APEJ
to Remain the Most Lucrative Market for Encapsulated Flavours
In
terms of volume, Asia Pacific excluding Japan (APEJ) is expected to
remain the most lucrative market for encapsulated flavours, with
sales estimated to expand at a high single-digit CAGR through 2027.
North America will continue to be the second largest market for
encapsulated flavours, in terms of volume.
Based
on encapsulation process, spray drying is estimated to remain
dominant in the global
encapsulated flavours market. In terms of volume, expansion
of spray drying segment is anticipated to exhibit the highest CAGR
through 2027. Adoption of glass encapsulation process for
encapsulated flavours will remain sluggish in the market over the
forecast period.
Chocolate
Flavours will Continue to be the Preferred Encapsulated Flavours in
the Market
Chocolate
flavour will continue to be preferred among encapsulated flavours in
the global market, followed by general fruit flavours, spice
flavours, and citric flavours. In terms of volume, sales of spice
flavours are estimated to register the highest CAGR through 2027,
followed by exotic fruit flavours, citric flavours, and berry
flavours. In contrast, sales of general fruit flavours are
anticipated to register the lowest CAGR through 2027.
In
terms of volume, encapsulated flavours will continue to witness
largest adoption for application in beverages & instant drinks,
with sales expected to register the fastest expansion through 2027.
Bakery & confectionary is expected to remain the second largest
application of encapsulated flavours in the global market.
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Demand
for Encapsulated Flavours in Convenience Food will Witness a Rise in
North America
Demand
for encapsulated flavours in convenience food will continue to rise
in North America. Consumer preferences in this region is shifting
towards readymade meals, savoury soups, and snacks, resulting into
demand for exotic, ethnic, and spicy flavourings. Consumer are now
becoming aware of the potential adverse effects of artificially
produced food additives, inclining more towards natural products.
Flavour encapsulation is considered to be more natural than
chemically synthesized equivalents, as it retains the nutritional
value of vegetable & fruit ingredients during their conversion
into flavours. These factors will continue to sustain demand for
encapsulated flavours in North America.
High
cost of encapsulated flavours production is the major concern for
manufacturers, and this factor may act as a retraining factor for
growth of the market in North America. Leading manufacturers in the
region are focusing on the development of advanced processing and
formulation technologies for production of encapsulated flavours.
Increasing
Installation of of R&D Facilities by Leading Market Players to
Drive the Market Growth in APEJ
With
increasing spending on research & development activities, global
manufacturers are now facing competition from regional players in
APEJ. APEJ has become the preferred destination for leading market
players to set up R&D facilities. Consumer in this region have
started opting for fizzy, flavoured and plant-based drinks over other
beverages. Consumption of milk-based drinks is expected to gain an
uptick in APEJ, resulting into demand for flavoured dairy drinks.
These factors will augment growth of the encapsulated flavours market
in APEJ.
For
encapsulation of flavours, high tech machines are required, coupled
with skilled labours for operation. APEJ lacks skilled professionals,
who are capable of understanding the technology behind flavour
encapsulation. This might be a major hindering factor for growth of
the encapsulated flavours market in APEJ.
Key
market players identified in FMI’s report include Symrise AG,
Cargill Incorporated, Nexira SAS, AVEKA Group, Naturex S.A., Archer
Daniels Midland Company, International Flavours & Fragrances
Inc., Sensient Technologies Corporation, Balchem Corporation, FONA
International, Inc., Ingredion Incorporated, FrieslandCampina Kievit
GmbH, BUCHI Labortechnik AG, Etosha Pan (India) Pvt. Ltd., Groupe
Legris Industries (Central), Tate & Lyle PLC, LycoRed Limited,
and Synthite Industries Ltd.
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