A robust increase in the employment level in both developed and developing countries favoring urbanization has fueled flavoring agents industry size. Over time, processed food and beverages have gained considerable popularity due to the variety in choices and wide availability.
Reports estimate that nearly USD 280 billion is spent annually on food and drinks across the UK. Growing health awareness among the consumers has led to an increase in the use of flavors that are sourced from vegetables, fruits, nuts, spices, seafood, and wine, adding nutritional value to the items as well as designed to suit the palette of the consumers.
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It may be said that the presence of many retailers – both online and offline along with urbanization especially in developing countries like Brazil, Mexico, Argentina, India, and China has driven the global flavoring agents market size.
Increasing investment in research and development to offer different types of natural and artificial flavoring agents has encouraged manufacturers to adopt advanced technologies to improve product stability and suitability.
High demand for beverages
There has been an incandescent increase in the demand for beverages as they are instant thirst quenchers and are available in different flavors. Rising consumption of beverages like alcoholic drinks, soft drinks, sports beverages, and carbonated beverages is steering the need for different types of flavoring agents. Citing reports, nearly 82% of the adults in England consumed alcohol in the year 2018.
The surging adoption of natural and organic flavors has been rising due to the growing consumer awareness regarding the benefits of using products derived from plant sources. Flavoring agent manufacturers are increasingly working towards developing novel flavors that add to the changing taste of the people.
Robust processed food industry in Europe
Regionally speaking, there is high disposable income among the people in Europe along with the presence of many leading food and beverage manufacturers supplying all over the world. As per the European Commission, EU food and drink exports are valued at more than EUR 90 billion.
Increasing consumption of processed food like acidified milk drinks, yogurts, fruit beverages, and confectionery offers lucrative opportunities for ingredient suppliers. The higher awareness regarding the consumption of food products that are made from natural ingredients will support the regional trends.
Rising use of artificial flavoring agents
Although the demand for natural flavors has witnessed a significant rise, artificial flavoring agents have gained unprecedented adoption due to their cost-effectiveness and the ability to be manufactured in different types. Robust use in baking applications is likely to drive the ingredient use share. According to American Bakers Association, baking industry in the U.S. has an economic impact of more than USD 154 billion each year.
Moreover, the increasing consumer demand for food and beverage products with reduced salt and sugar has urged manufacturers to develop products using advanced technologies like SLE technology. A factor supporting the use of artificial flavors is the rigorous quality testing they go through. Strict rules regarding the labeling of products as well as the need to use restricted quantities of ingredients ensure the safety of artificial flavors.
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The U.S. FDA also requires a statement mentioning artificial flavoring to be placed on the food or its container or wrapper and must be legible to the consumers.
Flavoring agent manufacturers are entering into mergers, strategic alliances, and acquiring to increase their global presence and to achieve a competitive edge.
In 2018, American firm- Sensient Technologies announced the acquisition of the natural color business- GlobeNatural, a prominent natural food coloring, and flavoring agent provider. The purchase of the company expanded Sensient’s global footprint as well as added the natural flavoring portfolio.
Other leading market players include International Flavors & Fragrances Inc., Symrise AG, Givaudan, and Frutarom Industries, among various others. Driven by the constantly increasing demand for food and beverages across the globe along with the efforts taken by the manufacturers to develop organic products, flavoring agents market size is expected to register rapid gains in the coming years.
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Related Report: Flavoring Agents Market to hit $21 Billion by 2025: Global Market Insights, Inc.
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