Future Market Insights (FMI), in its recent report, estimates the global encapsulated flavours market to register 1.7% CAGR, in terms of volume, during the forecast period 2019 to 2027. Global sales of encapsulated flavours is expected to surpass 200,000 MT by 2027-end.
The general fruit flavours segment is expected to account for a relatively high value CAGR in the global encapsulated flavours market over the forecast period. The segment is expected to be valued at more than US$ 1,000 Mn by the end of 2027, creating an incremental $ opportunity of more than US$ 400 Mn between 2019 and 2027.
The chocolate flavours segment is expected to increase at a CAGR of 5.3% over the forecast period. The segment is expected to be valued at more than US$ 1,300 Mn by the end of 2027, creating an incremental $ opportunity of a little more than US$ 550 Mn between 2019 and 2027.
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Demand for encapsulated flavours in convenience food has grown rapidly and continues to increase at a significant rate. In developed markets, preference for readymade meals, savoury soups and snacks is increasing, leading to higher demand for spicy, ethnic and exotic flavours. The addition of spicy and exotic flavours to existing product lines continues to be one of the key strategies adopted by global manufacturers to attract consumers’ attention in more mature markets of the U.S. and Canada. Growing prevalence of ethnic food and drinks has led to the incorporation of hotter, spicier and more striking flavour profiles, thereby driving revenue growth of the flavour type segment in the global encapsulated flavours market.
Consumers have started preferring fizzy and flavoured drinks that are expected to lead to an upsurge in revenue growth of the flavour type segment across the assessed regional markets. Due to the known poor health effects of artificial flavours, consumers have opted to switch to drinks that contain artificial flavours. Health conscious individuals are preferring plant-based drinks over other beverages. This is a major factor that is anticipated to drive revenue growth of the flavour type segment.
Global Encapsulated Flavours Market Structure
The global encapsulated flavours market is primarily characterised by the presence of a large number of regional and multinational companies that operate in the global market. An approximate share of 70%-75% is accounted for by multinational players, who are also the price regulators of the market. North America and Western Europe are the two main regions targeted by these companies due to increasing number of health conscious consumers and a growing demand for food and beverages in the market.
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Chocolate Flavours to Remain the Most Preferred Encapsulated Flavour
Chocolate flavour will continue to be preferred among encapsulated flavours in the global market, followed by general fruit flavours, spice flavours, and citric flavours. In terms of volume, sales of spice flavours are estimated to register the highest CAGR through 2027, followed by exotic fruit flavours, citric flavours, and berry flavours. In contrast, sales of general fruit flavours are anticipated to register the lowest CAGR through 2027.
In terms of volume, encapsulated flavours will continue to witness largest adoption for application in beverages & instant drinks, with sales expected to register the fastest expansion through 2027. Bakery & confectionary is expected to remain the second largest application of encapsulated flavours in the global market.
GDP growth is one the important macro-economic factors that positively impacts the encapsulated flavours market. Emerging and developing economies are expected to contribute significantly to global economic growth. The economies of Latin America, South East Asia, Eurasia and the Middle East and Africa are expected to witness gradual growth.
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Key market players identified in FMI’s report include Symrise AG, Cargill Incorporated, Nexira SAS, AVEKA Group, Naturex S.A., Archer Daniels Midland Company, International Flavours & Fragrances Inc., Sensient Technologies Corporation, Balchem Corporation, FONA International, Inc., Ingredion Incorporated, FrieslandCampina Kievit GmbH, BUCHI Labortechnik AG, Etosha Pan (India) Pvt. Ltd., Groupe Legris Industries (Central), Tate & Lyle PLC, LycoRed Limited, and Synthite Industries Ltd.
Frequently Asked Questions about Encapsulated Flavours Market
- At what rate of growth will the encapsulated flavours market rise?
- Which flavour type will witness highest demand in the encapsulated flavours market?
- What is the present and future market potential of encapsulated flavours by application?
- Which region will dominate the global market?
- What are the chief factors driving encapsulated flavours market?
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