The global beverage flavoring market size is anticipated to reach US$ 6,933.8 Mn by the end of 2029. According to a study by Future Market Insights (FMI), the market will show a steady rise at 5.6% CAGR between 2019 and 2029. According to the report, the rising demand for functional beverages will fuel market growth. The report provides a complete overview of the market, covering its key growth drivers, opportunities, restraints, and prevailing trends. It uses unique research methods to offer the most accurate analysis of the market.
BEVERAGE FLAVORING MARKET – KEY RESEARCH FINDINGS
- The market will exhibit a CAGR of 5.6% between 2019 and 2029.
- The Asia Pacific market is projected to expand significantly due to the rapid growth of the food and beverage market.
- Growing demand for packaged juices, sports drinks and energy drinks is expected to further fuel demand for drink-flavored systems in the Asia Pacific region.
- Increasing investment by many multinational manufacturers in flavor enhancement coupled with rising demand for ready-to-eat food and beverages is boosting the the global market for flavoring beverages.
- By product, the flavoring agents segment is projected to hold the largest share in the market.
- The preference of consumers for natural flavoring is growing as they are more conscious of their wellbeing, which is the key driver of market growth.
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“Increasing concerns regarding health and wellness among the consumers are anticipated to drive the market. It is also expected that the increasing per capita spending on nutritional beverages will have a progressive influence on the growth of the beverage flavoring market”, said a lead analyst at FMI.
It includes in-depth insights into the beverage flavoring market. Some of these are:
- The estimated value of the market was at US$ 4,021.0 Mn in 2019. Through the course of the report’s forecast period, the market is exhibited to show a steady pace of growth.
- Regionally, South Asia and East Asia emerged as a key market for beverage flavoring market.
- Europe and North America will remain stable as key markets for beverage flavoring.
- Artificial category is expected to remain dominant in terms of type.
- Key players are likely to focus on product innovations to stay relevant in developed markets.
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Rising Demand for Citrus Flavors Amidst Spread of Coronavirus to Boost Growth Prospects
Citrus has persistently remained one of the most popular choices in beverage flavor for drinks/beverages. It provides a wide range of taste and tones as compared to any other fruit flavor categories. Citrus flavors are accepted more in the beverage industry than other flavors and are constantly one of the most preferred flavors for sweet food and beverage products across the globe. Citrus flavors are widely preferred by the younger consumer group including Gen Z, and millennials, and also preferred by older consumer groups. The most commonly used citrus flavors are lime, lemon, and orange. The rising demand for citrus flavors is anticipated to boost the growth of beverage flavorings market.
BEVERAGE FLAVORING MARKET – STRUCTURE ANALYSIS
- The market for beverages flavoring systems is highly competitive and fairly concentrated.
- Companies operating in the market are focusing on new technology and product launches as to gain a leading market position.
- They also intend to achieve this by offering a large portfolio, meeting the diverse consumer demands and concentrating on the different end-user segments.
Who is Winning?
Some of the key players operating in the beverage flavorings market are Givaudan, International Flavors & Fragrances, Sensient Technologies, Takasago International Corporation, Symrise, Firmenich, Mane, Dohler, and Robertet SA among others.
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GLOBAL BEVERAGE FLAVORING MARKET TAXONOMY
The global Beverage Flavoring Market is segmented in detail to cover every aspect of the Market and present complete Market intelligence to readers.
- Chocolate & brown flavours
- Fruits & nuts
- Others (honey, mint, and vegetables)
- Dairy products
- Confectionery products
- Bakery products
- Meat products
- Savory & snacks
- Frozen products