April 02, 2020
As per the report titled ‘Flavouring Agents Market Size By Application, By Type , Industry Analysis Report, Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, the global flavouring agents market is expected to exhibit a strong CAGR through 2025.
Increasing sales of beverages in consort with rising demand for convenient and read-to-eat food products is fueling the growth of flavouring agents market. Rapid urbanization and globalization across European countries is boosting the product demand in the food processing industry. Surge in health conscious population who are consuming products with low carbohydrates, low fat, and low salt is stimulating the market outlook.
Rising trend among the manufacturers of offering country and region specific customized flavors is expanding the business landscape. Growing consumer awareness, rising inclination towards flavored beverage, favorable regulatory norms, clean product labeling, and growing demand of organic products are the other factors propelling the growth of flavouring agents market. On the other hand, rising cost of raw materials may hamper the market expansion in the coming years.
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Based on the application scope, beverages segment accounted for 30% share of flavouring agents market in 2018 and is presumed to show modest growth during the study period, owing to high demand for flavored alcoholic and non-alcoholic beverages in Asia Pacific, Latin America, and Middle East & Africa. Rising preference for organic beverages in conjunction with growing availability of gluten-free beverages is anticipated to play a key role in augmenting the segment growth.
Elaborating on the type, natural flavouring agents market segment is anticipated to grow with 5% CAGR during 2019-2025, on account of strict labelling norms to improve consumers awareness towards the product ingredients. Increasing adoption of plant-based ingredients and additives by dairy, confectionary, beverage, and convenience food manufacturers will enhance the segment share.
Considering the geographical outlook, flavouring agents market in Asia Pacific is projected to grow with a CAGR of 5% during the forecast period. Low product cost and establishments of global food & beverage manufacturers across the region, coupled with positive economic growth, rapid urbanization and changing consumer lifestyle are driving the regional growth. Increasing consumption of processed food and meat will further enhance the market outlook in APAC.
The prominent players operating in flavouring agents market are International Flavors & Fragrances, Inc., Givaudan, Firmenich, Mane SA, Symrise AG, Takasago International Corporation, Robertet SA, Sensient Flavors, Hasegawa Co. Ltd., Keva Flavours Private Limited, Huabao International Holdings Limited, Kerry Group, and Flavorcan International Inc.
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