USA – The flavor carriers market value reached nearly US$1.38 billion in 2018 and is forecasted to grow at CAGR of 3.0% to reach US$1.85 billion by the end of 2028, according to the recently published study report by Persistence Market Research.
The global flavor carriers market is expected to substantially benefit from convenience food products and dairy industry including cheese, butter, snack products, packaged food, among others.
According to the PMR report titled ‘Global Market Study on Flavor Carriers’, convenience food products are the prominent consumed foodstuffs in the food industry.
Convenience food are the daily need products available as ready to eat products without further preparation. They contain flavor carriers as ingredients to enhance the taste, texture, color and durability of products.
Changing food habits and busy lifestyle are projected to be the major drivers in the convenience food products segment.
It is forcasted that convenience food market will have high growth in upcoming years, consequently propelling growth in the market of flavor carriers.
With numerous flavor emulsion types, the flavor carriers market is expected to gain market share steadily, the report highlights.
Health conscious consumers demand healthy and natural products, which are generally recognized as safe by food regulatory authority.
To enhance the taste and durability of healthy and natural food products, manufacturers are using flavor emulsion in these products, which is creating huge market opportunities for the flavor carriers market.
Numerous flavor emulsions are available in the flavor carriers market and serve industries such as bakery, fruit, and alcoholic as well as non-alcoholic beverages industry.
Notably, the demand for alcoholic beverages is rising worldwide and in the alcoholic beverages sector, flavor carriers are at an initial phase of market growth.
Companies are focusing on future technological advancement & innovations in this industry to use flavors in different products.
Non-alcoholic fruit and flavored beverages including carbonated beverages, soft drinks, energy drinks, and fruit juices demand the highest number of flavors, fruit flavors, and flavor emulsions. This leads to an increase in demand for flavor carriers.
The flavor emulsion segment is estimated to hold a 74.6% market share by value in the flavor carriers market by the end of 2018, and is expected to grow at a CAGR of 2.7% in terms of value from the estimated year (2018) to the forecast year (2028).
Regional market Performance
On a regional basis, Europe and Asia Pacific are prominent regions for the flavor carriers market. The regions are expected to hold promising opportunities in terms of value increase and reach US$111.8 million and US$228.8 million with CAGR of 2.2% and 4.2% respectively by the year 2028.
European countries have always set new trends in the food and beverages market hence, the region is expected to have high demand for flavor carriers.
India and China are highly populated countries. The increasing per capita income and spending power of consumers is driving the market for convenience and packaged food and ready to drink beverages, which is further fueling the flavor carriers market.
Key producers of flavor carriers include; DuPont, Tate & Lyle, Givaudan, International Flavors & Fragrances (IFF), Symrise, Sensient Technologies, Döhler, Firmenich SA, Kerry Inc, LorAnn Oils, Ribus, Gold Coast Ingredients and ADM.
Key competitors in the flavor carriers market are focusing on strategic developments, growth and investments, and mergers & acquisitions for catering the market requirements.