Sales Of BEVERAGE FLAVORINGS MARKET To Decelerate In 2020 As Covid-19 Pandemic Takes Its Toll On Global Market
With most raw materials of beverage flavorings being imported across national borders, the global coronavirus outbreak has adversely impacted market players in terms of meeting production requirements. Strict laws associated with the use and labeling of beverage ingredients are influencing the beverage flavoring market. The market has been projected to surpass a massive US$ 6.933 Bn value pool in the forecast period between 2019 and 2029, states a new FMI report. The rising awareness and demand for vitamin C in beverage formulations is likely to generate opportunities in health drinks through the pandemic, impacting production and sales processes.
"Growing concerns over health and fitness among the consumers are anticipated to drive the market. Also, the rise in the per capita expenditure on nutritional beverages during the pandemic will have a positive effect on the growth of the beverage flavoring market," says the FMI analyst.
Key Takeaways of Beverage Flavoring Market Study
- Artificial beverage flavorings will continue to hold onto the lead. However, rising health awareness is anticipated to generate fast growth for natural alternatives.
- The beverage flavoring industry is likely to gain significant revenue from flavoring agents, in comparison to flavoring enhancers, which are likely to display faster growth.
- Powdered beverage flavoring products are being used extensively owing to cost and operational benefits.
- Europe and North America are major regional markets for beverage flavoring, owing to the growth of product types and inventory. South Asia, East Asia, and MEA are also displaying profitable opportunities, with the growth of a working population.
Beverage Flavoring Market - Key Growth Factors
- Manufacturer investments in development of innovations in flavors and ingredients is one of the primary factors aiding market growth.
- Rising incidences of novel infectious ailments, supports the demand for natural flavoring agents, creating lucrative growth opportunities.
- Producers catering to the changing demand of millennial consumers for exotic new flavor combinations is a key driver.
- The growing trend of clean label practices support the market growth during the forecast period.
Beverage Flavoring Market - Key Restraints
- The strict government regulations associated to food additives are restricting revenue streams, in the industry.
- High costs of production particularly for natural beverage flavors, reduce profitability, and impact pricing.
Impact of COVID-19 on Beverage Flavoring Market
Following the declaration of the coronavirus outbreak as a global pandemic, widespread lockdown practices have impacted manufacturer supply chains, as prominent import channels are extremely restricted to curb the spread of the contagion. According to industry experts, the demand for natural citrus flavors is likely to rise during the pandemic, with growth in the demand for immune boosting foods and drinks.
Further, the FDA has relaxed nutrition labels of products which could aid distribution of packaged foods and beverages. As consumers continue with stockpiling behaviors, food safety and processing facilities are likely to ramp up activity, maintaining market growth, which will recovery steadily after the crisis subsides.
Competitive Landscape of Beverage Flavoring Market
Some of the major companies profiled in this FMI report include, but are not limited to Robertet SA, Givaudan, Dohler, International Flavors & Fragrances, Mane, Sensient Technologies, Firmenich, Takasago International Corporation, and Symrise. Players in the beverage flavoring market are primarily pushing for new product launches in addition to strategic mergers and acquisitions to bolster product portfolios and market presence. Manufacturers are also investing in tech improvements for production processes, to keep up with an increasingly competitive market.
Source Press Release @ https://www.accesswire.com/589862/Examining-the-COVID-19-Impact-Beverage-Flavorings-Bear-the-Brunt-Due-to-Delayed-Production-and-Disturbed-Supply-Chains-Future-market-Insights
About FMI
Expert analysis, actionable insights, and strategic recommendations of the veteran research team at FMI helps clients from across the globe with their unique business intelligence requirements. With a repository of over thousand reports and 1 million+ data points, the team has scrutinized the food and beverages sector across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
Contact:
Mr. Abhishek Budholiya
Unit No: AU-01-H Gold Tower (AU), Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
MARKET ACCESS DMCC Initiative
For Sales Enquiries: [email protected]