CHICAGO, October 17, 2018 /PRNewswire/ --
According to the new market research report "Flavor Systems Market by Type (Brown, Dairy, Herbs & Botanicals, Fruits & Vegetables), Application (Beverages, Savories & Snacks, Bakery & Confectionery Products, Dairy & Frozen Desserts), Source, Form, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the flavor systems market is estimated to be valued at USD 5.64 billion in 2018 and is projected to reach USD 6.96 billion by 2023, at a CAGR of 4.3%. The market is driven by the creation of novel flavors driven by favorable consumer perceptions and the cross-product usage of flavors.
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The brown segment is estimated to be the largest in 2018.
The flavor systems market, by type, is estimated to be dominated by the brown segment. This is attributed to the fact that brown flavors are the most commonly used flavor variants used across a number of applications. Brown flavors stand inclusive of flavors such as chocolate, coffee, nut, nougat, caramel, and vanilla. Additionally, they also stand inclusive of a number of novel tastes such as eggnog, salted caramel, and brownie, which are optimized from chocolate, nougat, macadamia, and caramel.
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The nature-identical flavors segment is projected to be the largest & the fastest-growing segment during the forecast period.
The nature-identical flavors segment is projected to be the fastest-growing segment, by source, during the forecast period. These flavoring substances are chemically identical to substances that are naturally present in the materials of plant and animal origins and are therefore a more preferred choice for both end-product manufacturers and consumers alike. They are more stable in nature than natural flavoring extracts while being a more cost-effective option.
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Europe is projected to be the fastest-growing market during the forecast period.
The European market is projected to grow at the highest CAGR from 2018 to 2023. The food and drink industry is the largest manufacturing sector in the European Union, in terms of turnover and value addition. Soft drinks, dairy products, frozen products, and other alcoholic and non-alcoholic beverages are the most innovative food sectors in the region, offering significant opportunities for the growth of flavor systems. Furthermore, the growing consumption of bakery & confectionery products and savories & snack products along with the increasing demand for variety in products have resulted in intensifying the demand for flavor systems.
This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of leading manufacturers, such as Givaudan (Switzerland), International Flavors & Fragrances (IFF) (US), Firmenich (Switzerland Symrise (Germany), and Mane SA (France). Furthermore, Sensient (US), Tate & Lyle (UK), Robertet (France), Takasago (Japan), T Hasegawa (Japan), Frutarom (Israel), and Kerry Group (Ireland) are the other players that hold a significant share in the flavor systems market.
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