The beverage flavouring agents market was estimated to be worth worth USD 4.5 billion in 2022 and is anticipated to increase at a CAGR of 5.7% from 2022 to 2032, when it is expected to be worth USD 7.8 billion. According to recently released market analysis data from Future Market Insights, the demand for beverage flavouring agents worldwide is expected to increase by 5.0% Y-o-Y in 2022.
Because of the increased consumption of carbonated soft drinks, functional drinks, and juices, this segment has a greater market. Flavoring systems are widely used in the carbonated soft drink and juice sectors. Flavor manufacturers respond to consumer demand for new flavours by releasing new flavours.
The use of many types of tastes in beverage applications is mostly due to the introduction and mixing of numerous flavors to create an elegant and aromatic flavor. Fruit and vegetable flavors, for example, when coupled with beverages such as chocolate shake and coffee, produce a sweet and spicy, warm fall flavor.
However, when the product reaches in the intestine, it is fermented into metabolites inside the colon with the help of gut microflora which are more bioavailable, thus improving energy levels and balancing the metabolism process of the body. As a result, improving digestive system due to the medicinal properties of the product is driving the Beverage Flavoring Agent market forward as a supplement to the food and beverage industry.
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Key Takeaways from Market Study
- The beverage flavoring agent market is worth of US$ 4.5 Bn sales in 2022.
- The beverage flavoring agent market is expected to expand at CAGRs of 7% through 2032.
- Global beverage flavoring agent demand is projected to grow year-on-year (Y-o-Y) growth of 0% in 2022.
- The beverage flavoring agent market is growing with a notable boost towards the production to reach USD 7.8 Bn by 2032.
- Innovative applications, research formulations, and medicinal properties are the factors driving growth of Beverage Flavoring Agent market to be the influencing factors among consumers, which is driving sales of beverage flavoring agent across global markets.
- Demand for beverage flavoring agent grew at 4% CAGR between 2017 and 2021.
- Korea Ginseng Corp., Clariant, Korean Ginseng Export Corporation, RFI Ingredients, Inc, and Ilhwa Co., Ltd. are expected to be the top players in the industry.
- Siberian ginseng type with capsule form segment of beverage flavoring agent are in heavy demand from beverage industry carrying a notable market share.
“The dominance of the liquid segment is attributed to the ease of mixing and blending of liquid flavor ingredients. Liquid flavors can be easily mixed together to provide a homogeneous distribution of each flavor component. This is why most beverage manufacturers prefer the usage of liquid flavors, which is likely to provide new market avenues for Beverage Flavoring Agent,” says a Future Market Insights analyst.
Competitive Landscape
Key beverage flavoring agent brands are looking for new strategic partnerships to develop the applications in food and beverage industry, as well as cosmetics and personal care industry, while core business brands are focusing on supplying nutritional and high quality solutions to customers consuming Beverage Flavoring Agent with several product innovations.
On 22nd January 2019, supplier of rare plant extracts, Botalys announced to launch Panax ginseng powder as the most bioactive ingredient in the market, termed as HRG80. Beverage Flavoring Agent, used as stress reducing agent, considered to be the king of adaptogens by the company. New product launches under the scheme is featuring various innovative forms including nutritional bars, chocolates, soft chews, chewing gums, gummy bears, burgers, juices, coffee, ready-to-drink (RTD) beverages, tea, and granola.
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Explore More Valuable Insights
Future Market Insights, in its new report, offers an impartial analysis of the global beverage flavoring agent market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
Beverage Flavoring Agent Market By Category
By Ingredient:
- Carriers
- Flavorings
- Enhancers
- Others
By Beverage:
- Alcoholic
- Non-alcoholic
By Type:
- Botanicals
- Dairy
- Fruits
- Ohers
By Origin:
- Artificial
- Natural
- Nature-identical
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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