According to Stratistics MRC, the “Global Beverage Flavoring Systems Market” is accounted for $3.52 billion in 2018 and is expected to reach $7.10 billion by 2027 growing at a CAGR of 8.1% during the forecast period. Favourable regulatory environment for fortified products, and growing demand for a variety of innovative flavours in soft drinks are the major factors propelling the market growth. However, factors such as limited availability of natural sources of high-quality raw materials, and high processing cost are hampering the market growth.
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A beverage is any drink that is capable of quenching the thirst. In commercial purpose beverage is a drink other than water. Water, tea, coffee, milk, juice, beer, etc. are some of the examples of beverage. Beverage flavoring is a process of adding liquid extracts, essences, and flavors of the drink, which enhance their taste and aroma. Beverage flavoring systems are used to develop unique and great tasting flavors for the beverage. Beverage manufacturers use it in sparkling waters, energy drinks, flavored teas, coffees, spirits, and wines, etc. Flavor is a sensory impression of numerous food products, which are primarily the chemical senses of smell and taste. Beverage flavoring is primarily used in the carbonated water as flavor and sweetener such as sugar, HFCS, and fruit juices. Many beverages flavoring is mainly the sugar substitute such as sucralose, aspartame, acesulfame-K, and cyclamate.
Opportunity: Growing demand for the carbonated and flavored drinks would provide ample opportunities for the market growth.
The demand for beverage flavoring systems is expected to witness significant growth on account of increasing consumption of carbonated soft drinks in both developed and developing economies. The increasing demand for the carbonated and flavored drinks is boosting adoption of the beverages flavoring systems market. The carbonated soft drinks are major application areas of flavoring systems. Consumer demand for innovative tastes encourages flavor manufacturers to launch new flavor products. Increasing disposable income especially in developing countries has led to increasing demand for carbonated soft drinks thereby, boosting demand for beverage flavoring systems. The use of various types of flavors in beverage applications is largely attributed to the introduction and combination of different flavors to create an elegant and aromatic taste. For instance, flavors of fruits & vegetables and spices blended with beverages such as coffee and chocolate shake create a sweet and spicy, warm fall flavor.
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Driver: Increase in the consumption of natural food products is driving the market growth.
The customers are on the increase in the consumption of natural food products, due to increased knowledge of the health. Manufacturers therefore intend to create fresh and innovative formulations on the food aromas market, such as natural food flavours, obtained from exotic fruits. Market players also have embraced fresh and sophisticated techniques for simple extraction and retention of the initial flavor such as SLE, super critical carbon dioxide extraction, supercritical fluid extraction, and others. New flavors in the natural food products are being introduced and techniques are being adopted that stimulate the development of the food products industry.
Asia Pacific region is anticipated to hold considerable market share during the forecast period:
By geography, the Asia Pacific region is anticipated to hold considerable market share during the forecast period. The region is an emerging market, with investments from several multinational manufacturers, especially in countries such as China, India, and Japan; these are the major markets in the region. Emerging economies and the growing carbonated soft drinks market have been driving the growth of the beverage flavoring systems market in this region. The Asia Pacific region is a growing market for carbonated soft drinks. According to the World Economic Forum, from 2015 onward, China and India have been growing in terms of consumption of carbonated soft drinks. Growing investment of the several multinational manufacturers in improvement in the flavorings coupled with growing demand for ready to eat food and drinks is boosting the growth of the global beverages flavoring systems market. Significant demand in the region is attributed to growth in beverage processing industry accompanied by rapid urbanization, economic development, and rise in population. Ease in raw material procurement, and availability of labor at lower rates are among the key factors contributing to the reduced cost of beverage flavoring systems in the region.
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Some of the key players profiled in the Beverage Flavoring Systems Market include Cargill, Incorporated, Dohler, Firmenich SA, Flavorchem Corporation, Frutarom, Givaudan, International Flavors & Fragrances, Inc., Kerry Group plc, Mane SA, Sensient Colors LLC, Takasago, Tate & Lyle PLC, and The Archer Daniels Midland Company.
International Flavors & Fragrances, Inc: In October 2018, International Flavors & Fragrances completed its acquisition of Frutarom, thus expanding its product portfolio and gaining significant market share.
Firmenich SA: In September 2019, Firmenich, the world’s most significant privately-owned Perfume and Taste Company, has reached an agreement with Robertet (France). Robertet is a French fragrance and flavor manufacturer that specializes in natural raw materials.
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