The beverage flavoring systems market was valued at USD 3.8 billion in 2018 and is projected to reach USD 5.2 billion by 2023, at a CAGR of 6.1% from 2018 to 2023. The global demand for beverage flavoring systems is increasing significantly due to the launch of advanced technologies in flavor processing, the increasing consumer inclination toward clean-label and organic products, and favorable regulatory environment for fortified products. Fruit & vegetable flavors find applications in the manufacturing of juices, functional drinks, carbonated soft drinks, alcoholic beverages, and dairy-based beverages. The Asia Pacific region is projected to hold the largest market due to growing consumption of carbonated soft drinks. There is also a growing demand for natural, tropical, and exotic aromas in flavors from this region. The market for beverage flavoring systems is set to grow, owing to the favorable regulatory policies for the consumption of products with low sodium, low sugar, and natural products. All these factors are expected to fuel the market growth of beverage flavoring systems.
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The beverage flavoring systems market, on the basis of ingredient, constitutes four segments, namely, flavoring agents; flavor enhancers; flavor carriers; and others, which include curing & pickling agents, preservatives, acidity regulators, emulsifiers, and stabilizers. Since consumers are becoming more health conscious, they are demanding low-salt, low-sugar, and low-fat beverages. This has been fueling the demand for taste modulators and taste-masking agents. The flavoring agents segment is projected to grow at a significant rate due to the growing consumption of fortified beverages, owing to their nutritional values.
Beverage flavoring systems market, on the basis of beverage type, is segmented into alcoholic and non-alcoholic. The non-alcoholic segment is projected to be the faster-growing segment due to the growing consumption of carbonated soft drinks, juices, and functional drinks. The carbonated soft drinks and juice industries are major application areas of flavoring systems. Consumer demand for innovative tastes encourages flavor manufacturers to launch new flavor products.
Beverage flavoring systems market, by form, is segmented into dry and liquid. The liquid segment is projected to be the faster-growing segment since liquid flavors can be easily mixed together to provide a homogeneous distribution of each flavor component—a reason why most beverage manufacturers prefer the usage of liquid flavors.
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There has been an increasing demand for carbonated soft drinks across Asia Pacific region. The region is an emerging market, with investments from several multinational manufacturers, especially in countries such as China, India, and Japan; these are the major markets in the region. There is also an increased interest being shown toward natural, tropical, and exotic aromas. All these reasons are aiding the growth of the beverage flavoring systems market in the region.
This report includes a study on the marketing and development strategies, along with a study on the product portfolios of the leading companies. It includes the profiles of leading companies such as Cargill(US), Archer Daniels Midland Company (ADM) (US), Givaudan (Switzerland), Sensient Technologies (US), Kerry (Ireland), International Flavors and Fragrances (IFF) (US), Firmenich (Switzerland), Tate & Lyle (UK), MANE (France), Döhler (Germany), Takasago (Japan), Flavorchem Corporation (US), and Frutarom (Israel).
