Increasing Demand For Flavor Ingredients In Food and Beverage Industry Is Anticipated To Drive Flavor Ingredients Market During The Forecast Period 2020-2026. Flavor Ingredients Market size is forecast to reach $23,349 million by 2026, growing at a CAGR of 3.2% during the forecast period 2021-2026.
Increasing demand for flavor ingredients in food and beverage industry for various application such as bakery and confectionery, alcoholic beverages, savory food, functional food and beverages and others to enhance the color, flavor, and taste is a vital factor driving flavor ingredients market. Moreover, growing consumption of alcoholic beverages across the globe is a vital factor contributing to its market growth. For instance, According to the 2019 National Survey on Drug Use and Health (NSDUH), 85.6% of people aged 18 and older reported drinking alcoholic beverages at any point in their lives, and 69.5% reported drinking alcoholic beverages in the previous year. Moreover, various natural flavors and synthetic flavor are used in making bakery products and beverages which gives natural aroma and taste such. Furthermore, WildFlavors and Specialty Ingredients, a major provider of natural ingredients for the food and beverage industries, manufactures components such as natural flavors and extracts, natural colors, natural fruit sweetener, and specialty ingredients to fulfill customer demands.
Flavor ingredients are substances which enhance the taste of food, drink or any substances. Flavor ingredients include essential oil, oleoresins, aroma chemicals and others. Flavor ingredients can be natural or synthetic. Natural flavored ingredients are derived from natural source such as vegetable, plant extracts, marine extracts, dairy and others. Essential oils are distilled plant extracts that preserve the natural scent and flavor of their source. They are obtained by mechanical pressing or distillation. Each essential oil has a special chemical structure, which influences the scent, absorption, and effects on the body. The chemical composition of an essential oil can differ within the same plant species or within plants. The flavors are aroma found in food and beverages it also composed of esters, acids, alcohol, ketones, lactones and aldehydes. Flavor ingredients play important role in food and beverages taste such as Menthol is a mint-flavored flavoring ingredient used in chewing gum that has been shown to have long-lasting, high-intensity, and high-quality taste, Amyl acetate is a flavoring ingredient for bananas, Benzaldehyde is a flavoring ingredient that is used to make cherry or almond flavors, Ethyl butyrate for pineapple.
Asia-Pacific holds a major share of flavor ingredients market owing to trends of the favorable factors in this region are growing consumption of confectionery items such as chocolate, sweets, lollipops, candy bars, cotton candy, and other items across the countries such as India, Japan, South Korea, and others coupled with changing food habits of consumers is estimated to boost the market. Flavor ingredients plays important role in confectionery items to enhance the taste and flavors of items. According to the Coco and Chocolate Association, Japan, the consumption of confectionery items such as chocolate, candy are increasing continuously in the country. In 2018, consumption of chocolate was about 2.76 million in Japan. This increase in consumption of confectionery items leads to rise in demand for flavor ingredients in this region. Furthermore, increasing disposable income of the people and rising middle class population in this region leads to rise in demand for food and beverages products in this region. According to, Organization for Economic Co-operation and Development (OECD), in the Asia-Pacific the growth of middle class population is expected to reach at 66% in 2030. Moreover, Manufacturers in Asian countries are continuously investing in the flavor ingredient market and focusing on innovation to expand their product range. The food and beverage industry is rapidly growing in counties such as India, China, Japan and other countries in Asia Pacific. This is owing to changing consumer preferences with the rise of nuclear families with dual incomes and urban lifestyle problems, there has been a shift in eating patterns, including food preferences. With shifting preferences, there is rise in preference for convenience and increased frequency of dining out assemblies which has driven new growth opportunities for flavor ingredients Market during 2020-2026.
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Flavor Ingredients Market Growth Drivers:
Increasing Demand for Natural and Clean Label Products:
Increasing demand for natural and clean label food products owing to rising prevalence of many diseases among the people also contribute abetting the growth of the market. Furthermore, growing awareness about benefits of clean label food products among the people. This increases the growth of Flavor Ingredients Market.
Growing Popularity of Exotic Flavors:
Growing popularity and desire exotic flavors which are more popular than any traditional flavor ingredients which increasing the growth of flavor ingredient market. The increasing number of product launches with exotic and unique flavors also increases the growth of Flavor Ingredients Market.
Rising Demand for Packed Foods:
Increasing demand and consumption of packed food products owing to fast paced lifestyle and rising working population which driving the growth of flavor market. Moreover, packed food contain various flavoring ingredients to enhance the flavor of food products, thus increasing the growth of Flavor Ingredients Market.
The Major Players in this Market Include
The major companies in Flavor Ingredients Market include Givaudan, MANE SA, Firmenich, International Flavors & Fragrances, Inc. (IFF), Symrise, Huabao International Holdings Limited, Takasago, Sensient Flavors, Robertet SA, and T.Hasegawa.
In February 2020, Givaudan, has acquired U.S. based company, Ungerer and Company, leading player in flavor, fragrance and specialty Ingredients Company. This acquisition will help to expand Givaudan’s flavours and fragrances portfolio.
Over the years, companies have mainly focused on research and development and have been investing in developing various products. The advancements in ingredients of the products driving the Flavor Ingredients market during 2020-2026.
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