The growing demand for an array of innovative flavors in soft drinks, the favorable regulatory environment for fortified products, and consumer inclination toward clean-label and organic products are the key factors contributing to the growth of the Beverage Flavoring Systems market during the forecast period.
New York, March 26, 2020 (GLOBE NEWSWIRE) -- According to the current analysis of Reports and Data, the global Beverage Flavorings systems market was valued at USD 3.96 Billion in 2018 and expected to reach USD 5.65 Billion by the year 2026, at a CAGR of 5.21%. The beverage flavorings are a complex mixture used to intensify the flavor of the beverage by altering its present flavor. Beverage Flavoring is generally finding its application in the carbonated water, such as fruit juices, sugar, and others.
The Growing health consciousness, along with the increasing prevalence of health issues such as diabetes, obesity, and high blood pressure, has resulted in consumers shifting to healthier beverages, including sugar-free drinks, fruit juices, sports drinks, and functional drinks. The increasing consumer awareness and rising disposable coupled with a rapid increase in population will drive the business expansion.
Further increased customer spending for clean-label and organic products supported by favorable labeling norms and government initiatives to promote organic fruits production will foster the industry shareThese flavors are manufactured from multiple flavoring carriers, agents, enhancers, preservatives, emulsifiers, and stabilizers. It extensively finds its purpose in the food and beverage industry. Food and beverage companies all over the world are tuning into the enhanced consumer demand for products with less chemical additives, and the wine industry is no exception.
The growing interest in the introduction of the various flavors in soft drinks is the major factor for driving the growth of the market. In addition, the development of innovative technology for flavor processing is an added factor driving the market. Furthermore, the growing demand for fortified beverages is inflicting a positive outlook on the future market growth.
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However, the increasing cost of material, as well as high taxes, are expected to hinder the expansion of the beverage flavoring market. Additionally, stringent government regulations anticipated hampering the development of the market within the near future. The APAC region covers the maximum share in the global beverage flavoring systems market driven by countries including China, India, and Japan. Significant demand in the area attributed to growth in the beverage processing industry accompanied by rapid urbanization and economic development.
Easy availability of labor at lower rates and the presence of abundant raw materials are among the fundamental constituents contributing to the reduced cost of beverage flavoring systems in the region. Most consumers inclined for low-alcoholic beverages with a wide variety of flavors alongside the trend for differentiated cocktails. The region witness’s product launches in flavored water, iced tea, carbonated beverages, and sports drinks categories. Growing competitiveness in the beverage industry supported by favorable trade policies is undoubtedly leading to business expansion. Growing user demand for healthier drinks and changing labeling regulations will positively impact the beverage market.
The long-term vision of the industry and leading capabilities in natural ingredients of Robertet will lead to an expanded range of portfolios. With its strong natural’s portfolio in Perfumery, Flavors, and Ingredients, Robertet is well-positioned to benefit from consumers’ continued demand for authentic natural products. This investment is fully in line with Firmenich’s vision for sustainable and natural solutions.
Further key findings from the report suggest
- By beverage type, non-alcoholic segment holds a larger market 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. 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
- By ingredient, the flavoring agents’ segment is projected to account for the largest share. Since consumers are becoming more health conscious, the demand for low-salt, low-sugar, and low-fat beverages is high; this has been fueling the demand for taste modulators and taste-masking agents. The growth of this segment is also attributed to the growing consumption of fortified beverages, owing to their nutritional values.
- Firmenich, the world’s most significant privately-owned Perfume and Taste Company, has reached an agreement with Robertet (France) in September 2019. Robertet, a French fragrance and flavor manufacturer that specializes in natural raw materials.
- The key players in the market includes Cargill (US), International Flavors and Fragrances (IFF) (US), Firmenich (Switzerland), Tate & Lyle (UK), MANE (France), Döhler (Germany), Archer Daniels Midland Company (ADM) (US), Givaudan (Switzerland), Sensient Technologies (US), Kerry (Ireland), Takasago (Japan), Flavorchem Corporation (US), Frutarom (Israel)
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For the purpose of this report, Reports and Data has segmented the Beverage Flavoring market based on
Ingredient (Revenue, USD Million; 2016–2026)
- Flavoring agents
- Taste modulators & taste masking agents
- Flavor carriers
- Flavor enhancers
Others (include curing and pickling agents, preservatives, acidity regulators, emulsifiers, and stabilizers)
Origin (Revenue, USD Million; 2016–2026)
Form (Revenue, USD Million; 2016–2026)
Beverage type (Revenue, USD Million; 2016–2026)
- Carbonated soft drinks
- Functional drinks
- Others (flavored water, flavored juices, and eggnog)
Type (Revenue, USD Million; 2016–2026)
- Chocolate and browns
- Herbs & botanicals
- Fruits & vegetables
- Others (floral, honey, sensory, masking, and alcoholic flavors)
Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
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