The global vegan flavour market is expected to exceed US $18.3 million by 2034 at a Compound Annual Growth Rate (CAGR) of 5.2%, according to new data.
A recent analysis by Fact.MR found that the industry is anticipated to reach US$ 11,078.2 million in 2024, driven by factors such as increasing adoption of plant-based diets and ethical considerations. Environmental sustainability and health concerns also play pivotal roles.
“The escalating awareness of health benefits associated with plant-based diets is one of the major drivers of the vegan flavour market,” says a Fact MR. analyst.
In addition, the report notes that exposure to diverse global cuisines, many of which prominently feature plant-based ingredients and flavours, is broadening consumer palates and thereby increasing the popularity of vegan flavours.
Vegan flavours encompass options ranging from fruits and vegetables to herbs and spices. According to the analysis, manufacturers are channelling significant investments into research and development to create authentic and appealing plant-based flavours.
The report mentions how food giant Nestlé recently unveiled a new plant-based meal kit featuring vegan flavours, pointing to the growing popularity of the segment.
While veganism is on the rise globally, vegans still make up a considerably small portion of Australian consumers – a recent YouGov survey found that only 6% of Aussies adopt a vegetarian or vegan diet, with the majority being from the Gen Z and Millennial groups.
Interestingly, the survey showed that Indian cuisine was among the most popular categories for vegetarians and vegans in Australia.