Flavors
form a key part of beverages. Every beverage – be it alcoholic or
non-alcoholic – has a distinct flavor and this has spawned the
beverages flavor market. This market is the topic of study of a
report by Transparency Market Research, titled, “Beverages Flavor
Market - Global Industry Analysis, Size, Share, Growth, Trends, and
Forecast 2017–2025.” As per the report, the market will likely
rise at a double digit CAGR over the course of the next few years.
The
report sets out by stating that beverages flavor, encompassing both
the sense of taste and smell, can be natural or synthetic. The
natural flavors are mostly extracted from vegetables, fruits, leaves,
or trees. The market for beverages flavor is growing owing to the
increasing thrust of players on customer engagement by adding unique
flavors to their products. For wooing the growing tribe of health
conscious people, for example, companies are coming up with natural
flavors in non-alcoholic drinks such as packaged juices, sodas, soft
drinks, and mocktails. They are also seen emphasizing on the quality
of ingredients they use to create the flavors.
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Meanwhile
makers of alcoholic drinks to are upping the ante by introducing
various flavors. This alongside their growing marketing and
advertising strategies are majorly fuelling the market for beverages
flavor. Others factors having a positive influence on the market is
the rise in urbanization and disposable incomes of people. Trend of
eating out and partying are resulting in swift sales of flavored
beverages. Players are also pulling out all stops to improve and
diversify their product offerings by pouring money into research and
development. Organic flavors are what they are keen on promoting now
to cater to the upwardly mobile consumers willing to spend extra on
premium products.
Despite
having a promising outlook, a few deterrents are preventing the
market for beverages flavor from attaining their full potential. One
of those is the limited shelf life of the products. Another
restraining factor is the high market price of such premium flavors.
Besides, slow pace of uptake of natural flavors and colors is also
expected to have a negative impact on the market.
North
America, Latin America, Europe, Asia Pacific, and the Middle East and
Africa are some of the key geographic segments in the global market
for beverages
flavor that have been studied in the report. Latin America,
among them, is seeing maximum growth despite the overall size of its
market being limited. This is because of the presence of many
emerging economies in the region where a growing population with
increasing spending capacity is spending on beverages flavor. Another
region expected to clock a solid double-digit growth over the course
of the next few years is North America. Asia Pacific is also emerging
as an attractive market that most keen players have set their gaze
upon.
Some
of promising players operating in the global market for beverages
flavor that have been profiled in the report are Synergy, Wild
flavors, Beverage Flavors International, Allen flavors Inc., Brisan
ingredients, Blue Pacific Flavors, Flavorman, Imbibe, and Wixon.
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