Rising awareness about Veganism and Dietary Health practices boosting the Demand for Meatless Flavours Market
According to the data published by vegan bits there are 75 million vegan people across the world. Rise in awareness about healthy dietary practices and animal slaughter boosting the vegan population thereby increasing the demand for meatless flavours products over the industrial forecast period.
Meatless flavours are the plant-based flavours which are created from different plants and herbs. The food and beverages industry are raising significant investment in research and development of meatless flavours due to upsurge in demand.
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There are different types of meatless flavours available in the market that are particularly derived from vegetables, herbs, fruits and spices.
Fruits, Herbs and Spices being popular source of Meatless Flavours, captured the Significant Market
Meatless flavours are prominently being used in bakery and other canned food items leading to increased demand for meatless flavours market. Furthermore, meatless flavours created from fruits are significantly used dairy products like ice-cream, yoghurt, milkshakes etc due which meatless flavours demand is increased over the industrial forecast period.
Meatless flavours produced from fusion of spices are prominently popular because their increased demand in cooking industry.
Segmentation: Meatless Flavours Market
Based on the types Meatless Flavours market is classified into different parts based on source, form and application in end use industries. Among all meatless flavours derived from vegetables, fruits, herbs and spices captured the significant market share due to increased demand in cooking and dairy industry.
Based On source meatless flavours market is segmented into
- Fruits and others
- Herbs and spices
Based on form meatless flavours market is segmented into
- Meatless Flavours Liquid form
- Meatless Flavours Powder form
Based on end use industries meatless flavours market is segmented into
- Food industry
- Processed Food
- Beverage industry
- Flavoured Drinks
- Energy Drinks
- Fruit Juices
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Europe and North America boosting the demand for Meatless Flavours Market
Europe and North America being the prominent consumer of plant-based diet boosted the demand for meatless flavours market. Increased growth rate of food and beverages industry, rising awareness about various diseases due to meat eating are the common factors driving the demand for meatless flavour in developed economies.
Furthermore, rising awareness about meat substitutes offering the same nutritional value has halted the growth of meat industry thereby boosting the demand for meatless flavours market. The meatless flavours market is anticipated to grow in developing economies like china and India over the industrial forecast period.
Change in lifestyle, rise in work culture, rising awareness about health conciseness and rise in urbanization have boosted the demand for natural and organic products. Due to which demand for meatless flavours has been augmented in emerging economies like china and India.
Impact of COVID-19 on Meatless Flavour Market
Government imposed lockdown has halted the transportation as well as production of meatless flavours due to which their demand is significantly affected. Supply chain for meatless flavours have completely disrupted for shorter amount of time due to fall in demand. On the contrary there will be tremendous rise in veganism in near future due to COVID-19. Being directly or indirectly related to meat COVID-19 is going boost the demand for meatless flavours in near future at tremendous rate.
Mergers and Acquisition of Prominent Market Players is likely to Flourish Meatless Flavours market
Players in the meatless flavours market are using various strategies like mergers and acquisition. For instance, Givaudan SA one of the key players has acquired Naturex Inc, leader in plant extraction and natural ingredients. Furthermore, International Flavours & Fragrances, is to be merged with DuPont’s Nutrition & Biosciences Business in order to expand their reach in market. Symrise AG one of the top players has completed its acquisition of International Dehydrated Foods for $900 million in 2019.
In 2018 Sensient Technologies Corporation has completed its acquisition of natural colour business of GlobeNatural, a leading natural food and ingredient company based in Lima, Peru. Furthermore, Flavour Producers LLC has completed its acquisition of Flavormatic Industries, Inc. of Wappingers Falls, NY. Other key players in the market are McCormick & Company, Inc. Takasago International Corporation, DÖHLER – Natural Food & Beverage Ingredients, Kerry Group, The Edlong Corporation, Innova Flavours, Firmenich SA, Mane SA
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