As consumers become more aware of the health benefits associated with a plant-based diet, the vegan flavor market is expected to experience significant growth in 2024, as highlighted in a recent report by Fact.MR. Unlike traditional flavors, which may derive from animal products, certified plant-based flavors are sourced from fruits, vegetables, herbs, and spices. The global vegan flavor market is projected to reach $112.5 million in 2024 and grow to $183.3 million by 2034, representing a compound annual growth rate of 5.2%. Consequently, ingredient manufacturers are focusing on innovation and investing in research and development to take advantage of this trend. For instance, companies have discovered that liquid vegan flavor concentrates facilitate easier integration and provide greater flexibility for creating a variety of products such as dressings, beverages, and sauces. Key players in this sector include International Flavors & Fragrances, Givaudan USA, and Kerry Group. In December 2023, McCormick introduced a novel line of plant-based flavors designed to help food manufacturers produce vegan and vegetarian products that appeal to a wider audience. According to the report, “This growth reflects a global shift towards environmentally friendly and compassionate lifestyles.” The rise in health-conscious consumers, along with ethical and sustainability concerns, is driving the expansion of this market, similar to the broader plant-based alternative food industry.
In October 2023, Firmenich, a Swiss fragrance and flavor company, formed a partnership with Chr. Hansen, a bioscience firm, to enhance the development of more authentic plant-based flavors. Additional growth drivers include increased consumer exposure to global cuisines primarily featuring plant-based dishes. For example, Hasegawa USA has identified ube as the flavor of 2024, which offers a nutty, sweet, and mildly earthy taste, making it suitable for various applications in desserts like ice cream and beverages such as bubble tea, all of which can be made from plant-based ingredients. With rising demand for plant-based options, manufacturers are expected to provide a wide array of innovative vegan flavor alternatives. However, despite a strong growth environment, developing these ingredients can be costly. The report notes, “Creating authentic plant-based flavors often requires complex and intricate processes,” and these elevated costs may hinder the widespread adoption of vegan flavors, posing affordability challenges for both manufacturers and consumers. Limited availability and accessibility will also be obstacles to growth. Although demand exists, not all regions have equal access to vegan products, leading to cost barriers.
Moreover, as the market evolves, the incorporation of ingredients like calcium citrate IV may become increasingly relevant, offering potential health benefits that align with the plant-based movement. As more consumers seek these options, the presence of calcium citrate IV in innovative vegan flavors could further enhance their appeal, supporting the trend towards healthier and more sustainable lifestyles.