Liquid Flavor Market Size, Industry Analysis Report, Price Trends, Competitive Market Share & Forecast by 2024: global Market Insights, Inc.
Liquid Flavor Market size was over USD 7.5 billion in 2015 and is projected to exceed USD 11.5 billion by 2024, at more than 4.2% CAGR. Rise in processed foods & beverages consumption is expected to fuel global liquid flavors market demand. Increasing alcoholic drinks, mineral water, carbonated beverages and sports & energy drinks consumption coupled with aroma and taste enhancement is likely to favor beverages application in liquid flavor market. Global beverages application was dominant and accounted for over 61% of total market revenue in 2015.
Global processed food application is expected to grow at a CAGR over 5.3% up to 2024. Shift in focus towards consumer preference for ready-to-eat, processed and convenient foods along with lower preparation time preference particularly in BRICS countries and EU & North America, may fuel industry growth. APAC, led by India, Indonesia, Vietnam and China liquid flavor market size, may drive in industry development. Increase in per-capita middle class disposable income coupled with changing consumer’s lifestyle is forecast to positively influence Asia Pacific regional industry.
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Rising consumer awareness regarding ill effects of artificial food ingredients may prompt usage of organic and natural liquid flavor demand. Artificial flavor liquids market size dominated the product landscape and accounted for over 45.5% of total market revenue in 2015. Flavor extracts market is expected to witness gains at over 5.2% CAGR during the forecast timeframe. They are used in food formulations to improve nutritional content and product shelf life.
Flavors and synthetic compounds processing in laboratories are used to provide aroma and taste in baked products, beverages and confectionery. Carbonated beverages, cigarettes, processed foods & alcoholic beverages are used in artificial liquid flavor and to enhance both taste and smell components. These products are used as alternatives to natural or organic extracts.
North America, led by U.S. liquid favor market size, comprised of over 36% of the global revenue in 2015. According to industry analysis, North America regional industry was generated USD 2.7 billion revenue in 2015. Change in food consumption pattern owing to consumer hectic lifestyle coupled with increasing consumer awareness for natural flavor intake is likely to have positive influence in North America liquid flavor market size growth.
APAC, with dairy products, beverages and processed foods industry growth in India and China, may witness significant gains of over 6.1% CAGR up to 2024. Change in food consumption intake and rise in population along with western food acceptance may favor APAC liquid flavor market size growth. Flavor extracts find increasing application scope in energy drinks, fruit juices, flavored water and beer. Natural liquid flavor extracts market size may witness gains at over 5.3% CAGR during the forecast timeframe. Rising health concerns and health concerns related with artificial chemicals intake may fuel natural flavor demand.
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Global liquid flavor market share is fairly dominated with presence of numerous MNCs. Key manufacturers include Symrise AG, Frutarom, BioSun Flavors & Food Ingredients and International Flavors & Fragrances. These players possess a significant product and technological change along with products distribution & supply which is expected to propel industry profitability.
Other industrial participants include Natures Flavors, Givaudan, Gold Coast Ingredients, Takasago, V. Mane Fils S.A. (VMF), RTS Vapes, Sensient Technologies, Kerry Group, McCormick & Company and Firmenich.