A new study by analysts at Fact.MR found that shoppers seeking healthier options in their diets are increasingly turning to vegan food options due to their perceived health benefits.
Environmental sustainability concerns, as well as ethical considerations related to animal welfare, also played pivotal roles in prompting consumers to gravitate towards vegan products.
The vegan flavours market is expected to exhibit steady growth, with a compound annual growth rate (CAGR) of 5.2% until 2034. These projects suggest that the market will reach a valuation of $18.32bn (£14.5bn) by 2034.
Moreover, exposure to diverse global cuisines, many of which prominently feature plant-based ingredients and flavours, serves to broaden consumer palates and further bolster the popularity of vegan flavours.
Top players in the vegan flavours scene included Givaudan, Symrise, and Firmenich, with the likes of ADM assisting food manufacturers in enhancing the flavour and nutritional profiles of their vegan products.
This competitive landscape has allowed industry leaders to leverage innovative research and development to offer various plant-based flavours.
“The competition is fuelled by a shared commitment to meeting the rising demand for cruelty-free and sustainable flavour options in the global food industry,” said Fact.MR.
For UK exporters looking to capitalise on the growing vegan market, the US holds the biggest market share at 74.1% and a value of $1.9bn in 2024. However, China is one to watch – growth is ahead of the global market (CAGR 5.4%) with China commanding a substantial share of the East Asian market (70.7%).
Meanwhile, the number of vegans in the UK increased by 1.1m between 2023 and 2024, a new study has found. Research conducted by Finder estimates that in the past 12 months the number of UK vegans increased by 1.1m to a total of 2.5m, representing 4.7% of the adult population.