The beverage flavoring systems market was valued at
USD 3.8 billion in 2018 and is projected to reach USD 5.2 billion by 2023, at a
CAGR of 6.1% from 2018 to 2023. The global demand for beverage flavoring
systems is increasing significantly due to the launch of advanced technologies
in flavor processing, the increasing consumer inclination toward clean-label
and organic products, and favorable regulatory environment for fortified
products. Fruit & vegetable flavors find applications in the manufacturing
of juices, functional drinks, carbonated soft drinks, alcoholic beverages, and
dairy-based beverages. The Asia Pacific region is projected to hold the largest
market due to growing consumption of carbonated soft drinks. There is also a
growing demand for natural, tropical, and exotic aromas in flavors from this
region. The market for beverage flavoring systems is set to grow, owing to the
favorable regulatory policies for the consumption of products with low sodium,
low sugar, and natural products. All these factors are expected to fuel the
market growth of beverage flavoring systems.
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Key players in beverage flavoring systems market are
Cargill(US), Archer Daniels Midland Company (ADM) (US), Givaudan (Switzerland),
Sensient Technologies (US), Kerry (Ireland), International Flavors and
Fragrances (IFF) (US), Firmenich (Switzerland), Tate & Lyle (UK), MANE
(France), Döhler (Germany), Takasago (Japan), Flavorchem Corporation (US), and
Frutarom (Israel).
There has been an increasing demand for carbonated
soft drinks across the Asia-Pacific region. 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. There is also an increased interest being shown toward natural,
tropical, and exotic aromas. All these reasons are aiding the growth of the
beverage flavoring systems market in the region.
Browse in-depth TOC on "Beverage Flavoring Systems
Market"
117 - Tables
64 - Figures
214 - Pages
The beverage flavoring systems market, on the basis
of ingredient, constitutes four segments,
namely, flavoring agents; flavor enhancers; flavor carriers; and others, which
include curing & pickling agents, preservatives, acidity regulators,
emulsifiers, and stabilizers. Since consumers are becoming more health conscious, they are demanding low-salt,
low-sugar, and low-fat beverages. This has been fueling the demand for taste
modulators and taste-masking agents. The flavoring agents segment is projected
to grow at a significant rate due to the growing consumption of fortified
beverages, owing to their nutritional values.
Beverage flavoring systems market, on the basis of
beverage type, is segmented into alcoholic and non-alcoholic. The non-alcoholic
segment is projected to be the faster-growing segment due to the growing
consumption of carbonated soft drinks, juices, and functional drinks. The
carbonated soft drinks and juice industries are major application areas of
flavoring systems. Consumer demand for innovative tastes encourages flavor
manufacturers to launch new flavor products.
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Beverage flavoring systems market, by form, is
segmented into dry and liquid. The liquid segment is projected to be the faster-growing
segment since liquid flavors can be easily mixed together to provide a
homogeneous distribution of each flavor component—a reason why most beverage
manufacturers prefer the usage of liquid flavors.
The launch of advanced and cost-effective flavor systems, development of multi-functional flavor systems, and changing lifestyles coupled with the rising demand for carbonated soft drinks in the Asia Pacific and South American economies prove to be opportunities for this market. The growing demand for a variety of innovative flavors in soft drinks, the launch of advanced technologies for flavor processing, and favorable regulatory environment for fortified products coupled with growing consumer inclination toward clean-label and organic products are some of the factors which drive growth in the beverage flavoring systems market.
