Impact of COVID-19 on Flavor Concentrates Market : Implications on Business
Flavor concentrates are substances that are added to foods and drinks to give it a particular taste. It generally comes under liquid and powder form, which can be easily soluble in the food products. Flavor concentrates are made from various ingredients that are mostly categorized as natural and synthetic ingredients, where natural flavor concentrates are more in demand from the consumers. Flavor concentrates are majorly used in the food and beverages industry to give a different flavor to the food products such as in bakery products, dairy products, confectioneries, snacks, drinks, and many more. This different application of flavor concentrates in the food industry fuels the growth in the global market. Therefore, the flavor concentrates market is subjected to show a lucrative growth opportunity in the forecast period.
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Increasing Trend of Natural Ingredients to Generate More Demand for Natural Flavor Concentrates
There has been rise in the consumption of natural flavor concentrates in the food industry, owing to the increasing health awareness among people around the world. People are shifting more towards natural and organic food products in their daily diet. Therefore, this shift of the population towards natural products is expected to boost the demand for natural flavor concentrate in the food industry during the forecast period. Manufacturers are also planning to develop more innovative and new natural flavor concentrates with various flavor and exotic taste that has no harm to the human health. They have adopted new & advanced technologies such as supercritical carbon dioxide extraction, solid-liquid extraction(SLE), supercritical fluid extraction, and many more. Hence, this innovation in the flavor concentrates help to drive the global market growth. Along with the above-mentioned drivers, there are some restrains in the flavor concentrates market that are likely to restrict its growth in the future such as presence of large number of players who are high performers in the market, which create a competitive restraint for the new players to enter into the market.
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Global Flavor Concentrates Market: Segmentation:
The global flavor concentrates market is segmented on the basis of source, product type, forms, nature, application, and distribution channel.
On the basis of Source, the global flavor concentrates market has been segmented as –
- Fruits
- Vegetables
- Species
- Grains
- Others (tobacco, plants, minerals)
On the basis of product type, the global flavor concentrates market has been segmented as –
- Natural flavors concentrates
- Synthetic flavors concentrates
On the basis of form, the global flavor concentrates market has been segmented as –
- Liquid
- Powder
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Flavor Concentrates Market: Regional Analysis
The global flavor concentrates market is majorly divided into seven regions such as North America, Latin America, Europe, South Asia, East Asia, Middle East & Africa, and Oceania. Among all these regions, the Asian countries has the largest market share in the flavor concentrate market as compare to the other regions. It is because of the high consumption of flavored confectionery, drinks, dairy, and bakery products in the region. Also, other regions such as North America, Latin America, and Europe are expected to show a high growth rate in the flavor concentrate market in the forecast period, due to growing demand for authentic & exotic food flavor concentrates from the people in the mentioned regions.
Flavor Concentrates Market: Key Participants
- Archer Daniels Midland Company
- Kerry Group PLC
- Symrise AG
- Frutarom Industries Ltd
- Koninklijke DSM NV
- Givaudan SA
- Firmenich SA
- Corbion NV
- Takasago International Corporation
- Sensient Technologies Corporation
- International Flavors & Fragrances Inc.
- FMC Corporation
- NATCOL aisbl
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