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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