The most recent Future Market Insights (FMI) study projects that in 2031, demand in the flavor drops market would amount to US$ 87.8 Mn. By 2031, the market value is anticipated to cross US$ 172.8 Mn with a 7.0% CAGR from 2021 to 2031.
The consumption of natural foods is becoming hugely population. In response to this, some of the leading food brands are striving to introduce new sources of flavors. For instance, Castoreum extract, a natural flavoring that is obtained from the anal glands of beaver, is used as a natural flavor in beverage, confectionery, dairy, and desserts.
Knowledge regarding the biogenesis of plant volatiles, their enzymes, and genes, will pave the way for the production of innovative food flavors, thus paving way for growth of the flavor drops market.
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Microorganisms have a higher capacity for production of natural pigments and extracts. Marine sources are used on a commercial level for flavor extraction; seaweed is one of the most innovative sources that are used by well-established flavor houses. Varieties of superfruits from rainforests are in demand for extraction of natural flavor drops. Such innovations present opportunities for flavor drops market growth.
Key Highlights
- Vegan flavor drops are expected to become hugely popular. The report forecasts sales of vegan flavor drops to grow by 7.5% CAGR through 2031.
- China is expected to account for over half of flavor drops sales in East Asia in 2021. However, demand in Japan and South Korea is expected to rise at a higher pace.
- The U.S. will emerge as a highly lucrative market, accounting for over 85% of flavor drops sales in North America in 2021.
- Italy, Spain, Germany, and the UK will spearhead growth in the Europe flavor drops market.
- In terms of flavor, drops derived from vanilla will account for maximum sales in 2021.
Who is Winning?
Some of the leading companies offering flavor drops are NutraBox, Capella Flavor Drops, My Protein, GymBeam, ESN Flavor Drops, Women’s Best, SodaStream (bubly Drops), GymQueen-tasty Drops, Beyond Water, The Blue Ingredient OK, MiO, SweetLeaf- Water drops, The Skinny Food Co, Pure Flavour, Prozis- Yummy Drops, and others.
In order to gain competitive edge, market players are focusing on product differentiation and product launches. Besides this, strategic collaborations remain a key strategy adopted by the market players.
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