The floral flavor market is forecast to expand at 5% CAGR over the estimated time period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 16,390 million in 2023. The market value of the floral flavor market is anticipated to reach a high of US$ 26,827.2 million by the year 2033.
The floral flavors are extensively used in craft beers, botanical mixes, food products, and ready-to-drink beverages. High demand for food and beverages infused with floral flavor is projected to catapult market growth. Ample health benefits are associated with floral flavors like the ease of urinary issues, effective bloating, cure of bone abnormalities like arthritis, and prevention of cognitive problems like insomnia, etc. Heightened awareness regarding the healthful advantages of floral flavors is projected to propel market development.
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Growing demand for clean labels and natural goods suffused with natural flavors, along with increasing health issues and discretionary incomes, is projected to positively influence the market. Changes in living standards and robust urbanization also augment the sale of floral flavors.
As cases of cognitive issues are rising, the use of chamomile tea and lavender lattes is increasing. Additionally, edible flowers as an alternative to sugar are seeing quite a surge. However, the market may dip due to lowered production and increased inflation.
Top competitors in the market are employing state-of-the-art competitive strategies to enhance their share in the market. Besides, the companies constantly evolve their product portfolio to extend their horizons.
Top Highlights from the FMI’s Analysis of the Floral Flavor Market:
- The United States floral flavor industry is projected to account for more than 21.3% market share by 2023.
- The German floral flavor industry is expected to surpass a market share of 5.1% in the forecast period.
- The Japanese floral flavor industry is anticipated to account for above 4.6% in the next decade.
- The Australian floral flavor industry gained a 3.3% market share in 2022.
- The Indian industry is anticipated to propel at a CAGR of 22.3% over the forecast period.
- The United Kingdom’s floral flavor industry is expected to expand at a CAGR of 5.8% in the upcoming years.
- The China floral flavor industry is projected to register a CAGR of 5.4% in the next ten years.
- Based on the product, the natural segment is estimated to account for a substantial market share.
- Food and beverages are expected to be the leading end uses in the floral flavor industry.
Key Developments in the Floral Flavor Industry:
- Firmenich and DSM revealed in May 2022 that they had reached a business combination agreement to set up a leading innovation and creative partner in beauty, nutrition, and well-being. The combination is projected to unite DSM’s excellent nutrition and health profile and world-renowned scientific expertise with Firmenich’s discrete Perfumery and Taste businesses.
- Densient Technologies Corporation officially declared in October 2021 that it had obtained the assets of Flavor Solutions, Inc. The business offers flavor technologies and flavors to the beverage, food, and nutraceutical markets. Procurement of this business is projected to enable Sensient to widen its flavor portfolio and introduce key technologies to invigorate its technical solution capabilities.
- Symrise agreed to obtain Giraffe Foods, a Canadian firm providing dips, sauces, syrups, etc., to business customers in retail, food service, and home meal replacement. This acquisition is projected to provide a broader range of taste solutions to more customers in North America.
“The floral flavor market, as indicated in our recent research study, is poised for significant growth. This market’s expansion is primarily driven by the burgeoning demand for floral-infused products in craft beers, botanical mixes, food items, and ready-to-drink beverages,” Nandini Roy Choudhury, Client Partner at Future Market Insights.
Some of the key companies increasing in the market are:
- Givaudan S.A.
- Symrise AG
- International Flavors & Fragrances Inc.
- Firmenich SA
- Sensient Technologies Corporation
- Takasago International Corporation
- Frutarom Industries Ltd.
- Robertet SA
- S H Kelkar and Company Limited
- International Taste Solutions Ltd.
- Dohler GmbH
- Blue Pacific Flavors, Inc.
- Others
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Key Segments in the Floral Flavor Market:
By Raw Material:
- Hibiscus
- Lavender
- Orange Flower
- Rose
- Jasmine
- Cherry Blossom
- Chamomile
- Violette
- Other
By Product Type:
- Organic
- Synthetic
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East & Africa (MEA)
- Europe
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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