Flavouring Agents Market Statistics 2019-2025; Industry Analysis by Type, Application and Region
Asia Pacific flavoring agents market is expected to attain the growth over 5% by 2025 owing to low cost of flavors and penetration of global food & beverage manufacturers contribute to the industry growth.
Selbyville, United States – May 31, 2019 /MarketersMedia/ —
Europe flavoring agents market accounted over USD 5 billion by 2025. Growing consumption of Processed products such as acidified milk drinks, fruit beverages, yogurts and confectionery provide lucrative opportunities for the product penetration. Rising consumer awareness regarding consumption of food products prepared from natural ingredients will augment the regional demand.
Asia Pacific flavoring agents market will witness CAGR over 5% from 2019 to 2025 owing to increasing consumer expenditure on restaurant-like and fine dining experience at home. This is driving the market growth of premium products such as seasonings and sauces, by inducing a sense of authenticity in the flavor. The market has observed a shift in consumer preference owing to the expansion of the convenience food industry which can be attributed to growing population of working-class people, urbanization, and improved household income. The regional market holds huge potential for growth among the flavor suppliers and food manufacturers.
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Natural flavoring agents market are projected to witness the fastest growth at over 5% from 2019 to 2025. Stringent labeling norms owing to improved consumer awareness regarding products ingredients are urging the food & beverage manufacturers to use natural flavors in their products. Natural ingredients have a better chance of gaining customer’s attention, thus food manufacturers are gradually shifting their focus towards plant-based ingredients and additives. Dairy, beverages, confectionery, and convenience food providers are among the key consumers adopting natural flavors.
Flavor manufacturers are constantly focusing on product innovation to better serve the food and beverage industry and expand their revenues. For instance, in 2018, Symrise AG introduced nutty flavors to enhance its product portfolio. Technological advancement and distribution channel expansion are among the key strategies adopted by industry participants to gain a competitive advantage in the global market. For instance, In November 2018, Givaudan introduced an innovation platform named MISTA, to collaborate with the food & beverage manufacturers by helping them to better understand and cater to the developing needs of the flavoring agents market.
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Strong growth in global food & beverages spending coupled with an increasing demand towards convenience and RTE food will drive the flavoring agents market growth. Rapid rate of modernization and globalization in European countries have increased the necessity for flavoring agents in the food processing industry. The increasing consumption of low carbohydrate, low fat, and low salt food is the prime factor for increased flavored food demand and consumption.
Strong business outlook as manufacturers have shifted their focus on acquiring a bigger industry share by formulating customized flavors, since flavors are country and region specific. Moreover, factors such as growing consumer awareness, increasing popularity of flavored beverages, a conducive regulatory scenario for fortified products, clean product labeling, and increasing demand for organic products are likely to propel flavoring agents market. However, the rising cost of raw materials for manufacturing natural flavors is a key challenge faced by industry participants.
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Beverages hold a significant share of over 30% in the global flavoring agents market in 2018. Stiff competition in the beverage industry owing to high demand for flavored alcoholic and non-alcoholic beverages particularly in Asia Pacific, Latin America, and Middle East & Africa will augment the segment share over the forecast period. Additionally, strong demand for organically fortified beverages along with penetration of gluten-free beverages is expected to be the major growth driver for industry growth.
The global flavoring agents market share is highly consolidated with the top four multinational players accounting for over 50% of the industry share. Key industry participants include International Flavors & Fragrances, Givaudan, Sensient Technologies Corporation, Firmenich, Robertet, MANE, T. Hasegawa, and Takasago International Corporation. New product development, investments on enhancing production capacity, and mergers & acquisitions are among the key strategies adopted by industry players to capture a higher industry share.
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Source: MarketersMedia
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