According to a recent study published by Future Market Insights, around US$ 3.99 billion was the estimated size of the global market for encapsulated flavors and fragrances in 2022. The market growth may be attributed to the increase in demand for encapsulated flavors and fragrances within the food & beverage, cleaning goods, and other end-use industries. By 2023, it is expected to have generated US$ 7.1 billion, with a CAGR of 5.5% from 2023 to 2033.
Fruit and vegetable components may be used to generate flavors without sacrificing their nutritional content, giving them a more organic appearance than their chemically manufactured counterparts. Increased interest from processors, retailers, and their private label brands has caused encapsulated flavor and fragrance providers to have smaller profit margins. There is a need for low-cost flavors within the food and beverage business, even if the market for encapsulated flavors and perfumes is expanding as a result of the trend toward high-quality ingredients.
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The market has become more well-known in recent years as a result of the rising demand for natural and authentic flavors and fragrances in an assortment of end-use applications, including laundry detergents, home care products, and the food and beverage sector, including beverages, instant desserts (frozen food), and household care products. Many different meals and drinks contain flavoring agents. According to FMI study, the market for beverage flavorings is predicted to develop strongly over the next ten years. Sales of encapsulated flavors and fragrances will increase along with beverage flavoring sales as a result of the soaring demand for packaged along with sports & energy beverages.
Key Takeaways from the Market Study
- Over the five-year period from 2018 to 2022, the market for encapsulated flavors and fragrances expanded at a CAGR of 4.2%.
- The most popular product category in 2022 will be flavor mixes of encapsulated tastes and scents, which will have a commanding share of around 57.1%.
- The most popular manufacturing technique is mechanical, with a dominating share of over 78.7% in 2022.
- In 2022, the market for encapsulated flavors and fragrances saw a maximum share of about 68.8% from the manufacturing of food and beverages.
- In 2033, it is expected that the United States would have more than 88.5% of the market in North America.
- In 2023, it is anticipated that the market for encapsulated tastes and fragrances in Germany will be worth US$ 475.9 million.
“The global market for encapsulated tastes is expected to develop as a result of rising health consciousness and the popularity of ethnic cuisine and beverages, which integrate the demand for spicier, hotter, and more dramatic flavors,” remarks an FMI analyst.
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Competitive Landscape
Manufacturers in the global market for encapsulated flavors and fragrances are concentrating on enhancing their online presence to reach a larger audience of customers. They spend money on research and development to find solutions that are affordable.
Prominent players in the encapsulated flavors and fragrances market are:
- Cargill Inc.
- Firmenich Incorporated
- Givaudan
- Ingredion Incorporated
- International Flavors and Fragrances (IFF)
- Kerry Group
- Royal DSM
- Sensient Technologies
- Symrise AG
- Tate & Lyle PLC
- Others
Some key developments of the leading companies in this market are:
- EnVantec microencapsulation is employed by AIDP Inc., a firm that manufactures food and beverages. Non-GMO as well as vegetarian starch-based technology is used in this process. EnVantec is a clean label solution with outstanding stability over a 2-3 year period since the designed composition is devoid of preservatives as well as antioxidants.
- Symrise inaugurated its largest single investment in May 2020 and also invested US$23.64 million in the development of a new flavoring and fragrance production facility in Nantong, China. Symrise is clearly indicating future expansion in the area with this investment.
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More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global encapsulated flavors and fragrances market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the encapsulated flavors and fragrances market, the market is segmented on the basis of encapsulated flavors and fragrances by product type (flavor blends, fragrance blends, essential oils & natural extracts), technology (mechanical, chemical), wall material (maltodextrin, corn syrup solid, modified cellulose), end-use (consumer goods, food and beverage) and across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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