Beverage Flavoring Market Landscape Assessment By Type, Opportunities And Higher Mortality Rates By 2032
The global beverage flavoring market analysis by Future Market Insights shows that global consumption of beverage flavoring systems enjoyed a year-on-year (YOY) growth of 5.2% in 2021 to total sales of USD 4.5 bn, and is estimated to reach USD 7.8 bn in 2032 at a CAGR of 5.7%. The Asia Pacific market is projected to expand significantly due to the rapid growth of the food and beverage market.
Growing demand for packaged juices, sports drinks, and energy drinks is expected to further fuel demand for drink-flavored systems.
A beverage flavoring system is a combination of various ingredients such as flavoring agents, flavor enhancers, flavor carriers, emulsifiers, preservatives, and stabilizers among others. These ingredients improve the flavor or taste of alcoholic and non-alcoholic beverages.
It includes in-depth insights into the beverage flavoring market. Some of these are:
• The estimated value of the market was at US$ 4,021.0 Mn in 2022. Through the course of the report’s forecast period, the market is exhibited to show a steady pace of growth.
• Regionally, South Asia and East Asia emerged as a key market for beverage flavoring market.
• Europe and North America will remain stable as key markets for beverage flavoring.
• Artificial category is expected to remain dominant in terms of type.
• Key players are likely to focus on product innovations to stay relevant in developed markets.
Rising Demand for Citrus Flavors Amidst Spread of Coronavirus to Boost Growth Prospects
Citrus has persistently remained one of the most popular choices in beverage flavor for drinks/beverages. It provides a wide range of taste and tones as compared to any other fruit flavor categories. Citrus flavors are accepted more in the beverage industry than other flavors and are constantly one of the most preferred flavors for sweet food and beverage products across the globe. Citrus flavors are widely preferred by the younger consumer group including Gen Z, and millennials, and also preferred by older consumer groups. The most commonly used citrus flavors are lime, lemon, and orange. The rising demand for citrus flavors is anticipated to boost the growth of beverage flavorings market.
Experts have revealed that the demand for citrus flavors obtained from natural resources will rise in the coming years. The recent spread of coronavirus outbreak has rendered consumers more cautious about their food and beverage choices. Besides this, the rising awareness about vitamin C present in citrus food will bode well for the beverage flavoring market. Vitamin C is believed to strengthen immune system in human. This is likely to fuel the demand for citrus flavors, in turn enabling growth in the market.
Who is Winning?
Some of the key players operating in the beverage flavorings market are Givaudan, International Flavors & Fragrances, Sensient Technologies, Takasago International Corporation, Symrise, Firmenich, Mane, Dohler, and Robertet SA among others.
Due to the increasing competition, some of the leading manufacturers of beverage flavors are concentrating on their product range development in the global market along with ensuring technical developments in the production process. Their growth approaches are further sustained by agreements with local/ regional producers across the emerging market. These companies are mainly focusing on catering to shifting consumer inclination across numerous applications.
Furthermore, mergers and acquisition persist as common approach among these players. Manufacturers intend to progress their regional manufacturing units by strategic partnerships.
GLOBAL BEVERAGE FLAVORING MARKET TAXONOMY
The global Beverage Flavoring Market is segmented in detail to cover every aspect of the Market and present complete Market intelligence to readers.
Food Flavors
• Chocolate & brown flavors
• Vanilla
• Fruits & nuts
• Dairy
• Spices
• Others (honey, mint, and vegetables)
Application
• Beverages
• Dairy products
• Confectionery products
• Bakery products
• Meat products
• Savory & snacks
• Frozen products
Form
• Liquid
• Dry
Origin
• Natural
• Artificial
Region
• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• MEA
Key Questions Answered in the Report
• How much is the beverage flavoring market current worth?
Currently, the beverage flavoring market is worth more than USD 4.5 bn.
• At what CAGR is the market expected to grow?
Beverage flavoring consumption is expected to grow at a CAGR of around 5.7% during the period 2022-2032.
• How was the performance in the last five years?
In terms of revenue, beverage flavoring grew at a CAGR of around 5.2% during 2017-2021.
• What are the key trends boosting Beverage flavoring sales?
The launch of advanced technologies in flavor processing, the favorable regulatory environment for fortified products, increasing consumer inclination toward clean-label and organic products, and growing demand for a variety of innovative flavors in soft drinks is boosting beverage flavoring sales.
• How are market players reacting to the new developments in the market?
Market players are opting for technological advancement, new product launches, and spreading their geographic boundaries.
• Which are the major countries driving demand for beverage flavoring?
US, France, UK, Germany, Japan, and China are the major countries driving demand for beverage flavoring systems.
Information Source: https://www.futuremarketinsights.com/reports/beverage-flavoring-market