The flavouring agents market share has grown significantly in recent times owing to the increasing prevalence of naturally grown food and rising production of processed food products. Over the past few years, awareness regarding individual nutritional needs and healthier food products has rapidly gained traction. There has been increased consumption of low fat, low salt food, along with a rapid rate of modernization in food and beverage sector.
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The global flavouring agents market share will exceed USD 21.2 billion by 2025. Seeing the proliferating demand for conventional and packaged food products, manufacturers are massively investing and developing products that seek to meet consumer attention for healthy and nutritional food.
The rising demand for processed food products such as baked bakery products, fruit beverages, yogurts, and milk drinks will complement Europe flavouring agents market share, which is expected to surpass USD 5 billion by 2025. Growing consumption of convenience foods and shifting patterns of the consumer towards health and nutritional diet will undoubtedly fuel global flavouring agents industry trends.
In 2018 beverages segment had accounted for around 30% of the flavouring agents market share. Various beverage flavoring companies nowadays are exploring realistic and unconventional taste experiences to attract large number of consumers. Increasing preferences toward natural and organic flavors along with rising demand for flavor-rich products that offer health benefits will positively transform flavouring agents industry dynamics in the imminent future.
Numerous food product companies are producing and developing a broad range of bakery products such as cakes, dough, muffins with valuable ingredients that provide additional nutrient benefits to the consumers. This has considerably expanded flavouring agents industry size. With the rising change in consumer preferences and increasing popularity toward flavored soft drinks, organic products will offer a substantial growth opportunity to the flavouring agents suppliers.
With the passage of time, consumer lifestyle is changing, more women are working, and people have been putting in longer hours at the office, rapidly increasing the consumption of packaged food and ready to go meals. Seeing the changing trend and busy schedules of people, supermarkets and retail chains have greatly increased their convenient and ready-to-go food products which have been identified as key drivers stimulating flavouring agents market size.
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For instance, India processed food industry is expected to grow at a CAGR of 14% over the forthcoming years. Leading manufacturer Givaudan had in 2018 unveiled a new flavor production facility in the region for expanding its consumer reach, which is likely to propel flavouring agents market outlook. With the rising innovations in F&B sector locally and internationally, it can be perceived that regional markets hold massive potential for growth among the food manufacturers and flavor suppliers.
Asia Pacific flavouring agents market share may witness momentous growth at over 5% between 2019-2025. Moreover, increasing disposable income and improved standard of living will favor business growth over the coming years. The growth can be attributed to the easy availability of branded food products in supermarkets and online channels along with growing investments on fine dining experience and restaurants, as it has become a status symbol for people to show off in social media platforms.
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