Encapsulated Flavors and Fragrances Market CAGR Value 2023, Dynamics, Oncoming Demands, Industry Share & Forecast by 2030
- March 17, 2023
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The global encapsulated flavors and fragrances market was worth around USD 7.8 billion in 2021 and is estimated to grow to about USD 10.5 billion by 2028, with a compound annual growth rate (CAGR) of approximately 5.3 percent over the forecast period. The report analyzes the encapsulated flavors and fragrances market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the encapsulated flavors and fragrances market.
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Encapsulated Flavors and Fragrances Market: Overview
Flavor and fragrance encapsulation are quite popular in the food & beverage industries and consumer products. The approach helps in the reduction of flavors and fragrance deterioration or loss during the manufacturing and storage processes. The envelope facilitates the provision of functional qualities in a specific environment, such as aromatic compounds. Flavors and fragrances are volatile substances with a strong tendency to evaporate. Due to the loss of flavors and fragrances due to poor chemical stability, encapsulation of flavors in foodstuffs has become critical in industrial handling and processing. Flavors and fragrances are a type of substance that is widely used as an addition in a variety of technological industries, including food, cosmetics, textiles, and others, to improve the product’s taste and aromatic impressions.
Encapsulated Flavors and Fragrances Market: COVID-19 Impact
The COVID-19 pandemic has had a minor impact on the global encapsulated flavors and fragrances market. During the first half of 2020, global food & beverage sales remained slow, with consumers’ attention focused on storage. Manufacturing plants all around the world had production challenges at the end of April, affecting demand in the encapsulated flavors and fragrances sector as well. Demand remained weak for the next two months, but when production commenced, it recovered faster than projected. A procurement shift was recorded during the recovery phase and the market is expected to grow substantially during the forecast period.
The global Encapsulated Flavors and Fragrances Market is segmented as follows:
Global Encapsulated Flavors and Fragrances Market: By Type Segment Analysis
● Flavor Blends
● Fragrance Blends
● Essential Oils & Natural Extracts
● Aroma Chemicals
Global Encapsulated Flavors and Fragrances Market: By Application Segment Analysis
● Food & Beverages
● Toiletries & Cleaners
Increasing demand for instant drinks and beverages to foster the market growth
Due to changing consumer lifestyles, the beverage sector is thriving in every part of the world. The growth of the global encapsulated flavors and fragrances market will be boosted by a shift in customer preferences toward handy products, as well as rising disposable income in most developing countries. Customers today prefer well-balanced foods and beverages with a natural flavor and high nutritional value. Encapsulation allows fruit and vegetable nutrients to be converted into natural flavors while maintaining their nutritional value. Companies in the encapsulated flavors and fragrances market will create partnerships with various food and beverage manufacturers across geographies as the demand for natural ingredients grows. Moreover, the need for packaged and energy & sports drinks will drive up sales of beverage flavorings, which in turn is estimated to drive the market for encapsulated flavors and fragrances.
North America to hold maximum share in the global market
Geographically, North America is projected to hold the maximum share in the global encapsulated flavors and fragrances market during the forecast period. Key factors driving demand for encapsulated flavors and fragrances in North America include the introduction of various encapsulation processes & technologies to improve product quality, demands for ready-to-eat & ready-to-cook food products, and rising consumer health & diet-related trends. Increased consumption of functional foods, along with an increase in health-conscious customers, will boost regional market statistics. Furthermore, rising consumer awareness about hygiene is boosting the regional market outlook by increasing the use of aromatic goods in cosmetic and cleaning applications. On the other hand, the market in Europe and the Asia Pacific is expected to grow at a healthy rate during the forecast period.
Encapsulated Flavors and Fragrances Market Key Players
• International Flavors and Fragrances (IFF)
• Ingredion Incorporated
• Firmenich Incorporated
• Cargill Inc
• Tate & Lyle PLC
• Symrise AG
• Sensient Technologies
• Royal DSM
• Kerry Group
● In March 2022, with AI techniques at the forefront, Symrise lifts the curtain on flavor development. Symrise offers proprietary digital techniques like predictive modeling to help flavor designers use Artificial Intelligence. They assist in the screening of the current Symrise inventory and the identification of suitable ingredients for the specialists to employ in the creation of a flavor.
● In December 2021, Givaudan introduced PlanetCaps™, a fragrance encapsulation invention. It is the first of its kind to hit the market and is for fabric softeners that provide a long-lasting fragrance sensation in a biodegradable and bio-sourced delivery method.
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