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There are several reasons for the consumption of food, the apparent and most eminent one being to procure nutrition for a healthy and hygienic life. However, in an ever-developing society where food supply, safety and nutrition are more than adequately provided by most major food and beverage manufacturers across the world, other issues relating to the consumers’ food preferences have grown in importance. The flavor is considered to be one such aspect that has witnessed remarkable growth in the food industry over the past few years. Sophisticated methods such as solid-liquid extraction and supercritical fluid extraction are used for developing natural flavors, nature-identical flavors, and artificial flavors. These are used in food and beverages as additives to add taste and value. They play a significant role in the consumption and acceptance of food. Thus, flavor systems are considered to be the essential constituent of food and are at the threshold of gigantic growth due to the incessantly increasing demand from food processing industry.
The perpetually growing consumption of ready-to-eat and processed food products is positively influencing the growth of the flavor systems market. The rapid industrialization and globalization across the world have paved way towards the growth of the urban population. Around 55% of the total global population was estimated to reside in urban areas in 2018 and it is projected to reach 68% by 2050. The people in urban areas are involved in busy lifestyles and have little time to sit and indulge meals. This has resulted in the hefty demand for processed, convenience, and ready-to-eat foods, predominantly in developing countries including India and China. The food processing industry in India has attained a tremendous value of $322 billion in 2016 and it is anticipated to reach $543 billion by 2020. However, in line with the growing demand for processed food, the food processing companies are on a compulsion to add scientifically developed flavor systems to compensate for the loss of flavor during the processing of food. Therefore, the growing demand for processed food is considered to be the prime factor fuelling the growth of the flavor systems market size.
The Flavor Systems Market size was valued at $5.6 billion in 2018. Moreover, the demand for flavor systems is anticipated to augment at a CAGR of 4.3% during the forecast period 2019-2025.
Flavor Systems Market Leverages North America Region—
Geographically, North America is considered to be the most lucrative flavor systems marketplace and it was responsible for 44.7% of the total revenues generated in 2018. The dominance of this region is most attributed to the increasing consumption of processed food products. The high economic status and the increasing disposable income is resulting in high spending on ready to eat, convenience, and processed food products. The increasing disposable income can be easily perceived from the fact that real average earnings per hour increased by 1.5% from June 2018 to June 2019. Moreover, the taste is the prominent and top driver for food purchase by Americans. Therefore, the food and beverage manufacturing industries are continuously developing innovate flavor systems to cater to the favorable consumer reception. Additionally, the presence of huge number of foodservice providers such as restaurants, cafes, and hotels and manufacturing plants are further opening up avenues for flavor systems market in this region. For instance, in the USA, the number of food and beverage manufacturing plants in California, New York, and Texas was estimated to be around 5,639, 2,578 and 2,252 respectively, in 2016. Furthermore, on the back of increasing health concerns among the consumers, there is an increasing demand for naturally derived food products. This, in turn, created the demand for natural and organic flavors and thereby driving the flavor systems market. Thus, the aforementioned factors are considered to be the prime dynamics for the growth of the flavor systems market in North America.
Beverages Segment Experiencing Alluring Growth rate—
On the basis of application, the flavor systems market is segmented into beverages, dairy & frozen desserts, bakery & confectionery products, and savory & snacks. Among these, the beverages segment is anticipated to propel at a significant pace during the forecast period. The growth of this segment is due to the abundant use of flavors in the beverages in line with the changing consumer preferences. Flavors derived from fruits, vegetables, and spices are predominantly utilized for creating a warming aroma and taste and a sweet and spicy warm fall flavor in the beverages such as coffee and chocolate shakes. Other flavors such as mint flavors are used for creating refreshing flavor and aromatic taste to the beverages. These type of innovations and developments in the beverages and flavor varieties in par with the consumer demand is anticipated to propel the growth of the flavor systems in the beverage segment. Therefore, the key application segment is forecasted to prosper with a CAGR of 1.9% through to 2025.
Flavor Systems Market Companies’ Strategies—
Key companies that are continuously adopting business strategies to gain the majority of the flavor systems market share are Givaudan, International Flavors & Fragrances (IFF), Firmenich SA, Symrise AG, Frutarom Industries Ltd., Sensient Technologies, Mane SA, Takasago International Corp., Robertet Group, and Kerry Group plc. Some of the strategies adopted by these companies include acquisitions, mergers, partnerships, and collaborations. Moreover, they are investing heavily in research and development activities to innovate wide variety of food flavors to stay ahead of their competitors and also to build their brand name.
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Related Reports:
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https://www.industryarc.com/Report/15049/natural-flavors-market.html
Flavors & Fragrances Market
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