With the presence of a large pool of participants, the global flavors market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Archer Daniels Midland Company, Firmenich SA, Sensient Technologies Corporation, Symrise AG, and Kerry Group plc are some of the key vendors of flavors across the world. These players across flavors market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key growth strategy across flavors market, states the study.
Citing an instance, in August 2018, Campbell Soup introduced V8+ Hydrate, a new kind of beverages using sweet potatoes, thereby validating new trends across the flavors market. Experts believe that the introduction of the new product is aimed at responding to the consumer demands for healthy food products with enhanced nutritional value.
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As estimated in this report, the global flavors market estimated at US$ 11.50 billion in 2015. Witnessing a tremendous rise during the period from 2015 to 2021, the revenue in the flavors market is set to reach US$ 15.60 billion by the end of the forecast period. The main types available in flavors market are natural flavors and synthetic flavors. Among them, the demand for natural flavors is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report.
Extensive Product Application In Food & Beverages To Soar Market Growth
“Flavors market sphere has garnered a notably high traction over the last few years, primarily owing to the extensive product application in food & beverages, beer, and oral care,” says the author of this study. Apart from this, the escalating demand for convenience food products is likely to steer the business growth in the years ahead. In addition, increasing use of flavors in beverages will bolster the flavors market scope.
Stringent regulations to control the product use, however, are forecast to obstruct the flavors market space over the next few years. Nevertheless, the exploration of new raw materials sources is projected to result in elevated product demand over the coming years, normalizing the impact of hindrances on the flavors market, reports the study.
High Beverage Intake To Contribute Significantly Towards Regional Dominance
Regionally, North America has been leading the worldwide flavors market and is predicted to continue its domination in the years to come, states the market study. The flavors market growth across the region can be attributed to excessive beverage intake in the region as a result of climatic conditions. The high number of market players being headquartered in North America is another significant factor that is supporting the growth of the flavors market in the region. For the record, in 2015, North America accounted for nearly 30% towards overall flavors market share.
The global flavors market is segmented as follows:
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