A report published by Persistence Market Research, titled 'Flavor Carriers Market: Global Industry Analysis 2013–2017 and Forecast 2018–2028', suggests that the flavor carriers market reached nearly US$ 1.38 Bn in 2018 in terms of value, and is forecasted to reach US$ 1.85 Bn by the end of 2028. The global flavor carriers market is expected to grow at the CAGR of 3.0% in terms of value from the estimated year (2018) to the forecast year (2028).
Convenience food products and dairy industry projected to substantially boost the growth of the flavor carriers market
Convenience food products are the prominent consumed foodstuffs in the food industry. These include cheese, butter, snack products, packaged food, and others. These are the daily need products which are available as ready to eat products without further preparation which contain flavor carriers as ingredients to enhance the taste, texture, color and durability of products.
Changing food habits and busy lifestyle are the reason which are driving the market of convenience food products. These products have increasing demand on every day basis, it is forecasted that convenience food market have high growth in upcoming years which is surging the market of flavor carriers.
With numerous flavor emulsion types, the flavor carriers market is expected to gain market share steadily
Health conscious consumers demand healthy and natural products, which generally are generally recognized as safe by food regulatory authority. To enhance the taste and durability of healthy and natural food products, manufacturers are using flavor emulsion in these products, which is creating huge market opportunities for the flavor carriers market. Numerous flavor emulsions are available in the flavor carriers market and serve industries such as bakery, fruit, and alcoholic as well as non-alcoholic beverages industry.
The demand for alcoholic beverages is rising worldwide and in the alcoholic beverages sector, flavor carriers are at an initial phase of market growth. Companies are focusing on future technological advancement & innovations in this industry to use flavors in different products. Non-alcoholic fruit and flavored beverages including carbonated beverages, soft drinks, energy drinks, and fruit juices demand the highest number of flavors, fruit flavors, and flavor emulsions. This leads to an increase in demand for flavor carriers.
The flavor emulsion segment is estimated to hold a 74.6% market share by value in the flavor carriers market by the end of 2018, and is expected to grow at a CAGR of 2.7% in terms of value from the estimated year (2018) to the forecast year (2028).
Europe and Asia Pacific are prominent regions for the flavor carriers market
Europe and Asia Pacific regions are expected to hold promising opportunities in terms of value increase and reach US$ 111.8 Mn and US$ 228.8 Mn with CAGR of 2.2% and 4.2% respectively by the year 2028. European countries are a, who always set new trends in the food and beverages market. Hence, the region is expected to have high demand for flavor carriers.
India and China are highly populated countries. The increasing per capita income and spending power of consumers is driving the market for convenience and packaged food and ready to drink beverages in this region, which is further fueling the flavor carriers market.
Key producers of flavor carriers
Some of the key players included in the flavor carrier’s market report are DuPont Tate & Lyle Bio Products Company, LLC, Givaudan, International Flavors & Fragrances Inc., Symrise, Sensient Technologies Corp., Döhler, Firmenich SA, Kerry Inc., LorAnn Oils., RIBUS, Gold Coast Ingredients Inc., Flavor Producers, LLC, Archer Daniels Midland Company, and Robertet SA. Key competitors in the flavor carriers market are focusing on strategic developments, growth and investments, and mergers & acquisitions for catering the market requirements.