Floral Flavour Market: Food End Use Segment Anticipated to Grow at a Moderate CAGR During the Forecast Period: Global Industry Analysis and Opportunity Assessment, 2017–2027
Valley Cottage, NY -- (SBWIRE) -- 09/16/2017 -- Floral flavours are derived from flowers including hibiscus, lavender, neroli (orange flower), rose, elderflower, jasmine, cherry blossom, chamomile, and violette. These are widely used in various foods and beverages, as well as nutraceuticals, and cigars. Future Market Insights (FMI), in its report, offers key insights on the global floral flavour market for the period 2017 to 2027. FMI's report estimates the global floral flavour market to expand at 7.8% CAGR and reach US$ 1,566 Mn by 2027-end.
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Organic Floral Flavour to Exhibit a Relatively Higher Growth Rate than Natural Floral Flavour
While natural floral flavours will outsell its organic variants, the latter is projected to grow at a higher rate during the forecast period. The beverage industry will remain the largest end-user, and is projected to account for a market share of around 50% by 2027.
Hibiscus will remain the preferred raw material, followed by rose and elderflower. While hibiscus will account for around 20% market share by 2027, rose and elderflower are expected to grow at CAGRs of 8.4% and 8.2% respectively during the forecast period. Asia Pacific Excluding Japan (APEJ) and Latin America will be the two fastest growing markets for floral flavour through 2027. Although China would maintain its dominance in the APEJ floral flavour market, India is expected to register the fastest growth in this region during the forecast period.
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Factors Influencing the Growth of Global Floral Flavour Market
-Customers continuously demand new flavours in the market. In order to fulfil the evolving needs, manufacturers are investing significantly on developing a wide range of variants.
-Use of floral flavours as a raw material in the manufacture of biscuits, fillings and icings, sponges, and milkshakes is witnessing a steady increase. Applications in snacks and bottled water are also contributing to demand.
-Global flavour manufacturing companies are investing heavily in the food & beverages sector. As a result, food additives such as flavour enhancers, colouring agents, and flavouring agents are witnessing higher demand in the market.
-Increasing disposable income – a macroeconomic trend – is also rubbing off on demand for floral flavours.
In contrast, factors such as lack of infrastructure, lower shelf life of products, weak supply chain infrastructure, and high production cost can impede market growth.
Key Trends in the Global Floral Flavour Market
-Matcha and other specialty teas including cascara tea, dandelion tea, turmeric tea, and orange ginger tea are steadily gaining traction among consumers who prefer non-alcoholic beverages.
-Manufacturers are hard-pressed to source floral flavour from organic and natural raw materials, owing to consumer focus on clean-label products.
-High demand for flavoured alcoholic beverages is influencing floral flavour adoption across the globe.
Key players identified in the report include Givaudan S.A., Symrise AG, International Flavors & Fragrances Inc., Firmenich SA, Sensient Technologies Corporation, Takasago International Corporation, Frutarom Industries Ltd., Robertet SA, S H Kelkar and Company Limited, International Taste Solutions Ltd., Dohler GmbH, Blue Pacific Flavors, Archer Daniels Midland Company, Fona International, Inc., Jean Gazignaire S.A., Fleurchem Inc., Comax Flavors Abelei Inc., Teawolf Inc., and Mane SA.