31 May 2020
Visiongain has launched a new report Food Flavour Enhancer Market Report 2020-2030: Forecasts by Type (Chocolate Flavour, Vanilla, Fruits & Nuts, Dairy, Spices, Others), by Form (Liquid, Powder), by Origin (Natural, Artificial), by Application (Beverages, Dairy Product, Confectionery, Bakery, Meat Products, Savoury and Snacks, Frozen Products), by Region and Analysis of Leading Companies.
The food and beverage industry has undergone several stages of transformation in the past three years, driven by emerging brands and omni channel influence on changing consumer shopping habits. Consumers are seeking added functional benefits from everyday products and not only from vitamins and supplements. Functional benefits such as cognitive health, stress management, gut health, energy, and sleep are top of the mind for consumers, among others. Consumers are also shifting their focus to real ingredients in food and beverages that connote fresh, wholesome and unprocessed. For example, the importance of GMO-free has declined, while the claim to 'made with real ingredients' has gone up in importance. Products with 'made with real' claims have grown by 54 percent between 2016 and 2018, and since 2016, the 'real' claim on fast casual menus has grown by 12%. The consistent growth in focus toward 'functional and real' has led to the industry's crescendo moment, beckoning a new foundation for the food and beverage future. The food flavour market is constantly evolving to meet the ever-changing consumer demands. One of the major factors driving the demand for food flavour enhancers globally is the wide range of product launches in by the major industry participants.
As COVID-19's effects are felt worldwide, consumer products and food and beverage companies are encountering a dramatic fall in consumption, as well as disruption challenges. While at-home consumption in the early quarters of 2020 showed a spike, out-of-home consumption has come to a standstill. Since the out-of-home segment has had the greatest impact this will have an immediate impact on the profit and loss, some suppliers are looking to mitigate this by diverting their supplements to retail stores. The food flavour enhancer market will witness a declined growth over the next decade due to the disruption in the production and supply chain of these products. The industry will definitely recover from the shocks of the pandemic, but as a gradual process and not see as a classic V shaped recovery where it will suddenly bounce back and sharply go back to what it was.
Consumer demand for naturals remains strong and is driving the need for more natural ingredients that have a consistent and reliable supply, in order to formulate the flavours and scents consumers will enjoy. This focus on naturals is driving innovation in the use of biotechnology as natural products are now being produced through enzymes and microorganisms. Today’s consumer is more educated about the food they consume and demand clean labels. This puts pressure on the regulations to bring more transparency to consumers. The clean label movement is strongly impacting cleaning products and fragrances and the industry is taking the need for more transparency seriously. The market is dominated by four major companies, namely IFF, Symrise, Givaudan, and Firmenich. These four companies account for almost 50% of the overall global food flavour enhancer market. The other prominent players include Kerry Group PLC, Mane SA, Takasago International Corporation, Sensient Technologies Corp, Robertet SA, and T Hasegawa Co Ltd.
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