The global beverage flavoring systems market was valued at USD 3.8 billion in 2018 and is projected to reach USD 5.2 billion by 2023, at a CAGR of 6.1% from 2018 to 2023. Increasing demand for soft drinks and growing awareness about the natural and clean-label food additives in beverages, active participation of international bodies in the R&D of flavoring systems, and increased global demand for fortified beverages are some factors that are driving the market. The key players profiled in the beverage flavoring systems market include Cargill (US), Archer Daniels Midland Company (ADM) (US), Givaudan (Switzerland), Sensient Technologies (US), Kerry (Ireland), International Flavors and Fragrances (IFF) (US), Firmenich (Switzerland), Tate & Lyle (UK), MANE (France), Döhler (Germany), Takasago (Japan), Flavorchem Corporation (US), and Frutarom (Israel).
The key market players adopted various growth strategies such as new product launches, expansions & investments, and acquisitions to cater to the increasing demand for beverage flavoring systems. The companies have been expanding their operations in various regions across the globe to establish themselves as leading players in the beverage flavoring systems market.
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Givaudan (Switzerland) is one of the largest players in the flavor industry, offering a wide product portfolio to food, beverage, and beauty industries. It is opting for expansions and acquisitions as its growth strategies through which it is targeting to expand its product portfolio as well as reach a wider customer base in the developing economies. The company has its patented technology for flavor masking; this technology is used in food and beverages to mask bitter flavor without increasing the sweet content of the products. In September 2018, Givaudan acquired Naturex (France), with an aim to cater to the customers across the food & beverage, nutrition, and health & personal care sectors with natural, clean-label, and organic products. In May 2018, Givaudan acquired the Nutrition division of Centroflora (Brazil) to offer its customers in the food & beverage industry an expanded profile of natural solutions.
Cargill (US) is one of the prominent players in the flavoring systems market, with a diversified business portfolio, which helps the company to minimize risk and dependency on any particular business. The company also has a strong foothold in the North American and European regions. The company continually strives to introduce new products to expand its product portfolio and gather a larger share in the market. Cargill offers customized flavoring systems for beverages to meet the need of consumers in the North American and Asia Pacific regions. In February 2018, Cargill’s Food Ingredients & Bio-Industrial business in the US and Canada entered into an agreement with Univar (US). This would improve Cargill’s supply chain, e-commerce, technical application, and other critical components.
The liquid segment in the beverage flavoring systems market is projected to record a faster growth during the forecast period
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. The market for liquid flavoring systems is projected to grow in the Asia Pacific region due to the growing demand for fruit juices, energy drinks, and carbonated drinks. Encapsulation is a major trend driving the liquid segment in the beverage flavoring systems market.
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Asia Pacific is projected to account for the largest market share during the forecast period
The region is an emerging market, with investments from several multinational manufacturers, especially in countries such as China, India, and Japan; these are the major markets in the region. Emerging economies and the growing carbonated soft drinks market have been driving the growth of the beverage flavoring systems market in this region. The Asia Pacific region is a growing market for carbonated soft drinks. According to the World Economic Forum, from 2015 onward, China and India have been growing in terms of consumption of carbonated soft drinks.
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