The global market for Beverage Flavoring Agents is poised for growth with a projected Compound Annual Growth Rate (CAGR) of 5.7%, reaching a valuation of US$ 7.8 billion by 2032.
The growth of the beverage flavoring agent market is driven by the increasing consumption of carbonated soft drinks, functional beverages, and juices. Flavoring systems have a significant impact, especially in the carbonated soft drink and juice sectors. To cater to evolving consumer preferences for unique tastes, flavor manufacturers constantly introduce new flavors to meet the changing demands of the market.
Beverage applications utilize a wide range of flavors to create sophisticated and aromatic tastes. For instance, the combination of fruit and vegetable flavors with beverages like chocolate shakes and coffee produces a sweet and spicy, warm fall flavor.
Moreover, once these products reach the intestine, they undergo fermentation by gut microflora, resulting in the production of metabolites that are highly bioavailable. This process improves energy levels and helps balance the body’s metabolism. The medicinal properties of these products also contribute to enhancing the digestive system, driving the growth of the beverage flavoring agent market as a supplement to the food and beverage industry.
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Key Takeaways from the 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 5.7% through 2032.
- Global beverage flavoring agent demand is projected to grow year-on-year (Y-o-Y) growth of 5.0% 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 4.4% 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.
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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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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
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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