Beverage Flavoring Systems Market Size to Grow at a CAGR of 6.1% During the Forecast Period 2021-2026
The Growing Demand for Flavor Ingredients in Beverage Industry Driving the Growth of Beverage Flavoring Systems Market.
Hyderabad, India – July 24, 2021 /MarketersMedia/ —
Beverage Flavoring Systems Market size is estimated at $4.3 billion in 2020, projected to grow at a CAGR of 6.1% during the forecast period 2021-2026. Beverage flavouring systems are complex mixtures derived from natural flavor or artificial processes that are used to change the flavor of a beverage. Beverage flavoring, such as sugar, HFCS, and fruit juices, is commonly used in carbonated water as a flavor enhancers and sweetener. The market’s growth is being fuelled by rising public awareness of health issues and technological advancements. Furthermore, technological advancements combined with increased R&D activities are expected to boost the demand for beverage flavoring systems industry. Beverage flavoring is the process of enhancing the taste and aroma of a drink by incorporating liquid extracts, essences, and flavors. Beverage flavouring systems are used to create special and delicious beverage flavours. It’s used in sparkling waters, energy drinks, blended teas, coffees, beers, and wines, among other beverages driving the Beverage Flavoring Systems Industry.
Beverage Flavouring Systems Market Segment Analysis – By Ingredient Type:
Based on Ingredient Type, Flavoring Segment accounted for the largest revenue market share in 2020. Flavors are an important aspect of the beverage industry because any beverage, alcoholic or non-alcoholic, has a distinct flavor. The flavor is extremely important in drinks as it includes not only taste but also scent and physical characteristics of the mouth, such as cold or heat. Furthermore, during the forecast period, the rising income level of the target customers would have a positive effect on beer demand thereby, driving the Beverage Flavoring Systems Industry. Carrier’s segment is anticipated to grow with the fastest CAGR of 6.4% in the forecast period 2021-2026. Flavoring agents can be diluted with carriers or encapsulated and attached to carriers, resulting in segment growth.
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Beverage Flavoring Systems Market Segment Analysis – By Beverage Type:
Based on Beverage Type, Non-Alcoholic Beverages accounted for the largest revenue market share in 2020. The growing consumption of carbonated soft drinks, carbonated drinks and functional drinks is driving the segment’s growth. Flavor enhancers manufacturers are encouraged to introduce new flavor items in response to consumer demand for exclusive flavors driving the Beverage Flavoring Systems Industry. Alcoholic Beverage is projected to witness the fastest CAGR of 7.2% during the forecast period 2021-2026.
Beverage Flavoring Systems Market Segment Analysis – By Geography:
Based on Geography, Asia-Pacific Beverage Flavoring Systems Market accounted for the 35% revenue share in 2020. Owing to the demand for extended, healthy, refrigerated shelf life as well as favourable preserving food legislation, Beverage Flavoring Systems is gaining market share in Asia-Pacific at a faster pace. Furthermore, the demand for encapsulated flavors, backed by manufacturers focusing on expanding production capacity, would propel the region’s market forward. The majority of customers prefer non-alcoholic drinks with a wide range of flavor enhancers, as well as a growing preference for diversified cocktails. The beverage industry would benefit from rising customer demand for nutritious beverages like carbonated drinks and evolving labelling regulations. North America is predicted to be the fastest growing region during the forecast period 2021- 2026 as the manufacturers in this region are focusing on developing the benchmark product in the range of Beverage Flavoring Systems for increasing shelf life & productivity which propel the Beverage Flavoring Systems market.
Beverage Flavoring Systems Market – Drivers
The Growing Demand for Flavor Ingredients In beverage Industry:
The market for Beverage flavoring ingredients is being driven by a growing demand in the beverage industry for different types of flavors to enhance the taste of beverages such as smoothies, carbonated drinks, milkshakes and juices. Aside from that, the growing consumption of non-alcoholic drinks in the United States is a key factor driving market expansion. Water, for example, accounted for 51.2 percent of overall non-alcoholic beverage intake by adults on a daily basis in 2015-2018, according to the Centers for Disease Control and Prevention, led by coffee (14.9%), sweetened beverage (10.2%), tea (8.7%), fruit drinks (5.6%), milk (5.5%), and diet beverages (3.8%). Investments in developed countries to improve the beverage sector with high nutritional content are increasing dramatically.
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Beverage Flavoring Systems Market – Landscape:
Sensient Technologies Corporation, Döhler, Archer Daniels Midland Company and International Flavors & Fragrances Inc., Tate & Lyle, Cargill Incorporated, Givaudan, Flavorchem Corporation, Kerry Inc., Firmenich SA, MANE, Takasago International Corporation are among the top ten companies in the beverage flavoring systems market.
Key Takeaways
Beverage Flavouring Systems market growth is being driven by the need for tastier, additive-free drinks with a longer shelf life, natural color and texture, driving up sales of premium and cold pressed juices.
Geographically, Asia-Pacific Beverage Flavouring Systems Market held the largest revenue share of 35% in 2020 owing to the growing customer preference for low-calorie products, high consumption of carbonated water and rising concerns pertaining to health safety in the region. The scope of the Beverage Flavouring Systems Market for various regions will be provided in the final report.
The Beverage Flavouring Systems Industry is expanding as the consumers are turning to healthy beverages and functional drinks as health awareness grows and the incidence of health problems such as diabetes, obesity, and high blood pressure rises.
The rising alcoholic beverage consumption, craft beer popularity, and social acceptance in both developed and developing countries is pushing the Beverage Flavouring Systems industry forward during the forecast period 2021-2026.
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