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Flavoured drinks’ prospects to benefit flavour carriers mkt through ’28
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Wednesday, 20 November, 2019, 08 : 00 AM [IST]
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The flavour carriers market reached nearly $1.38 billion in 2018 in terms of value, and is forecasted to reach $1.85 billion by the end of 2028. This was among the findings of a recently-published study report by Persistence Market Research.
The global flavour carriers market is expected to grow at the CAGR (compound annual growth rate) of three per cent in terms of value from the estimated year (2018) to the forecast year (2028).
Convenience food products, dairy industry projected to substantially boost growth of flavour carriers market
Convenience food products are the prominent consumed foodstuffs in the food industry. These include cheese, butter, snack products, packaged food, and others. These are available as ready-to-eat products, because they do not need further preparation. They contain flavour carriers as ingredients to enhance the taste, texture, colour and durability of products.
Changing food habits and busy lifestyle are the reason which are driving the market of convenience food products. These products have increasing demand on every day basis. It is forecast that the convenience food market will have high growth in the coming years which is surging the market of flavour carriers.
Flavour carriers market expected to gain market share steadily
Health-conscious consumers demand healthy and natural products, which generally are generally recognised as safe by food regulatory authority. To enhance the taste and durability of healthy and natural food products, manufacturers are using flavour emulsion in these products, which is creating huge market opportunities for the flavour carriers market.
Numerous flavour emulsions are available in the flavour carriers market, and serve industries such as bakery, fruit, and alcoholic as well as non-alcoholic beverages industry.
The demand for alcoholic beverages is rising worldwide and in the alcoholic beverages sector, flavour carriers are at an initial phase of market growth. Companies are focussing on future technological advancement and innovations in this industry to use flavours in different products.
Non-alcoholic fruit and flavoured beverages, including carbonated beverages, soft drinks, energy drinks, and fruit juices demand the highest number of flavours, fruit flavours, and flavour emulsions. This leads to an increase in demand for flavour carriers.
The flavour emulsion segment is estimated to hold a 74.6 per cent market share by value in the flavour carriers market by the end of 2018, and is expected to grow at a CAGR of 2.7 per cent in terms of value from the estimated year (2018) to the forecast year (2028).
Europe, Asia Pacific prominent regions for the flavour carriers market
Europe and Asia Pacific regions are expected to hold promising opportunities in terms of value increase and reach $111.8 million and $228.8 million with a CAGR of 2.2 per cent and 4.2 per cent, respectively, by the year 2028.
European countries always set new trends in the food and beverages market. Hence, the region is expected to have high demand for flavour 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 in this region, which is further fuelling the flavour carriers market.
Key producers of flavor carriers
Some of the key players included in the flavour carrier’s market report are DuPont Tate and Lyle Bio Products Company, LLC, Givaudan, International Flavours and Fragrances Inc, Symrise, Sensient Technologies Corp, Döhler, Firmenich SA, Kerry Inc, LorAnn Oils, RIBUS, Gold Coast Ingredients Inc, Flavour Producers, LLC, Archer Daniels Midland Company, and Robertet SA.
Key competitors in the flavour carriers market are focussing on strategic developments, growth and investments, and mergers and acquisitions for catering the market requirements.
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