Flavor Masking Agents Market - Future Scenario, Key Insights, Top Companies 2030

The scope of our recent study titled "Flavor Masking Agents Market Forecast to 2030 - COVID-19 Impact and Global Analysis - by Type and Application," includes the description of factors fueling the market growth, estimation and forecast of revenue, and identification of major market players and their key developments. The report also provides a market share analysis.

The flavor masking agents market size is projected to grow from US$ 235.64 million in 2022 to US$ 383.01 million by 2030; the market is expected to grow at a CAGR of 6.3% from 2022 to 2030.

Flavor masking agents are ingredients or additives used to mask undesirable flavors in various food and beverages, pharmaceuticals and nutraceuticals, pet food, and animal feed. Flavor masking agents increase the palatability of food by masking the off-notes such as bitterness, sweetness, saltiness, sourness, fat-flavor, metallic off-notes, chalkiness, and beany and grassy flavors. In pharmaceuticals, flavor masking agents are extensively used to suppress the bitterness of drugs and make them more palatable. Flavor masking agents include flavor systems such as taste modulators, bitterness suppressors, sweetness suppressors, fat modulators, among others.

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Based on type, the flavor masking agents market is segmented into sweet, salt, fat, bitter, and others. The bitter segment held the largest market share in 2022, whereas the sweet segment is projected to register the fastest CAGR from 2022 to 2030. The demand for sweet flavor masking agents is upsurging due to the increasing focus on maintaining health and wellness. Consumers are health-conscious and actively seek low-sugar or sugar-free alternatives. Sweet flavor masking agents enable the creation of healthier options without sacrificing taste, making them a critical ingredient for the industry to address the growing demand for low-sugar and reduced-calorie products. Also, sweet flavor masking agents are used to mask the excessive sweetness in various products, so that consumers can enjoy a balanced sweet taste.

The flavor masking agents market is segmented into five main regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Asia Pacific held the largest share of the market in 2022, and Europe is expected to register the highest CAGR during the forecast period. The rising demand for plant-based meat and dairy products in Europe is driving the demand for flavor masking agents. In the recent years, vegan and vegetarian population has grown significantly in the region. People are increasingly switching to vegetarian diets owing to increased health concerns. Many dieticians and health practitioners recommend people to reduce meat consumption and switch to vegetarian diet to reduce risks of chronic health issues such as obesity, heart diseases, high blood pressure, and digestive disorders. Further, flexitarianism is also on the rise, which refers to those who consume less meat and are occasionally vegetarian. Consumers are highly inclined toward plant-based or vegan-friendly products owing to increased health concerns and rising awareness regarding animal welfare. The rising health-consciousness among people owing to increasing prevalence of obesity, diabetes, and other diseases is compelling people to change their dietary habits. Europeans are rapidly switching towards plant-based products as they perceive these products to be healthier than the conventional ones. Plant-based meat products are lower in saturated fat and calories than the conventional meat products making them a healthier choice. However, the manufacturers of plant-based meat and dairy products face challenges due to undesirable flavors of soy, pea, nuts, and other plant-based protein ingredients. Therefore, the demand for flavor masking agents in the plant-based industry in the region has significantly increased which is propelling the flavor masking agents market in Europe.

Impact of COVID-19 Pandemic on Flavor Masking Agents Market

Various industries including the food & beverages and pharmaceuticals & nutraceuticals suffered severe disruptions due to disturbances in supply chains and shutdowns of production plants amid the COVID-19 pandemic. The shutdown of various manufacturing plants and factories in regions such as North America, Europe, Asia Pacific, South America, and the Middle East & Africa negatively impacted the supply chains, manufacturing, delivery schedules, and sales. Many businesses announced possible delays in product deliveries and slumps in their future sales. Thus, with suspended operations in various industries negatively impacted the flavor masking agents market growth.

However, the pandemic altered global consumer preferences as health became the top priority. The preference for all-natural, organic, and GMO-free ingredients increased as consumers perceived these products to be healthier than conventional ones. Moreover, the focus on immune health increased dramatically, which is expected to provide lucrative opportunities for supplements and nutraceuticals such as multi-vitamins and minerals that help boost immunity. Thus, rising demand for immunity-boosting supplements is expected to drive the demand for flavor masking agents to mask the off-notes of vitamins and minerals, thus, fueling the flavor masking agents market growth. Further, in 2021, the governments of various countries announced relaxation in the restrictions such as trade bans, lockdowns, and business shutdowns. Manufacturers were permitted to operate with full capacity which helped them to overcome the demand and supply gap. Also, with the introduction of vaccine, the marketplace witnessed recovery which also positively impacted the flavor masking agents market growth.

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The report segments the flavor masking agents market as follows:

Based on type, the flavor masking agents market is segmented into sweet, salt, fat, bitter, and others. In terms of application, the market is categorized into food and beverages, pharmaceuticals and nutraceuticals, and others. The food and beverages segment is further sub-segmented into food and beverages [bakery and confectionery; dairy and frozen desserts; beverages; meat, poultry, and seafood; meat substitutes; dairy alternatives; RTE and RTC meals; and other food and beverages. Based on geography, the flavor masking agents market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM). The flavor masking agents market in North America is further segmented into the US, Canada, and Mexico. The European market is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The flavor masking agents market in Asia Pacific is further segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the MEA is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. The flavor masking agents market in South & Central America market is categorized into Brazil, Argentina, and the Rest of South & Central America.

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