The launch of advanced technologies in flavor processing, the increasing consumer inclination toward clean-label and organic products, and the favorable regulatory environment for fortified products are the factors projected to drive the market for beverage flavoring systems.
Northrook, IL -- (SBWIRE) -- 11/20/2019 -- The global beverage flavoring systems market was valued at USD 3.8 billion in 2018 and is projected to reach USD 5.2 billion by 2023, at a CAGR of 6.1% from 2018 to 2023. The market is driven by factors such as the increasing popularity of innovative flavors in soft drinks, the favorable regulatory environment for fortified products, and increasing global demand for clean-label & organic products. Regulations on the maximum quantity of food additives that can be added to beverages and the limited availability of natural sources of high-quality raw materials inhibit the growth of the beverage flavoring systems market.
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By ingredient, the flavoring agents segment is projected to witness the fastest growth during the forecast period
The flavoring agents segment is estimated to grow at the highest CAGR, as flavoring agents such as flavors and taste modulators & taste masking agents have multiple applications. For example, taste modulators are used as sugar replacers and used in low-calorie beverages. Increasing consumer demand for innovative and authentic flavors is driving the flavoring agents segment of the beverage flavoring systems market.
By form, the liquid segment is projected to grow at the highest CAGR in the global beverage flavoring systems during the forecast period
Based on form, the beverage flavoring systems market is segmented into dry and liquid. The liquid segment records the highest CAGR, as it is relatively cheap, in terms of storage, as well as it provides easy solubility and dispersion in beverages. Also, the dry form utilizes methods of freeze-drying and freezing, which despite being efficient, led to higher transportation and energy consumption costs. Hence, manufacturers are focusing on experimenting with the liquid forms of beverage flavoring systems for developing more equitable solutions.
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Europe is projected to be the fastest-growing region in the beverage flavoring systems market, due to an increase in the demand for natural flavors and rise in the consumption of fortified beverage products
The demand for fortified beverage products in Europe has increased, with the growing number of product launches at the consumer level. Fruit and vegetable flavors have also become widely popular among European customers. Factors influencing beverage consumption include the development of innovative flavored drinks by manufacturers, natural and clean-label products, low-calorie drinks, and adult soft drinks. Thus, there is a strong demand for various flavors and flavoring systems from beverage manufacturers in this region.
Leading players profiled in this report
- Cargill (US)
- Archer Daniels Midland Company (ADM) (US)
- Givaudan (Switzerland)
- Sensient Technologies (US)
- Kerry (Ireland)
- International Flavors and Fragrances (IFF) (US)
- Firmenich (Switzerland)
- Tate & Lyle (UK)
- MANE (France)
- Döhler (Germany)
- Takasago (Japan)
- Flavorchem Corporation (US)
- Frutarom (Israel)