Persistence Market Research has published a report on the dairy-derived flavors market, which includes the global industry analysis 2014–2018 and opportunity assessment 2019–2029, and projects that the global dairy-derived flavors market is expected to reach ~ US$ 860 Mn by the end of 2019 in terms of value, and is forecasted to reach ~ US$ 1.3 Bn by the end of 2029.
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According to the report, increasing adaptation of new and high-end technology is contributing to the growth of the dairy-derived flavors market through 2029. The demand for dairy-derived flavors is increasing continuously and the complex process of extraction increases the turnaround time for dairy-derived flavors. Adaptation of new technology will provide the thrust to the production process of dairy-derived flavors, and help to fulfill the increasing demand for dairy-derived flavors in 2019 and beyond.
Popularity of Dairy-derived Flavors Creating Multiple Opportunities for Market Players
Natural dairy-derived flavors are witnessing exponential demand from mature markets, owing to the side-effects of artificial dairy-derived flavors and the rising health concerns of consumers. According to the PMR report, consumers are getting aware of the ill effects of chemical-based artificial dairy-derived flavors. Mature markets are demanding products with natural ingredients and hence, the manufacturers are forced to use natural dairy-derived flavors in required processed food. On the other hand, the demand for artificial dairy-derived flavors is remaining bullish in developing markets, reveals the PMR research study.
Acquisition Strategy Playing an Important Role in the Market
The demand for dairy-derived flavors continues to rise and the number of new entrants in this market is also increasing continuously. Hence, established players in the market are facing tough competition from the new players. The study shows that more than 55% market share is held by the top 10 players in the market.
The continuously growing demand for dairy-derived flavors and the increasing number of new market players is hampering the market share of the top dairy-derived flavor manufactures. According to the study, the growth opportunity for the top players in the market is to acquire a number of new or smaller businesses. This will help companies to expand their production capacity and market share while creating a strong global footprint in the global dairy-derived flavors market.
For instance, in 2018, International Flavors & Fragrances (IFF) acquired Frutarom, Israel’s leading manufacturer of flavors & ingredients. This acquisition helps the company to bring a new customer base and adjacent product categories to its business. This acquisition is one of the largest acquisitions by any flavor manufacturer.
PMR’s business intelligence also underlines groundbreaking insights into the competitive scenario of the global dairy-derived flavors market along with the highlights of the differential strategies implemented by manufacturers. Key players in the global dairy-derived flavors market continue to invest in growth strategies, which are likely to help them retain or increase their market share in the global dairy-derived flavors market. According to the report, manufacturers are also focusing on acquisition strategies, which will help them to tap the existing business potential and customer base to increase their regional presence across the globe.