Flavor Masking Agents for Food and Beverages Market to be Worth $211.98Mn by 2030 - Exclusive Report by The Insight Partners
The global flavor masking agents for food and beverages market to expand at a CAGR of 5.9% from 2022 to 2030.
Pune, India, Oct. 23, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Flavor Masking Agents for Food and Beverages Market Size Report, Forecast to 2030 – COVID-19 Impact and Global Analysis – by Type, Application, and Geography,” the flavor masking agents for food and beverages market is expected to grow from $134.32 million in 2022 to $211.98 million by 2030; it is estimated to grow at a CAGR of 5.9% from 2022 to 2030.
Synergy Flavors Inc, Firmenich International SA, Carmi Flavor & Fragrance Co Inc, Archer-Daniels-Midland Co, Kerry Group Plc, Tate & Lyle Plc, Virginia Dare Extract Co Inc, Sensient Technologies Corp, GEO Specialty Chemicals Inc, and Koninklijke DSM NV are among the major players operating in the flavor masking agents for food and beverages market. Companies in this market emphasize strategies such as R&D investments and new product launches. Such strategic initiatives by key market players boost the demand for flavor masking agents and drive the market growth.
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Asia Pacific held the largest share of the flavor masking agents for food and beverages market in 2022. The region reports increased demand for plant-based food products coupled with an upsurge in the vegan population. Flavor masking agents play a crucial role in enabling manufacturers to create plant-based food products with exciting and novel flavor combinations, enhancing the appeal of their products to a wider consumer base. In addition, the region is experiencing a significant shift toward functional and fortified products, contributing to market growth. The functional and fortified products contain ingredients with strong and undesirable flavors such as metallic, astringent, and bitter off-notes. Flavor masking agents help make these products palatable without compromising their health benefits, aligning with the increasing consumer interest in functional food and beverages. These factors drive the flavor masking agents for food and beverages market growth in Asia Pacific.
Rising Use of Flavor Masking Agents in Plant-Based Products to Propel Flavor Masking Agents for Food and Beverages Market Growth During Forecast Period
Consumers are highly inclined toward plant-based foods and beverages as they perceive them as healthier than conventional items. The global proliferation of veganism among people propels the consumption of plant-based products. As per the data published by Veganuary, a nonprofit organization encouraging people to become vegan for the whole month of January, ~5.8 million people signed up for the "Veganuary Campaign" in 2021. Moreover, plant protein is added to plant-based products, including meat substitutes and dairy alternatives, to fulfill the nutritional requirements. Pea protein is a popular choice of plant protein in meat alternatives due to its high protein content, low saturated fat, and high fiber content. Plant proteins such as pea, soy, almonds, and other ingredients give the end product beany, bitter, cardboardy, and chalky tastes. There might also be unpleasant perceptions around aroma, astringency, and mouthfeel. Kerry Group, Synergy Flavors, and Glanbia are among the well-established brands offering flavor masking agents for plant-based products. Flavor masking agents are highly used in plant-based products to give the desired flavor and taste. Thus, increasing demand for plant-based products among consumers owing to their associated health benefits is expected to create lucrative opportunities for the flavor masking agents in the food & beverages market during the forecast period.
Flavor Masking Agents for Food and Beverages Market: Segmental Overview
Based on type, the flavor masking agents for food and beverages market is segmented into sweet, salt, fat, bitter, and others. The sweet segment is expected to register a significant CAGR during the forecast period. Sweet flavor masking agents are essential in the food & beverage industry as they help reduce or mask excessive sweetness in products. These agents create a balanced and desirable sweet taste, which is especially important in developing low-sugar or sugar-free products. By effectively mitigating the overly sweet notes and masking undesirable tastes, consumers can enjoy the sweetness without overwhelming it, resulting in pleasurable taste experiences. This is essential in applications such as low-calorie desserts, sugar-free beverages, and various confectionery items, where the goal is to provide a satisfying level of sweetness without the high sugar content.
Based on application, the flavor masking agents for food and beverages market is segmented into bakery and confectionery; dairy and frozen desserts; beverages; meat, poultry, and seafood; meat substitutes; dairy alternatives; RTE and RTC meals; and others. The beverages segment held the largest share of the market in 2022. Flavor masking agents are critical to improve overall flavor profiles in the beverages segment. They help balance sweetness, bitterness, or off-notes in soft drinks, enhancing taste consistency and ensuring an enjoyable drinking experience for consumers. The demand for flavor masking agents is increasing in this segment as consumers explore diverse beverage options, including functional drinks and unique flavor combinations.
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Impact of COVID-19 Pandemic on Flavor Masking Agents for Food and Beverages Market
Various industries faced unprecedented challenges during the COVID-19 pandemic in 2020. Moreover, manufacturers of flavor masking agents reported significant challenges in continuing production, procuring raw materials, and distributing products due to supply chain constraints caused by lockdowns and trade and travel restrictions. Further, the shortage of workforce and limited supply of raw materials led to halts in operations and processes across the world. The disrupted manufacturing operations eventually caused price hikes in the flavor masking agents for food and beverages market. These factors negatively impacted the flavor masking agents for food and beverages market growth during the COVID-19 pandemic.
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