The flavor drops market size is projected to be valued at US$ 96.0 million in 2023 and is expected to rise to US$ 256.5 million by 2033. The sales of flavor drops are expected to grow at a significant CAGR of 10.0% during the forecast period.
The amount of natural foods consumed is rising dramatically. Consequently, several of the leading food companies are trying to create novel tastes. For example, beverages, confections, dairy products, and sweets all employ Castoreum extract, a natural flavouring made from the anal glands of beavers.
Knowledge regarding the biogenesis of plant volatiles, their enzymes, and genes, will pave the way for the production of innovative food flavors, thus paving way for growth of the flavor drops market.
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Microorganisms have a higher capacity for production of natural pigments and extracts. Marine sources are used on a commercial level for flavor extraction; seaweed is one of the most innovative sources that are used by well-established flavor houses. Varieties of superfruits from rainforests are in demand for extraction of natural flavor drops. Such innovations present opportunities for flavor drops market growth.
Key Highlights
- Vegan flavor drops are expected to become hugely popular. The report forecasts sales of vegan flavor drops to grow by 7.5% CAGR through 2031.
- China is expected to account for over half of flavor drops sales in East Asia in 2021. However, demand in Japan and South Korea is expected to rise at a higher pace.
- The U.S. will emerge as a highly lucrative market, accounting for over 85% of flavor drops sales in North America in 2021.
- Italy, Spain, Germany, and the UK will spearhead growth in the Europe flavor drops market.
- In terms of flavor, drops derived from vanilla will account for maximum sales in 2021.
Who is Winning?
Some of the leading companies offering flavor drops are NutraBox, Capella Flavor Drops, My Protein, GymBeam, ESN Flavor Drops, Women’s Best, SodaStream (bubly Drops), GymQueen-tasty Drops, Beyond Water, The Blue Ingredient OK, MiO, SweetLeaf- Water drops, The Skinny Food Co, Pure Flavour, Prozis- Yummy Drops, and others.
In order to gain competitive edge, market players are focusing on product differentiation and product launches. Besides this, strategic collaborations remain a key strategy adopted by the market players.
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