Beverage Flavoring Systems Market Projected to Attain $7.8 billion by 2030 at 6.9% CAGR, Size, Share, Key Drivers, Growth, Opportunities Assessment, Trends and Competitive Analysis: Delvens
New York, June 08, 2023 (GLOBE NEWSWIRE) -- According to the latest report on Beverage Flavoring Systems Market published by Delvens, the global market for beverage flavoring systems is expected to reach $7.8 billion by 2030 from $4.7 billion in 2022, registering impressive expansion at a compound annual growth rate (CAGR) of 6.9%. Beverage Flavoring Systems Market by Ingredient (Flavorings, Carriers, Enhancers), Type (Browns, Dairy, Botanicals, Fruits), Origin (Natural, Artificial, Nature-identical), Beverage (Alcoholic, Non-alcoholic), Form, and Region, Supply & Demand Side Analysis, and Segment Forecasts, 2023-2030.
Key players operating in the Global Beverage Flavoring Systems Market include Cargill, Archer Daniels Midland Company (ADM), Givaudan, Sensient Technologies, Kerry, International Flavors and Fragrances (IFF), Firmenich, Tate & Lyle, MANE, Döhler, Takasago, Flavorchem Corporation, Frutarom among others.
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The demand for beverages that might relieve stress or improve mood is expected to increase shortly due to the continuously rising stress levels of individuals around the world. Botanicals, adaptogens, CBD, and L-theanine are among the substances used to make relaxation beverages. Over the projected period of 2023 to 2030, potential opportunities are expected to arise due to the relaxing effect that these drinks have on the body and mind.
Over the projected period from 2023 to 2030, it is anticipated that the expanding trend of advertising drinks and food on social media to motivate others would lead to growth. The market for beverage flavoring systems is expanding as more experiments are being done to generate novel combinations that have evolving tastes and appearances. Mocktails with flavors like fruity, floral, sour, and spicy, in particular, are becoming more popular in the non-alcoholic segment and are being ordered with meals to go along with beautiful foods.
The demand for beverage flavoring systems is being driven by the availability of a wide range of beverages, including sparkling drinks, juices, energy drinks, flavored milk, mocktails, smoothies, tonic water, beer, wine, cider, cocktails, hard alcohol, alcohol-free cocktails, spiked sodas, alcohol-free beers, and spirits, as well as their rising consumption.
The availability of a wide range of non-alcoholic beverages in the nation, including juices, mocktails, smoothies, refreshing drinks, and nourishing drinks, is what caused non-alcoholic beverages to dominate the U.S. market in 2022. The nation has high rates of beverage consumption and an expanding range of beverage manufacturing capacity from manufacturers to fulfill the shifting customer demand for non-alcoholic beverages.
It is anticipated that there would be a need for beverages that might complement or satisfy the desire for well-being to increase immunity to the coronavirus. These beverages have nutrients that support leading a healthy lifestyle. Over the forecast period from 2023 to 2030, holistic product solutions that support long-term advantages for mental, physical, and emotional well-being are expected to show potential growth.
By holding the biggest revenue share of 72.6% in 2022, the flavoring agent's segment led the market for beverage flavoring systems. Additionally, it is anticipated that these agents would continue to dominate during the projected period. These ingredients are included to alter, amplify, or enhance the flavors and aromas of the beverages. Alcohols, esters, aldehydes, MSG, protein hydrolysates, and ketones are a few of the flavoring substances frequently used in the creation of beverages.
Beverage Type Insights
In 2022, the non-alcoholic category held a commanding share of the market for beverage flavoring systems, accounting for over 75.8% of total revenue. A large variety of items falling within the non-alcoholic categories, including juices, flavored milk, flavored water, mocktails, and energy drinks, are helping this category to dominate its market. The market segment's greatest revenue share in the market for beverage flavoring systems is further supported by the expandng variations of the aforementioned product kinds under non-alcoholic beverages.
With a market share of around 74.1% in 2022, the liquid form segment dominated the market for beverage flavoring systems. Over the foreseeable period, the category is expected to continue to rule. Its dominance in the market for beverage flavoring systems is partly due to the simplicity of processing connected with liquid flavors. The beverage manufacturers favor it because of the greater stability that this simple mixing capability delivers.
With a market share of around 58.2% in 2022, the natural origin segment dominated the market for beverage flavoring systems. The main element influencing the highest revenue share is the health advantages connected with natural flavors because they come from naturally occurring goods like bits of plants or animals. These flavors are frequently taken from a variety of sources, including fruits, leaves, pods, or plant roots. Orange, mango, rose, coffee, and ginger are a few of the substances utilized to create natural flavors.
Asia Pacific dominated the Beverage Flavoring Systems market in 2022.
With a 38.3% revenue share in 2022, Asia Pacific dominated the market for beverage flavoring systems. China, India, and Indonesia are among the most populous nations. The large base of the population helps to drive up the demand for packaged and ready-to-drink beverages. The demand for more alcoholic and non-alcoholic beverages is growing in these nations as urbanization accelerates.
The market for beverage flavoring components is being driven by an expanding requirement in the beverage industry for diverse flavors to improve the flavor of beverages such as smoothies, fizzy drinks, milkshakes, and juices. In addition, a significant factor driving market expansion is the rise in non-alcoholic beverage consumption in the United States. Water made up 52.3% of adults' daily non-alcoholic beverage consumption, according to the Centres for Disease Control and Prevention, followed by coffee (15.1%), sweetened beverages (11.4%), tea (9.1%), fruit drinks (6.1%), milk (5.9%), and diet beverages (4.2%).
The amount of money invested in high-income nations to improve beverages' nutritional content is significantly rising. Major corporations are implementing a variety of strategies, such as producing new products to meet consumer demand, which is leading product demand to accelerate. The first algal protein beverages were presented in the UK in September 2019 by Plantsy, a company that makes plant-based beverages. Rhubarb and ginger and blood orange and grapefruit are the two flavors that are offered. The Beverage Flavoring Systems Industry is driven by the fact that an alga is regarded as a complete protein since it contains all of the essential amino acids needed for muscle growth and maintenance.
The market for beverage flavoring systems will experience a slowdown in the next years due to side effects associated with the usage of synthetic flavor enhancers. The growth of the beverage flavoring systems market could be hampered by the high entry cost required. Furthermore, severe health regulations are anticipated to constrain the target market's expansion to some extent, posing a substantial challenge to the beverage processing industry.
Key Companies & Market Share Insights
Some of the key players operating in the global beverage flavoring systems market are Cargill, Archer Daniels Midland Company (ADM), Givaudan, Sensient Technologies, Kerry, International Flavors and Fragrances (IFF), Firmenich, Tate & Lyle, Mane, Döhler, Takasago, Flavorchem Corporation, and Frutarom among others.
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