Food additives or ingredients are essentially different classes of flavors that are used to provide a distinctive flavor profile to various food items. The flavor market has gradually grown due to the incorporation of new and innovative flavors in different food products. Flavors are also used to a great extent in applications such as nutraceutical, cosmetic & personal care, and other end-use applications apart from the food and beverage sector. The growth of technology and innovations in terms of product development the market has been demonstrating stable growth in the forecast period. Changing preferences of consumers are among the major factors that will be driving the development of the market in the forecast period.
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Major Key Players
The product offering of the market has expanded immensely as compared to the previous years, thus making the market more beneficial for new and current contenders. The market is very well distinct in terms of segments concerning the products as well as the end users that are a part of the market. The market attractiveness and competitors’ dynamics are greatly enhanced by the strategies that are being engaged by market players. The market shows a boundless potential for developing at an expedited pace. The improved financial liquidity of the competitors in the market has increased thereby providing fresh opportunities for the growth of the market. The long term sustainability of the market is however significantly dependent on the tactics and the strategic roadmaps that are engaged by market players.
The prominent market players in the Flavour Market chiefly are Firmenich SA (Switzerland), Givaudan SA (Switzerland), S H Kelkar and Company Limited (India), International Flavors & Fragrances Inc. (U.S.), Kerry Group (India), Takasago International Corporation (Japan), Synergy Flavors, Inc. (U.S.), Symrise AG (Germany), Wild Flavors, Inc. (U.S.), Sensient Technologies Corporation (U.S.), Mane SA (U.S.), T.Hasegawa Co., Ltd (Japan) and Huabao International (Japan).
July 2018 Peet’s Coffee, which is a US based speciality coffee company, has recently launched an innovative range of beverage flavour capsules for the Nespresso Original Line machines. The new Espresso range includes the Ricchezza, Crema Scura, Ristretto, and Nerissimo flavours, which were created to meet the consumer demand for single serves. The new range of beverage flavour capsules are rated by intensity, on the basis of the darkness of the roast and the blend’s complexity. Ricchezza has layered flavors of blossom, espresso, berry and brown sugar, and is claimed to have a low intensity rating.
The flavour market has been segmented on the basis of product type, application and country. The segmentation of the market on the basis of product type comprises of synthetic and natural. The natural segment is projected to develop swiftly as compared to the synthetic segment in the course of the forecast period from 2017 to 2022. On the basis of application, the flavour market has been segmented into beverages, food, cosmetic & personal care tobacco, and pharmaceutical. The countries included in the segmentation of the market comprises of India, Bangladesh, Sri Lanka and Nepal
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Detailed Regional Analysis
The regional analysis of the flavour market comprises of nations such as India, Sri Lanka, Nepal, and Bangladesh. Among these nations, India is anticipated to maintain its control throughout the forecast period. Healthy economic growth, intensifying urbanization, rapid growth of the middle class population are the substantial factors powering the growth of flavour market in India. India is expected to touch USD 5110.044 million in revenues by the end of 2022. Though, Bangladesh is estimated to develop at a moderate CAGR of 9.13 percent during the forecast period from 2017 to 2022.