Projections suggest that the global vegan market will reach a valuation of $18,324.3 million by 2034.
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The global vegan flavor market is anticipated to reach $11,078.2 million in 2024, and it is expected to exhibit steady growth with a CAGR of 5.2% until 2034, according to a recent report from Fact.MR.
Projections suggest that the market will reach a valuation of $18,324.3 million by 2034.
Key drivers of this growth include the heightened awareness of the health advantages associated with plant-based diets, as consumers perceive vegan flavors as healthier alternatives.
Environmental sustainability concerns and ethical considerations related to animal welfare also play pivotal roles, prompting consumers to gravitate towards vegan products and driving the demand for corresponding flavors.
Key statistics:
- The vegan flavor industry in the United States holds a market share of 74.1% in 2024.
- North America market is expected to expand at a CAGR of 6.7% through 2034.
- The liquid segment to hold a market share of 36.99% in 2024.
- The vegan flavor industry in China is expected to rise at a CAGR of 5.4% through 2034.
- The market in the United States is valued at $ 1,933 million in 2024.
