Throughout the forecast period, the floral flavours market is anticipated to grow at a moderate rate of 5.7%. The market is expected to be worth $15 billion in 2022. By 2032, it is predicted that the floral flavour business would be worth a record-breaking US$25.6 billion. The specialists at Future Market Insights have calculated a historical CAGR of 4.7% for the relevant market. For the current year, the market share of the top three nations is about 35%.
During the projected period, the floral flavour market is expected to develop at a modest rate. According to our analysts’ findings, the increased inclination of customers to purchase clean-label goods is anticipated to contribute to an increase in demand for the naturally-sourced elements that floral flavours are.
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Consumers are shifting away from artificial flavourings in favour of natural and organic flower flavours that add colour and flavour. As a result, during the projected period, demand for these tastes is expected to rise. Manufacturers are working on developing flower items that are free of chemicals and artificial flavourings in response to this demand.
Consumers want rare and distinctive flavours in their food and beverage items, as well as a distinct texture. The number of items with floral scents more than tripled between 2015 and 2018, as they account for a sensory effect and provide customers with new and intriguing taste experiences.
Key Takeaways – Floral Flavour Market Study
- Consumers seek products that have their roots in a pre-industrialized food system that is centered around whole, natural, and unrefined ingredients. Floral flavours match the growing consumer’s interests in authenticity of their products. Thus, floral flavours are witnessing a surge in demand.
- In 2019, Firmenich SA, a privately-owned flavour and fragrance company, declared hibiscus as the Flavour of the Year, based on the increasing appeal of usage of hibiscus in food and drinks. Hibiscus is gaining traction in the flora flavour industry due to its appealing attributes, like the pleasant aroma coupled with a touch of tangy profile.
- Besides, the hibiscus-based floral flavour is gaining popularity in applications such as beer, yogurt, chocolates, and tea, especially in the United States, Mexico, Brazil, and Denmark, with growth also taking place in Italy and Spain.
- Beverages sector contributes more than half of the total floral flavour market share. Floral flavours are appearing in revitalizing, healthy product launches. Lavender, rose, jasmine, elderflower, and hibiscus flavours are witnessing significant demand, predominantly for use in soft drinks.
- Frequent new launches in the alcoholic beverages category are progressively featuring floral flavours to gain greater consumer traction and achieve marketing differentiation.
- Europe and North America will be significant in the global floral flavours market over the forecast period. The demand for floral flavours has especially impacted the European flavour industry.
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Infused beverages, fusion drinks, and floral-infused RTD coffee are becoming increasingly popular among consumers seeking healthier, authentic, and natural-tasting beverages. As a result, new players aiming to create a presence in the floral flavours market must concentrate their efforts on the beverage business.
Botanicals Trending Floral Flavour Space
New floral flavours are emerging to witness increasing demand from the food and beverage industry. With an increasing assortment of floral flavoured mixers and edible flowers, food and beverage manufacturers are experimenting with amalgamation of floral flavours to eventually create unique recipes. The increase witnessed in manufacturers’ investments into floral flavours is indicative of the fact that the botanical flavour trend is here to stay in the long run.
Europe Remains Important Market for Investors
European markets are rapidly witnessing new product launches featuring infused floral flavours in vast products ranging from chocolates, snacks, yogurts, beverages, and many more. In the United Kingdom, Rowntree released fruit and flower-infused pastilles, whereas, in Germany, Alpro launched orange blossom-flavoured apricot soy yogurt. Fermè, an Italian fruit supplier company, launched vegan cheese with fermented cashews preparation, infused with flowers and herbs in the U.K.
Manufacturers Augmenting R&D Investments to Develop Application-specific Flavours
Key players operating in the flavour industry are investing more in research and development activities to upscale their floral flavour production capacity and to provide consumers with unique blends of floral flavours. Flavour manufacturers are strengthening their partnership with end-user industries to meet the growing demand for innovation in food and drink offerings.
- In April 2016, Givaudan S.A., a leading flavour manufacturing company in Switzerland invested US$ 126Mn to open an innovation center in Switzerland.
- In July 2016, Takasago International Corporation invested towards a new development center for flavours and fragrances in Mexico, to enhance its product portfolio and presence in Latin America.
Know More About What the Report Covers
Future Market Insights, in its new offering, provides an unbiased analysis of the global floral flavours market, presenting historical demand data (2016-2018) and forecast statistics for the period from 2019-2027. The study divulges compelling insights on the floral flavours market based on the raw material (hibiscus, lavender, neroli/orange flower, rose, elderflower, jasmine, cherry blossom, chamomile, and violette), end-use (food- dairy, bakery, confectionaries, snacks, fats and oils, and beverages- alcoholic beverages and non-alcoholic beverages), and product type (natural, organic, and artificial) across seven major regions.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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