June 24, 2020
According to recent study titled ‘Dairy Flavors Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Flavor Type; Form (Liquid, Powder, Paste); Application, available with Market Study Report LLC, global dairy flavors market accumulated over USD 2.22 billion in 2018 and is estimated to surpass USD 3.54 billion by the year 2027, recording a y-o-y growth rate of 5.3% over the assessment period.
Increasing demand from food & beverage industry owing to organoleptic properties of dairy products and various health benefits is fueling the growth of global dairy flavors market. Shifting focus among manufacturers towards introducing new dairy-based flavors on account of consumer inclination towards organic and natural flavors is further expected to boost the industry growth, cites the report.
Notably, dairy flavors are extracted from various type of dairy products such as milk, cheese, butter, yogurt, and cream. These flavors are often combined with other distinctive flavors to impart new and unique taste to the end-product. Dairy flavors reduce the costs incurred, as they exhibit similar taste and aroma of the original dairy product. In addition, they also provide subtle notes of moldy, pungency, and astringency to food items by boosting their functionality.
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Based on form, liquid segment attained majority share of global dairy flavors market in 2018 and is expected to gain decent traction in the forthcoming years. Food & beverage manufacturers preference for liquid dairy flavor over powder and paste forms, owing to its easy mixability in the beverage matrix and food products, along with a stable composition throughout the food processing, are driving the segment growth.
On the geographical front, Asia Pacific accounted for the largest share of global dairy flavors market in recent past, pertaining to increasing health conscious population, in tandem with escalating demand for healthy & tasty food items. Consumer willingness to pay a premium price for dairy flavors products in both developed and developing nations such as India, China, and Japan due to rising disposable income are supporting the regional market expansion. Besides, upsurge in demand for organic and naturally dairy-derived flavors is augmenting the business outlook in APAC.
As per the report, the COVID-19 pandemic has severely afflicted the food industry across the globe with economies mandating lockdown, travel bans, and business shutdowns to contain the spread of coronavirus. Temporary stoppage of factories, obstruction in supply chain, and downturn in world economy are the major challenges that the dairy flavors industry is tackling.
Prominent players in global dairy flavors market are Advanced Biotech, Kerry Group, Bluegrass Dairy & Food, Inc., Synergy Flavors, H.E Stringer Flavours Limited, Ornua Co-operative Limited, The Edlong Corporation, Dairy Chem Inc., CP Ingredients, and Butter Buds Inc.