Newark, NJ, Feb. 15, 2021 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, the global liquid flavor market is expected to grow from USD 9.61 billion in 2020 and to reach USD 14.31 billion by 2028, growing at a CAGR of 5.1% during the forecast period 2021-2028.
The global liquid flavors market has witnessed significant growth in recent years. This growth is attributed to the rising consumer awareness regarding nutrition, rising industrial output, and consumption of natural ingredients, rising demand for processed food, and growing consumer disposable income. Other factors such as the rising preference for liquid flavors, increasing use of liquid flavors to enhance the taste, and rising industrial output will propel the market growth.
Liquid flavors are the flavors added to the food items to give them a blend of colors and make them look attractive. The liquid flavors are highly preferred by professional chefs to give their dishes a more appealing look. Liquid flavors are divided into categories such as artificial flavors, natural flavors, organic flavors, extracts, and concentrated flavors. They are used in the form of sauces, whipped cream, sweeteners, frozen yogurt, cut organic products, and nourishment refreshers. Colors can also be added to the liquid flavors to give an appealing look to the food items.
The global liquid flavors market is expected to witness significant growth, owing to the increased economic activity, shortening meal preparation times, and rising consumer awareness regarding nutrition and consumption of natural ingredients. The factors restraining the market growth are volatility in prices of raw materials and rising health concerns regarding artificial flavors. Technological innovations in the field of consumer goods & services will provide market growth opportunities. However, rising health concerns due to the use of artificial chemicals will challenge the market growth.
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The key players operating in the global liquid flavors market are Gold Coast Ingredients, RTS Vapes, Frutarom, McCormick & Company, Natures Flavors, International Flavors & Fragrances, Firmenich, Kerry Group, V. Mane Fils S.A. (VMF), Givaudan, Symrise AG, Sensient Technologies, Takasago, and BioSun Flavors & Food Ingredients. To gain a significant market share in the global liquid flavors market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
Artificial flavor liquids segment dominated the market and held the largest share of 41.7% in the year 2020
On the basis of product, the global liquid flavors market is segmented into flavor extracts, organic flavor concentrates, and artificial flavor liquids. The artificial flavor liquids segment dominated the market and held the largest share of 41.7% in the year 2020. This growth is attributed to the increasing preferences for intense taste and aroma in baked goods. The artificial flavors liquid is highly used in the carbonated beverages, processed foods, alcoholic beverages, and e-cigarettes. The flavor extract segment is anticipated to witness significant growth due to increase use in beverages.
Beverage segment dominated the market and held the largest share of 34.6% in the year 2020
On the basis of application, the global liquid flavors market is segmented into bakery & confectionery, processed foods, beverages, and dairy & frozen foods. The beverage segment dominated the market and held the largest share of 34.6% in the year 2020. This growth is attributed to the increasing consumption of various beverages like soft drinks, flavored mineral water, and various other beverages. The bakery & confectionery segment is anticipated to witness significant growth, owing to the increasing use of fillings and topping for making appealing dishes.
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Regional Segment of Liquid Flavors Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global liquid flavors market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America held the largest share of 39.8% in the year 2020. This growth is attributed to the diverse food consumption patterns, shift in consumer preferences for ready-to-eat food, and lower preparation time preferences. The Asia-Pacific region is anticipated to witness significant growth due to the presence of diverse cultures, changing food consumption patterns, and increasing acceptance of western foods. China and India holds the largest share in the region, owing to the growth of dairy products and beverage industries. Various other regions like Latin America, Middle East, and Africa are adopting cultures like rapid urbanization and rising disposable income will propel the market growth.
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About the report:
The global liquid flavors market is analyzed on the basis of value (USD billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors position grid analysis.
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