Newark, NJ, May 27, 2021 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, the global flavoring agents market is expected to grow from USD 17.20 billion in 2020 to USD 24.74 billion by 2028, at a CAGR of 4.65 % during the forecast period 2021-2028
Certain factors are boosting the growth of the global flavoring agents market. Some of them include increasing disposable income, which increases the interest in unique experiences and international cuisines. Moreover, strict regulations and laws regarding labeling the products have urged the food & beverage manufacturers to use natural flavors due to their health benefits. Increasing health awareness has resulted in the increasing use of flavors made from nuts, seafood, vegetables, spice blends, fruit, and wine. Additionally, increasing consumption of functional beverages among the geriatric and young population will provide a strong business outlook for the flavoring agents market.
Flavoring agents are complex mixtures obtained from artificial processes to alter the taste of the product. These flavoring agents may contain certain food preservatives, emulsifying and stabilizing agents, and anti-oxidants. Flavoring agents are regulated by government agencies such as FSSAI, the Codex Alimentarius Commission, and FDA to ensure safety for consumption as food additives. Flavouring agents are generally classified into three categories artificial flavorings, natural flavoring, and nature-identical flavorings. Artificial flavoring agents are chemically comparable to natural flavorings but are more readily available and less costly. Natural flavoring means flavor preparations and single substance respectively, acceptable for human consumption. Nature-identical flavoring means chemically isolated from aromatic raw materials or obtained synthetically.
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The global flavoring agents market is expected to witness significant growth due to the stringent laws and the high cost of production regarding food additives. Increasing fast food and dine-outs and growing consumption of exotic foods will drive product sales in the food services sector. In addition to this, flavoring agents witness increasing demand from manufacturers of energy, sports, alcoholic drinks, and carbonated globally. The factors restraining the market growth are that natural flavors are less stable, thereby reducing the shelf life of products and a ban on certain flavoring ingredients unfit for human consumption. Moreover, the rising cost of raw materials for manufacturing natural flavors is the challenge of the market’s growth.
Key players operating in the flavoring agents market include Robertet SA, T. Hasegawa Co., Ltd., Givaudan SA, Frutarom Industries Ltd., Symrise AG, RFI Ingredients, Inc, Archer Daniels Midland Company, McCormick & Company, MANE Inc., Sensient Flavors LLC, and Synergy Flavors, Inc. To gain a significant market share in the global flavoring agents market, the key players are now focusing on adopting product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- For example, in February 2019, orange vanilla is the new coke flavor launched by Coke. This orange vanilla will help the company to get more variety in soda. The beverage maker decided to add and redesign its flavor options such as Cherry Coke Zero, Vanilla Coke, Vanilla Coke Zero, and Cherry Coke. So, it will help the company to increase its sales and revenue generation.
The artificial flavors segment dominated the market and held the largest market share of 56.03% in 2020.
Based on type, the global flavoring agents market is segmented into artificial flavor and natural flavor. The artificial flavors segment dominated the market and held the largest market share of 56.03% in 2020. This growth is attributed to the low cost, convenient manufacturing process, and easy availability compared to natural ingredients.
The beverages segment dominated the market and held the largest market share of 20.12% in 2020.
Based on application, the global flavoring agents market is segmented into savory & convenience foods, beverages, confectionery, pet food, pharmaceutical, and meat. The beverages segment dominated the market and held the largest market share of 20.12% in 2020. This growth is attributed to the rising consumption of ethnic drinks and lifestyle changes among the adult populace across emerging countries.
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Regional Segment Analysis of the Flavoring Agents Market
- North America (U.S, Canada, Mexico)
- Europe (Germany, France, U.K, Italy, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- Latin America (Brazil, Argentina)
- The Middle East and Africa (South Africa, UAE, Saudi Arabia and the Rest of MEA)
Based on geography, the flavoring agents market has been classified into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. Europe region holds the largest market share of 27.13% in the year 2020. This growth is attributed to the rise in low salt consumption, low fat, and low carbohydrate food, which is the key factor in stimulating the demand and consumption of flavored food. After all, flavors are country and region specific, producers have shifted their focus on obtaining a more significant market share by forming customized flavors. The presence of high flavor producers across the region like Firmenich, Frutarom, International Fragrance and Flavours, Inc, Givaudan will fuel the regional market’s growth. On the other hand, the Asia-Pacific region is witnessing significant growth due to the high purchasing power of the populace in countries including Indonesia, China, and India, which enables them to opt for convenience foods and fast food. Moreover, the expanding pattern of burger joints, eat-outs, and fast food mixed with developing utilization of interesting foods will propel the outcome demand in the foodservice divisions. Besides, the increasing demand for clean products and organic product labelling is expected to prosper in the flavoring agents market.
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About the report:
The global flavoring agents market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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