Beverage Flavoring Systems Market size in 2020 is estimated to be $3,740 million, growing at a CAGR of 5.96% during the forecast period 2021-2026. Beverage flavouring systems are complex mixtures obtained from natural or artificial processes to alter the taste of the beverage to be consumed. Beverage flavouring is primarily used in the carbonated water as flavour and sweetener such as sugar, HFCS, and fruit juices. Growing health consciousness among people and technological advancement are the major factors driving the growth of the market. Moreover, the advancement of technology coupled with increasing R&D activities further enhance the overall market for beverage flavouring systems during the forecast period 2021-2026.
Beverage Flavoring Systems Market Segment Analysis – By Ingredient
Based on the Ingredient, Beverage Flavoring Systems Market is segmented into Flavorings, Carriers, Enhancers. The flavourings segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 5.6% during the forecast period 2021-2026. This is mainly owing to consumers are becoming more health-conscious, the demand for low-salt, low-sugar, and low-fat beverages is high which increases the demand for taste modulators. Moreover, growing consumption of fortified beverages, owing to increasing nutritional values are contributing to the growth of this segment.
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Beverage Flavoring Systems Market Segment Analysis – By Form
Based on the Form, Beverage Flavoring Systems Market is segmented into Dry, Liquid. In 2020, liquid held the largest share in the Beverage Flavoring Systems Market. Liquid flavours can be easily mixed together to provide a homogeneous distribution of each flavour component which are contributing to the growth of this segment.
Beverage Flavoring Systems Market Segment Analysis – By Geography
Asia Pacific dominated the Market share accounting for 40% of the market in 2020. This is mainly owing to rapid growth of the food and beverage industry and consumer indication toward clean-label and organic products.
However, the North America region is projected to be the fastest-growing during the forecast period 2021-2026. This is owing to increasing health consciousness and rapid increase in population.
Beverage Flavoring Systems Market Drivers
Growing Health Consciousness among People
Growing health consciousness and increasing prevalence of health issues such as diabetes, obesity, and high blood pressure are some factor driving the market growth of this segment. Moreover, rapid growth in consumption of beverages with low sugars and less artificial ingredients with functionality including hydration, high in nutrients, better immune support and digestive wellness which are increasing the market growth of beverage flavouring systems.
Recent developments and modernizations in technology is a significant factor driving the growth of the market. Moreover, growth in the demand for variations in flavours of beverages are contributing to the growth of Beverage Flavoring Systems Market.
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Beverage Flavoring Systems Market Challenges
Stringent government regulations and high manufacturing costs are challenging the growth of the market. Moreover, lack of sources and raw materials are further restraining its market growth during the forecast period 2021-2026. The suppliers of the Food and Beverages have been impacted in 2020 owing to COVID-19 pandemic. High-value commodities of fresh fruit, vegetable, and other foods are affected by the potential shortage of labour for fruit picking, harvesting, etc. Lockdowns have also affected transportation of packaged foods, prepared foods, and non-alcoholic and alcoholic beverages which decreases the supply and thus have impacted this market.
Beverage Flavoring Systems Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Beverage Flavoring Systems Market. Beverage Flavoring Systems top 10 companies are International Flavors & Fragrances Inc., Tate & Lyle, Cargill Incorporated, Givaudan, Flavorchem Corporation, Kerry Inc., Firmenich SA, MANE, Sensient Technologies Corporation, Döhler, Archer Daniels Midland Company and Takasago International Corporation.
On August 2018, Archer Daniels Midland Company announced the inauguration of their new research and development facilities. With the opening of this facility the company will be able to provide specialised solutions to the consumers.
On June 2018, Firmenich SA announced the introduction of their natural origin flavouring label “Nature and Clean Label”. With the introduction of the new label, Firmenich is committed to promoting traceability of flavors and ingredients included in all of their food and beverages.
In 2020, Asia Pacific dominates the Beverage Flavoring Systems Market owing to rapid growth of the food and beverage industry.
Growing health consciousness among people and technological advancement is driving the market growth of beverage flavouring systems.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Beverage Flavoring Systems Market report.
Stringent government regulations and high manufacturing cost are challenging the growth of the market.
Related Reports :
A. High Fructose Corn Syrup (HFCS) Market
B. Flavor Additives & Enhancers Market
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