Global beverages flavoring systems market to reach USD 6.5 bn by 2028
The global beverages flavoring systems market is expected to grow from USD 4.1 billion in 2020 and to reach USD 6.5 billion by 2028, growing at a CAGR of 5.8% during the forecast period 2021-2028. The market, as per the report by Fior Markets, is witnessing significant growth form the past years.
It is expected to be driven by the introduction of innovative flavour processing technology, rising customer demand for clean-label and organic beverages, and a flavorable regulatory climate for fortified products. Beverage flavoring systems are complex mixtures derived from natural or artificial processes that are used to change the taste of a beverage. The increased consumption of carbonated soft drinks, functional drinks and juices in both industrialized and emerging economies is expected to drive up demand for beverage flavoring systems.
The global beverages flavoring systems industry, in recent years, has recorded increased demand from end-use industries. Flavor is a mixture of flavor, scent and a common item, and it is an important property of foods and beverages. Flavoring systems are made up of a variety of additives, such as flavoring agents, carriers, enhancers, preservatives, emulsifiers, and stabilizers to name a few. It’s used to improve the quality of beverages, especially those that are tasteless or of poor or sub-standard quality. Furthermore, beverage flavoring devices assist customers in identifying and resonating with authentic and recognizable flavors, shaping their buying decisions.
Some of the key players in this market include MANE (France); Cargill (US); Givaudan (Switzerland); Symrise, Sensient Technologies (US); Kerry (Ireland); Firmenich (Switzerland); International Flavors and Fragrances (US); Tate & Lyle (UK); Archer Daniels Midland Company (US); Dohler (Germany); Takasago (Japan); and Frutarom (Israel).
On the basis of geography, the global beverages flavoring systems market is classified into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. Because of the rapid development of the food and beverage industry, the Asia Pacific region is projected to expand significantly. Product demand in the region is expected to rise as disposable income rises, especially in China and India.
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Furthermore, the Indian government has allowed 51% FDI in multi-brand retail and 100% FDI in the food processing industry and single-brand retail. This will significantly improve the country’s supply chains and jobs, leading to the development of the FMCG market and increasing demand for beverage flavor systems.
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