Northbrook, IL -- (SBWIRE) -- 01/11/2022 -- The Beverage Flavoring Systems Market is estimated to be valued at USD 3.8 billion in 2018 and is projected to reach USD 5.2 billion by 2023, growing at a CAGR of 6.1% during the forecast period. The growing demand for a variety of innovative flavors in soft drinks, the launch of advanced technologies in flavor processing, increasing consumer inclination toward clean-label and organic products, and favorable regulatory environment for fortified products are some of the driving factors of this market.

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Based on beverage type, the beverage flavoring systems market is segmented into alcoholic and non-alcoholic beverages. The non-alcoholic segment is estimated to account for the largest share in 2018 due to the growing consumption of carbonated soft drinks, juices, and functional drinks. Fortification is observed as a key trend in the beverages market, providing opportunities to the manufacturers to launch flavor systems with novel products. The Asia Pacific region dominated the non-alcoholic beverage flavoring systems market and is projected to reach USD 1,320.7 million 2023 from an estimated value of USD 936.1 million in 2018.

By type, the beverage flavoring systems market is segmented into fruits & vegetables; chocolates & browns; herbs & botanicals; dairy; and others, which includecuring & pickling agents, preservatives, acidity regulators, emulsifiers, and stabilizers. The fruits & vegetables segment is estimated to account for the largest market in 2018. Many manufacturing companies are catering to the increasing awareness of consumers about healthy products, thereby introducing tropical fruit-flavored beverages and vegetable-inspired beverages, due to which, this market is also projected to be the faster-growing market during the forecast period.

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Asia Pacific is estimated to dominate the beverage flavoring systems market, in terms of value, in 2018. There has been an increasing demand for carbonated soft drinks across the region. The region is an emerging market, with investments from several multinational manufacturers, especially in countries such as China, India, and Japan; these are the major markets in the region. There is also an increased interest being shown toward natural, tropical, and exotic aromas. All these reasons are aiding the growth of the beverage flavoring systems market in the region.

Leading companies are Cargill(US), Archer Daniels Midland Company (ADM) (US), Givaudan (Switzerland), Sensient Technologies (US), Kerry (Ireland), International Flavors and Fragrances (IFF) (US), Firmenich (Switzerland), Tate & Lyle (UK), MANE (France), Döhler (Germany), Takasago (Japan), Flavorchem Corporation (US), and Frutarom (Israel).

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