In 2023, the worldwide beverage flavouring market is expected to be worth US$ 4,756.5 million. The market is expected to be worth US$ 8,204.2 million in 2033, growing at a 5.9% CAGR during the projected period. Because of the tremendous growth of the food and beverage sector, the Asia Pacific market is expected to expand rapidly.
The growing consumer demand for functional beverages is good news for beverage taste development. The functional beverage has a distinct taste and nutritional and health-improving characteristics. As a result, a growing number of customers prefer functional beverages. During the forecast period, this drives the beverage flavouring market.
Healthy living and a focus on wellbeing are two of today’s most popular trends.
As a result, an increasing number of food-related businesses are choosing organic products over synthetic additives. The market is expanding as there is a greater demand for natural and organic food tastes.
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Key Takeaways from the Market Study
- From 2017 to 2021, the market demand expanded at a CAGR of 5.2%
- By origin, natural flavors to accumulate a market share of 56.7% in 2022
- By type, the fruits and vegetable segment dominates the market with a share of 53%
- North America to emerge as a promising market, capturing nearly 27.2% of global market share in 2022
- Asia Pacific to be an opportunistic market, expected to capture 36.5% revenue
“Growing demand in the food and beverage industry across the globe is expected to drive the market in the forecast period. the growing application in bakery products, dairy products, and confectionary is projected to play a vital role in strengthening the market.”
Competitive Landscape
Players in the global beverage flavoring market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
- In July 2022 – Givaudan, announced the launch of BioNootkatone, a breakthrough ingredient that answers market demand for sustainable, natural, clean-label citrus flavor without the cost and supply volatility of traditional citrus extracts. In addition to these benefits, BioNootkatone offers a refreshing, natural citrus taste that can be used in a variety of food and beverages.
- In August 2021 – Flavorchem, has tested and developed a line of innovative, on-trend flavors for the ever-evolving hard seltzer category. These flavors have been specifically tested in both hard seltzer applications and non-alcoholic, seltzer water to meet any beverage preference or lifestyle need.
- In May 2022 – Tate & Lyle PLC (Tate & Lyle), announces it has acquired substantially all of the assets of Nutriati, an ingredient technology company developing and producing chickpea protein and flour. Under the terms of the transaction, Tate & Lyle has acquired certain assets, including intellectual property assets, and assumed selected liabilities from Nutriati.
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Know More about What the Beverage Flavoring Market Report Covers
Future Market Insights offers an unbiased analysis of the global beverage flavoring market, providing historical data for 2017-2021 and forecast statistics from 2022-2032.
To understand opportunities in the beverage flavoring market, the market is segmented on the basis of grade, and application across six major regions.
About Food & Beverage at Future Market Insights
The food & beverage team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Key Segments Covered in the Beverage Flavouring Industry Analysis
Beverage Flavouring Market by Food Flavours:
- Chocolate & brown flavors
- Vanilla
- Fruits & nuts
- Dairy
- Spices
- Others (honey, mint, and vegetables)
Beverage Flavouring Market by Application:
- Beverage Flavouring for Beverages
- Beverage Flavouring for Dairy products
- Beverage Flavouring for Confectionery products
- Beverage Flavouring for Bakery products
- Beverage Flavouring for Meat products
- Beverage Flavouring for Savory & snacks
- Beverage Flavouring for Frozen products
Beverage Flavouring Market by Form:
- Liquid Beverage Flavouring
- Dry Beverage Flavouring
Beverage Flavouring Market by Origin:
- Natural Beverage Flavouring
- Artificial Beverage Flavouring
Frequently Asked Questions
- What was the market value for beverage flavoring in 2022?
- According to FMI, what is the anticipated market value for beverage flavoring in 2032?
- What is the projected forecast CAGR for the beverage flavoring industry from 2022-2032?
- By origin, which category ranks first with regard to beverage flavoring?
- By types, which category ranks first with regard to beverage flavoring?
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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