Global Market Insights, Inc. added research on Flavouring Agents Market is a detailed analysis of this business space inclusive of the trends, competitive landscape, and the market size. Encompassing one or more parameters among product analysis, application potential, and the regional growth landscape, market also includes an in-depth study of the industry’s competitive scenario.
Strong growth in global food & beverages spending coupled with an increasing demand towards convenience and RTE food will drive the flavoring agents market growth. Rapid rate of modernization and globalization in European countries have increased the necessity for flavoring agents in the food processing industry. The increasing consumption of low carbohydrate, low fat, and low salt food is the prime factor for increased flavored food demand and consumption.
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Strong business outlook as manufacturers have shifted their focus on acquiring a bigger industry share by formulating customized flavors, since flavors are country and region specific. Moreover, factors such as growing consumer awareness, increasing popularity of flavored beverages, a conducive regulatory scenario for fortified products, clean product labeling, and increasing demand for organic products are likely to propel flavoring agents market. However, the rising cost of raw materials for manufacturing natural flavors is a key challenge faced by industry participants.
Flavor manufacturers are constantly focusing on product innovation to better serve the food and beverage industry and expand their revenues. For instance, in 2018, Symrise AG introduced nutty flavors to enhance its product portfolio. Technological advancement and distribution channel expansion are among the key strategies adopted by industry participants to gain a competitive advantage in the global market. For instance, In November 2018, Givaudan introduced an innovation platform named MISTA, to collaborate with the food & beverage manufacturers by helping them to better understand and cater to the developing needs of the flavoring agents market.
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Beverages hold a significant share of over 30% in the global flavoring agents market in 2018. Stiff competition in the beverage industry owing to high demand for flavored alcoholic and non-alcoholic beverages particularly in Asia Pacific, Latin America, and Middle East & Africa will augment the segment share over the forecast period. Additionally, strong demand for organically fortified beverages along with penetration of gluten-free beverages is expected to be the major growth driver for industry growth.
Natural flavoring agents market are projected to witness the fastest growth at over 5% from 2019 to 2025. Stringent labeling norms owing to improved consumer awareness regarding products ingredients are urging the food & beverage manufacturers to use natural flavors in their products. Natural ingredients have a better chance of gaining customer’s attention, thus food manufacturers are gradually shifting their focus towards plant-based ingredients and additives. Dairy, beverages, confectionery, and convenience food providers are among the key consumers adopting natural flavors.
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Asia Pacific flavoring agents market is expected to witness gains at over 5% CAGR up to 2025. Key aspects such as low cost of flavors and penetration of global food & beverage manufacturers contribute to the industry growth. Economic growth, rapid urbanization, along with busy lifestyles is augmenting the flavoring agents demand over the forecast timeframe.
The global flavoring agents market share is highly consolidated with the top four multinational players accounting for over 50% of the industry share. Key industry participants include International Flavors & Fragrances, Givaudan, Sensient Technologies Corporation, Firmenich, Robertet, MANE, T. Hasegawa, and Takasago International Corporation. New product development, investments on enhancing production capacity, and mergers & acquisitions are among the key strategies adopted by industry players to capture a higher industry share.
Partial Report Content:
Chapter 1. Methodology & Scope
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.4. Definitions & forecast parameters
1.2. Data sources
Chapter 2. Executive Summary
2.1 Flavoring agents market 3600 synopsis, 2013 –2025
2.1.1 Business trends
2.1.2 Application trends
2.1.3 Type trends
2.1.4 Regional trends
Chapter 3. Flavoring Agents Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2013 – 2025
3.3 Industry ecosystem analysis, 2018
3.4 Technology landscape
3.5 Raw material analysis
3.6 Global food and beverage industry outlook
3.7 Regulatory landscape
3.8 Pricing analysis, 2013-2025
3.9 Industry impact forces
3.10 Growth potential analysis, 2018
3.11 Porter’s analysis
3.12 Competitive landscape, 2018
3.13 PESTEL analysis
Chapter 4. Flavoring Agents Market, By Application
4.1 Global flavoring agents market share by application, 2018 & 2025
4.5 Savory & convenience foods
4.8 Oral Hygiene/ pharmaceutical
4.10 Others (Tobacco, infant food, and animal feed)