Encapsulated Flavors and Fragrances market Driven by Proliferating food & beverage industry
Ocean View, DE -- (SBWIRE) -- 05/04/2020 -- The global Encapsulated Flavors and Fragrances market was valued at USD 6 Billion in 2017 and is projected to touch USD 8 Billion by 2024, developing at a CAGR of 4.5% from 2019 to 2024. Increased utilization in numerous consumer industries has boosted the encapsulated flavors and fragrances market globally, with products being employed by businesses ranging from food and personal care to textile. An upward push to the disposable income across the world has amplified the spending on consumer goods, while raising the penchant for fast food and ready to eat meals where artificially added flavors make the food item more acceptable. The unprecedented rate of economic development has aided the rapid progression of manufacturing technologies and marketing or distribution networks, allowing for the dispersion of the encapsulated flavors and fragrances industry in a multitude of trade verticals. Owing to beneficial features such as ease of use, undesirable odor & flavor masking and effective delivery of nutrients, the encapsulated flavors and fragrances market amassed a remuneration of more than USD 6 billion in 2017.
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- Frieslandcampina Kievit Gmbh
- Glatt GmbH
- Insta Foods
- Mane SA
- Nexira SAS
- Premium Foods Company Limited
- Sensient Technologies Corporation
- Synthite Industries Limited
- Symrise AG
The total population of the world has crossed 7.6 billion people as of this July, representing a massive demand for food that could prove quite lucrative for the encapsulated flavors and fragrances market. As the lifestyle and work culture keeps evolving, more people are experiencing frantic daily routines and have less time for cooking meals at home. According to statistics, worldwide around USD 570 billion is generated from the fast food segment, which is considerably higher than the entire GDP of many countries. In the U.S. alone the segment contributed USD 200 billion in 2015, with experts predicting a 2.5 percent annual growth over the next few years. With the upsurge in income, it is being observed that the focus of consumers has gradually shifted towards taste and followed by price and quality. This has created a favorable customer base for the encapsulated flavors and fragrances industry that is building up profits from over 200,000 fast food restaurants all over the U.S. The burst in technological advancement throughout diverse segments in the country has further helped the encapsulated flavors and fragrances industry's penetration into different food categories.
A U.S. based encapsulated flavors and fragrances manufacturing company, Sensient Technology has product offerings such as sweet flavors, natural flavor extracts, beverage flavors and also fragrances for home or personal care products. Sensient's fragrance encapsulation technology allows for controlled release of a perfume and provides a long-lasting fragrance experience, with uses in fabric care liquids, dish washers and oral care solutions besides being effective in elevating the fragrant value of perfumes. The company assures that their encapsulated flavors deliver superior flavor protection, precise flavor release and the ability to attain visual enrichment. These are sold to different sorts of food segments including ice-cream, yogurt, baked goods, ready-to-eat meals, dairy culture, carbonated and flavored drinks, among others for giving excellent taste experience to consumers.
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Elaborating the industry benefits further, encapsulated flavors are also being engineered by North American companies for better ingredient preservation of dietary supplements along with enhancing the release of nutrients and improving the product shelf life. This trend can be attributed to the growing health concerns in the region which has led to more number of people consuming fitness products and following healthy routine. Factoring in the prevalence of quick service restaurants, the availability of innovative encapsulation technology and the move towards healthy eating habits, North America accounted for more than 30% share of the global encapsulated flavors and fragrances market in 2017.
Expanding the product base and investing in advanced facilities have been critical in boosting competition within the encapsulated flavors and fragrances market. An example signifying the growth potential of the market is the inauguration of Firmenich's new manufacturing unit in Sao Paulo, Brazil in the latter half of 2017. Firmenich is a Swiss company with superior encapsulated products such as Flexarome and Durarome Aromatic, while also trying to be a leading pioneer in the encapsulated flavors and fragrances industry. Durarome, in particular, is an innovative product maintains the fresh taste of products all through its shelf life including that of powdered soft drinks and fruit-based products like citrus and mango which are sensitive to oxidation. Firmenich aims to offer its clients better marketable products than competitors and the new facility in Brazil will serve as center for excellence for the encapsulated flavors and fragrances market in Latin America.
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With key players in the encapsulated flavors and fragrances market probing at opportunities to extend their encapsulation portfolio, several application areas including cosmetics, bio nutrients and energy drinks is expected to stimulate the overall industry. The extensive popularity of artificially flavored soft drinks, easily prepared cakes and confectioneries and aromatically enriched perfumes will bolster the encapsulated flavors and fragrances market, estimated to witness 4.5% CAGR from 2018 to 2024.