Flavouring Agents Market Growth Analysis 2019-2025 Key Players are Givaudan, Firmenich, Symrise AG, Sensient Technologies Corporation
Increasing production of processed food products and beverages has proliferated flavouring agents market share, owing to evolving consumer lifestyles and the consistent demand for all sorts of snacks, confectionaries as well as alcoholic and non-alcoholic drinks. Consumption trends can differ according to specific geographical areas, such as products mainly suited for Asian countries may not always be acceptable in Europe.
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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
• International Flavors & Fragrances
• Symrise AG
• Sensient Technologies Corporation
• Takasago International Corporation
• T. Hasegawa
The diversity in taste preferences and categories of food or beverages consumed offers considerable growth opportunities to the flavouring agents industry. Soaring inclination of health conscious people towards beverages containing natural flavors will stimulate notable R&D efforts among industry players.
Rising consumption of processed food & beverages along with growing consumer demand for nutritious food will increase the flavoring agents market share. The rapid expansion of ready to eat food industry owing to an improved standard of living and purchasing power will complement the business growth over the forthcoming years. Key benefits such as enhanced taste, aroma, and essence across numerous food & beverage applications will provide a strong outlook for industry growth over the forecast period.
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Beverages market accounted for over 30% of the industry share in 2018. Increasing consumption of alcoholic beverages, sports drinks, soft drinks, and carbonated beverages is expected to enhance the market share over the forecast period. Also, the adoption of natural and organic flavors has been on the rise owing to increasing consumer awareness about the benefits of using products derived from plant sources.
Artificial flavor market is projected to witness over 4% gains from 2019 to 2025. Inclination towards packaged and processed food products among the consumers due to changing lifestyles and busy work schedule will support the business growth. Strong outlook for these products in various baking applications is expected to augment the segment share. Additionally, ever-increasing consumer demand for food and beverage products with reduced sugar and salt have urged the manufacturers to innovate their products using novel technologies such as the SLE Technology, will fuel the demand for artificial flavors in the overall market.
Asia Pacific flavoring agents market will witness CAGR over 5% from 2019 to 2025 owing to increasing consumer expenditure on restaurant-like and fine dining experience at home. This is driving the market growth of premium products such as seasonings and sauces, by inducing a sense of authenticity in the flavor. The market has observed a shift in consumer preference owing to the expansion of the convenience food industry which can be attributed to growing population of working-class people, urbanization, and improved household income. The regional market holds huge potential for growth among the flavor suppliers and food manufacturers.
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Europe flavoring agents market accounted over USD 5 billion by 2025. Growing consumption of Processed products such as acidified milk drinks, fruit beverages, yogurts and confectionery provide lucrative opportunities for the product penetration. Rising consumer awareness regarding consumption of food products prepared from natural ingredients will augment the regional demand.
Global industry is highly competitive owing to the presence of multinational corporations and regional players Givaudan, Firmenich, International Flavors & Fragrances Inc. (IFF), Symrise AG, Sensient Technologies Corporation, Frutarom Industries are among major flavoring agents manufacturers.
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