In 2023, the beverage flavouring market expanded to a market value of US$ 4,756.5 million. By 2033, this number is expected to grow to US$ 8,204.2 million. This concludes that the beverage flavouring market is growing at a CAGR of 5.9% during the forecast period. The Asia Pacific market is projected to expand significantly due to the rapid growth of the food and beverage market.
The increasing demand for packaged juices, sports drinks, and energy drinks drives the market further. Multinational corporations are deeply interested in investing in these flavour-enhancing markets, along with the rising demand for ready-to-eat food and beverages is another driving factor for the global market for flavouring beverages. Consumers’ preference for natural flavouring is growing as they are more conscious of their well-being, which is the key propellor of market growth.
Key Takeaways from the Beverage Flavouring Market:
- The United States held a market share of 20.4% in the beverage flavouring market in 2022, indicating its significant presence and dominance in the industry.
- Germany’s market share in the beverage flavouring market reached 6.7% in 2022, reflecting the country’s notable contribution and influence in shaping the flavour profiles of beverages.
- Japan accounted for 3.5% of the market share in the beverage flavouring industry in 2022, underscoring its commitment to delivering distinct and culturally relevant flavours to the market.
- Australia’s share in the beverage flavouring industry stood at 2.5% in 2022, showcasing its role in providing refreshing and unique flavour options to beverage consumers.
- China experienced an impressive compound annual growth rate (CAGR) of 10.7% in the beverage flavouring market in 2022, signalling its rapid expansion and growing consumer demand for flavourful beverage choices.
- India’s CAGR in the beverage flavouring market in 2022 was 5.5%, reflecting the country’s steady growth and increasing consumer interest in flavoured beverages.
- The United Kingdom demonstrated a CAGR of 4.4% in the beverage flavouring market in 2022, indicating its consistent efforts to cater to evolving consumer preferences and offer enticing beverage flavour options.
Competitive Landscape:
- Givaudan announced the release of BioNootkatone in July 2023. This game-changing product meets market demand for long-lasting, natural, clean-label citrus flavor without the high cost and supply volatility associated with standard citrus extracts. In addition to these advantages, BioNootkatone has a natural citrus flavor that may be utilized in various foods and drinks.
- Flavorchem evaluated and produced a collection of new, on-trend flavors for the ever-changing hard seltzer industry in August 2021. These tastes have been precisely tested in hard and non-alcoholic water applications to fit every beverage choice or lifestyle necessity.
- Tate & Lyle PLC (Tate & Lyle) announced the acquisition of practically all the assets of Nutriati, an ingredient technology firm developing and manufacturing chickpea protein and flour, in May 2023. Tate & Lyle has purchased certain assets, including intellectual property assets, and assumed some liabilities from Nutriati under the terms of the agreement.
Prominent players in the beverage flavoring market are Givaudan, International Flavors & Fragrances, Flavorses Corporation, Sensient Technologies, Tate & Lyle, Takasago International Corporation, Symrise, Firmenich, Mane, Dohler, and Robertet SA, among others.
Key Segments Covered in the Beverage Flavoring Industry Analysis
By Food Flavours:
- Chocolate & brown flavors
- Vanilla
- Fruits & nuts
- Dairy
- Spices
- Others (honey, mint, and vegetables)
By Application:
- For Beverages
- For Dairy products
- For Confectionery products
- For Bakery products
- For Meat products
- For Savory & snacks
- For Frozen products
By Form:
- Liquid
- Dry
By Origin:
- Natural
- Artificial
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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