Stringent government regulations and adverse effects of synthetic flavors on human health are factors expected to hamper the market growth in the future. However, innovation in flavors and their growth in demand across emerging countries are expected to open new avenues for the market players in the future.
Portland, OR -- (SBWIRE) -- 06/20/2017 -- Flavors (Food & Beverages) Market Report, published by Allied Market Research, projects that the flavors (food & beverages) market was valued at $12,474 million in 2016, and is expected to reach at $18,126 million by 2023, registering a CAGR of 5.5% during the forecast period. The natural flavors segment is expected to grow at a CAGR of 8.9% from 2017 to 2023.
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The global flavors (food & beverages) market is expected to witness steady growth rate during the forecast period. The food flavor industry plays a vital role in food processing to enhance the taste. Flavors are used in various products, such as bakery, confectionery, meat, snacks, seafood, and poultry. The beverages industry has a significant impact on the growth of the global flavors (food & beverages) market.
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Increase in demand for ready-to-eat meals and fast foods are the key driver of the industry globally. Moreover, innovative technologies, introduction of new flavors, rise in disposable income, change in food habits, and heavy inflow of investment in R&D activities are the other factors supplementing the market growth. There is upcoming trend of using natural flavors due to health awareness, which accounted for more than a half share of the global market in 2016, due to factors, such as improvement in standards of living, change in lifestyle, and growth of the beverages industry. Furthermore, high demand for flavors across European countries to produce commercialized clean label or green food products without additives and other harmful chemicals have propelled the growth of natural flavors market.
The beverage segment accounted for more than one-fourth share of the market, in terms of revenue, in 2016. Flavorists at beverage-making firms have focused on creating a perfect blend of flavors, which is expected to add and cater to the change in preference of consumers. Technological advancements in production procedures and rise in demand for fruit-flavored drinks are expected to provide lucrative growth opportunities to the beverage flavors industry.
Key Findings of the Flavors (Food & Beverages) Market:
-Asia-Pacific is expected to continue to lead the market during the forecast period, followed by North America.
-Natural flavors market revenue is projected to grow at a CAGR of 8.9% during the forecast period.
-The soft drinks segment is anticipated to experience the highest growth, registering a CAGR of 5.5%.
-Brazil accounted for 21.09% share in the Latin American flavors (food & beverages) market in 2016.
-India has witnessed a high CAGR of 6.3% from 2017 to 2023.
-In 2016, France accounted for 28.14% share in the Western Europe flavors (food & beverages) market.
Asia-Pacific is expected to dominate the global flavors (food & beverages) market by 2023, owing to the growth in demand for various packaged flavored food products, rise in disposable income, change in dietary habits, transitioning lifestyle, and rapid rate of urbanization. North America and Western Europe are expected to witness high demand for natural food flavors in the near future.
The key players operating in this market are Firmenich SA, Frutarom Industries Ltd., Givaudan SA, Huabao International Holdings Limited, International Flavors & Fragrances Inc., Kerry Group, Plc., V. Mane Fils SA, Robertet SA, Sensient Technologies Corporation, Symrise AG, and Takasago International Corporation.
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