The global beverage flavoring systems market has been witnessing expedited demand from the end-use industries in recent years. Flavor, a crucial property of foods & beverages, is a combination of taste, aroma, and familiar object. Flavoring systems are produced from numerous ingredients including flavoring agents, flavor carriers, flavor enhancers, preservatives, emulsifiers, and stabilizers among others. Flavoring agents are produced by a combination of different chemicals present in the flavor. Flavor carriers are solvents that keep the chemical content of flavors intact and ensure the flavor is uniformly distributed in the product. Flavor enhancers are used to enhance the flavor of the product which aid in stimulating the appetite. In addition to this, processed foods have longer shelf-lives and their flavor fades with time. Hence, food & beverage manufacturers add flavors to the products.
Beverage flavoring systems are complex mixtures obtained from natural or artificial processes to alter the taste of the beverage to be consumed. The demand for beverage flavoring systems is expected to witness significant growth on account of increasing consumption of carbonated soft drinks, functional drinks, and juices in both developed and developing economies. Beverage flavoring systems are used to enhance beverage quality, most notably products that are tasteless or have low or sub-standard quality. Furthermore, beverage flavoring systems support the consumers in resonating with tastes that are authentic and familiar to consumers, thereby influencing their purchase decisions.
Based on type, the beverage flavoring systems market is segmented into natural and artificial. Natural flavoring systems are produced from raw materials of plants and animals through microbiological, physical, or enzymatic processes. Some of the natural flavoring systems include fruit, vegetables, nut, seafood, spice blends, and wine among others. Artificial flavoring systems are obtained from combining or processing chemicals identical to natural flavoring agents and are deemed fit for human consumption. Some of the artificial flavoring systems include alcohol, esters, ketones, phenolics, terpenoids, and pyrazines among others. Increasing disposable income especially in developing countries has led to increasing demand for beverages including juices, sports drinks, and carbonated soft drinks among others, thereby, boosting demand for beverage flavoring systems.
Natural flavor implies the essence, essential oils, distillate, oleoresin, or extractive, protein hydrolysate, or any product of heating, roasting, or enzymolysis, which comprises the flavoring constituents derived from a fruit, spice, vegetable, herb, root, edible yeast, bud, bark, leaf or similar plant material, poultry, meat, dairy products, eggs, seafood, or fermentation products thereof, whose important function in food is a flavoring and not nutritional. Many flavors, especially fruit flavors, have one or a few important chemical elements that carry the majority of the taste/smell signal called esters. For example, the esters called octyl acetate and isoamyl acetate are a fundamental component in orange flavor and banana flavor respectively. Other chemicals are also added in the correct proportions to make more realistic flavors.
Owing to the increasing household disposable income, consumers travel more widely, and are increasingly interested in unique experiences, global cuisines and look to explore new flavors. These factors combined with the increasing population contribute to the growing demand for beverages. Beverage flavoring systems are used in beverages to alter their taste and aroma. These are widely used by manufacturers of different beverages including juices, carbonated soft drinks, energy drinks, and nutritional drinks among others.
Strict laws and regulations regarding labeling of the products have urged the food & beverage manufacturers to use natural flavoring ingredients owing to their health benefits. Moreover, increasing health awareness has resulted in increasing acceptance of natural flavoring systems. In addition to this, beverage flavoring systems are witnessing growing demand from manufacturers of sports, energy, carbonated, and alcoholic drinks globally. The beverage flavoring systems market is expected to experience resistance owing to the high cost of production and stringent laws regarding food additives.
The Asia Pacific region is expected to grow significantly owing to the rapid growth of the food and beverage industry. The increasing disposable income, especially in China and India, is expected to boost the product demand in the region. The growing demand for packaged juices, sports drinks, and energy drinks is expected to further drive the demand for beverage flavoring systems in the Asia Pacific region. Moreover, the rising demand for carbonated soft drinks is observed in the region. The Indian government has permitted 51% Foreign Direct Investment (FDI) in multi-brand retail and 100% FDI in the food processing industry and single-brand retail. This would strengthen supply chains and employment in the country contributing to the growth of the FMCG sector, in turn, boosting the demand for the beverage flavoring systems market.
The beverage flavoring systems market experiences highly competitive rivalry and relatively concentrated, with the top four companies accounting for the maximum market share. Key market players include Givaudan SA, Firmenich, International Flavors & Fragrances Inc., Symrise AG, Kerry, Takasago, Mane, Sensient, Wild, Haubao, Hasegawa, and Robertet. The manufacturers focus on customized products and application development to gain competitive rivalry. As a result, market players are engaging themselves in numerous mergers and acquisitions to expand their product portfolio.
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FDA, in particular, has relaxed the nutrition labeling of products which is expected to aid in increasing the distribution of packaged foods by restaurant operators leading to the optimum supply chain of products to consumers. Furthermore, food safety testing and processing industries are expected to function at full capacity owing to consumers stock-piling goods during the COVID-19 lockdown. The report will account for Covid19 as a key market contributor.