-based flavors is anticipated to have a profitable rise over the forecast year owing to the increasing consumer demand for healthier and organic products. The manufacturers of plant-based flavors are thus updating their inventories with organic products to cater to the changing consumer trends and altering consumption patterns. Besides, manufacturers are avoiding the use of genetically modified food products due to the growing consumer concerns regarding the health adversities of genetically-modified food products.
“Plant-based Flavors– the Fastest Growing Culinary Trend”
Plant-based Flavors is rising at a very high rate across various countries in the world. According to Google Trends, the plant-based flavors trend increased four times between periods of 2012 to 2017. Also, according to a study conducted by Plant-based Flavors Society in partnership with Plant-based Flavors Life magazine, in the UK, the number of people identifying themselves as plant-based flavors has increased by 350% as compared to a decade ago. The major reasons for the growth of the plant-based flavors population are increasing health awareness and rising animal concerns. These factors have further influenced the manufacturers in various end-use industries. Manufacturers in the food and beverage industry are trying to develop plant-based flavors products to attract more consumers.
“Plant-based Flavors– the Fastest Growing Culinary Trend”
Consumers have become more mindful of their health and dietary supplement products, which have generated a shift toward liquid-based plant based flavors. As dietary supplement products have become a vital part of their daily diet, consumer preferences regarding the form of the supplements is also changing. Moreover, the fast-paced consumer’s life is also becoming an important contributing factor for the growing consumer’s choices for supplements.
Supplements typically come in the form of a pill, but consumer’s interests in alternative forms is growing due to “pill fatigue”. This has also created a change in the delivery and dosage of supplement products by the manufacturers. Manufacturers are opting for innovative packaging solution for liquid supplements without compromising on the dosage and quantity of the supplements.
“Intense Competition, Changing Consumer Preferences, and Less Awareness Restraining the Market Growth”
There are some major global players such as Givaudan SA, Firmenich, International Flavours and Fragrances, Inc., and Symrise AG, which have a significant share in the flavors market. Companies have developed vegan flavours, natural flavors, organic flavors, clean-label flavors, vegetarian flavors, etc., to attract a large consumer base. The high competition in the flavors market and the presence of various options makes it difficult to understand consumer preferences. Additionally, limited knowledge about plant-based flavors and their benefits is a major limitation for the growth of the vegan flavor market in certain regions of the world. Thus, these factors are estimated to hamper the plant-based flavors market.
Why is a Higher Growth Attributable to The European Region for the Plant Based Flavors Market?
Governments across various regions of the world have designed dietary guidelines to reduce meat consumption and to avoid health problems related to it. In Europe, countries such as the United Kingdom, France, Sweden, and the Netherlands, have developed new dietary guidelines, which recommend that people reduce their intake of meat and dairy products. Such support increases the inclination of the consumers towards the use of vegan products. Thus, the companies are trying to develop various vegan meat substitutes that can fulfil the requirements of the consumers. There are a variety of plant-based flavors that can offer the taste of meat as well as various dairy products. These can be used by the manufacturers in the food industry to develop innovative products, because of which, the demand for plant-based flavors is estimated to increase during the forecast period.
What is the Segmental Breakdown of the Plant Based Flavors Market?
On the basis of source, the plant-based flavors market is segmented as- vegetables, fruits & others, fusion, and herbs& spice. The fruits & other plant parts occupy a significant share in the plant-based flavors market. The variety of applications of the fruit flavors and its high popularity among the consumers are some of the main drivers for the growth of fruits & other plant parts source.
The form segment consists of- liquid and powder. The liquid form has a major share in the global plant-based flavors market. The ease of formulation with the other ingredients and high availability are some of the factors for the growth of liquid form of the plant-based flavors market. The application segment consists of food industry, beverage industry, pharmaceutical industry, and others (oral & personal care, dietary supplements, & tobacco). The food industry segment is further categorized as: processed food, dairy, bakery, and confectionery, while the beverage industry is segmented as: flavored drinks (still drinks, alcoholic drinks, and others), energy drinks (instant mixes, sports drinks, and others), and fruit juices.
Which Segments Are Expected to Project Higher Sales in the Plant Based Flavors Market?
On the basis of source segment, the global fruits & others sub-segment is estimated to increase at a CAGR of 5.0%, in terms of value during the forecast period (2023 -2033).
Beverage segment under the application is projected to hold highest share and food segment is expected to register a significant growth rate in the global plant-based flavors market over the forecast period of 2023-2033.
The main aim of the major market players is to design customized plant-based flavors to enhance the sales of the company. International Flavors and Fragrances, Inc. for example has special professionals that are employed to understand the consumer trends and requirements all across the world. It has developed 22 creative centers around the world so as to understand the regional flavor trends and develop innovative products accordingly. There are various other companies such as Sensient Technologies Corporation, Symrise AG, etc. that provide customized plant-based flavors to enhance their sales.
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Details |
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Forecast period |
2023-2033 |
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Historical data available for |
2018-2022 |
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Market analysis |
USD million for value |
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Key regions covered |
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Key countries covered |
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Key market segments covered |
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Key companies profiled |
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Report coverage |
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Customization & pricing |
Available upon request |
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The global market for plant based flavors has a value of US$ 10,437.20 Mn in 2023.
The global market for plant based flavors has a value CAGR of 3.99% from 2018-2022.
The global market for plant based flavors has a value of US$ 16,680.03 Mn in 2033.
The global market for plant based flavors has a value CAGR of 4.8% from 2023-2033.
The top players hold more than 40-50% of the market share. They include International Flavors & Fragrances, Inc., Sensient Technologies Corporation, Symrise AG, McCormick & Company, Inc., Givaudan SA, Takasago International Corporation.
