Flavor Systems Market Analysis by Type, Application, Source, Form and Region

The Flavor Systems Market is estimated to be valued at USD 5.64 billion in 2018 and is projected to reach a value of USD 6.96 billion by 2023, growing at a CAGR of 4.3% during the forecast period. Factors such as the Creation of novel flavors driven by favorable consumer reception and cross product usage of flavors are driving the growth of this market.

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By Source, the Nature-identical segment is projected to be the fastest-growing segment in the flavor systems market during the forecast period.

Nature-identical substances are chemically identical to any substance that are naturally present in materials of plant and animal origins, and are therefore a more preferred choice, for both, manufacturers of end-products, and consumers alike. Most commercial flavorants are nature-identical substances, as these tend to be more stable in nature than natural flavoring extracts, while being a more cost-effective option, hence are projected to witness rapid growth in demand during the forecast period.

By application, the beverages segment is projected to dominate the flavor systems market during the forecast period.

Flavors of fruits & vegetables and spices are widely being utilized and blended with beverages such as coffee and chocolate shake to create a worming aroma and taste, and also to create a sweet and spicy warm fall flavor. Other flavors such as mint flavors are added in beverages to create refreshing flavor and aromatic taste. Such innovations and customization in beverage products and flavor variety in line with consumer demands, is projected to boost the growth for flavor enhancers in the beverage segment.

By type, brown segment is projected to dominate the flavor systems market during the forecast period.

Brown flavors are the most commonly used flavor variant, used across a number of applications. Brown flavors stand inclusive of flavors, such as, chocolate, coffee, nut, nougat, caramel, and vanilla. Additionally, they could also stand inclusive of a number of novel tastes, such as, egg-nog, salted caramel, brownie, that are optimized from chocolate, nougat, macademia, caramel, etc. Thus, due to its usages in wide variety of food and beverages application, brown flavor segment is projected dominate the global flavor systems market during the forecast period.

By form, liquid segment is projected to dominate the flavor systems market during the forecast period.

The major advantage associated with the usage of liquid flavor enhancers, is that these flavors can be easily mixed together, and will achieve a homogeneous distribution of each component in the finished flavor. Moreover, Liquid and water containing flavors can also be encapsulated following their conversion to semi-solid or pasty forms, to be used across a number of applications.

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Europe is projected to grow at the highest CAGR of 5.0% during the forecast period

In Europe, growing consumption of bakery & confectionery products and savories & snack products, and the demand for their product variety has resulted in intensifying demand for flavor systems in these food products. Moreover, several innovations in food & beverages industry happening in this region that also accommodate flavor systems have been driving the growth of flavor systems market in this region.

Key Market Players are Givaudan (Switzerland), International Flavors & Fragrances (IFF) (US), Firmenich (Switzerland), Symrise (Germany), and Mane SA (France) are the leading players in the flavor systems market. Major players in this market are focusing on increasing their presence through expansions & investments, mergers & acquisitions, partnerships, joint ventures, and agreements. These companies have a strong presence in North America and Europe. They also have manufacturing facilities along with strong distribution networks across these regions.

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