Liquid Flavor Market size worth USD 11.5 billion by 2024
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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.
Regulatory bodies such as FDA, EPA, FEMA GRAS 4778 and FSMA develop, create and imitate policies along with product use to protect environment and consumers from adverse consequences. Certifications such as Kosher and Halal are applicable to this particular industry, from animal sources to follow religious beliefs. Food Law was regulated in UK to restrict eatables from chemicals. WHO and FAO Food Additives committee regulates artificial components for use in synthetic product. Stringent environmental regulations pertaining to product manufacturing and scarcity supply of petrochemical feedstock cost may hinder industry profitability. Political unrest in the Middle East may hinder supply dynamics and put pressure on liquid flavor market price trend.
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.