Global Future Rich Vegan Flavors Market: Overview
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.
Global Future Rich Vegan Flavors Market: Notable Developments
The global future rich vegan flavors market is slightly fragmented. Players are highly focused on production of vegan meat alternatives and improving distribution channels. This former is leading to higher investment directed towards research and development. Key market participants include:
- Beyond Fresh
- California Gold Nutrition
- Crook & Marker
- Feel Great 365
- Foreal Foods
- Honey Badger
- Ice Chips
- Lifetime Vitamins
- Marcia Boothby
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.
Global Future Rich Vegan Flavors Market: Key Trends and Drivers
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.
- One of the most notable growth factors in the global future rich vegan flavors market is increase in number of people who are lactose intolerant. The digestive disorder affects about 65% of human population with massive prevalence in East Asia, where 70-100% people have a reduced ability to digest lactose. This is leading to demand for dairy-free products, driving demand for vegan products.
- Veganism is gaining popularity as celebrities and social media influencers subscribe to the diet and promote it with great enthusiasm. As the trend catches-on with even the predominantly meat eating regions such as North America and Europe, demand for vegan foods is increasing, driving global future rich vegan flavors market on a higher growth trajectory.
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Global Future Rich Vegan Flavors Market: Regional Analysis
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.
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.
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