Opportunities for New Market Entrants in Bitterness Suppressors and Flavor Carriers Market
The bitterness suppressors and flavor carriers market is estimated at USD 192 million in 2018 and is projected to reach USD 244 million by 2023, at a CAGR of 4.9%. Rapid urbanization, changing lifestyles, and higher disposable incomes of individuals have positively impacted the demand for processed food & beverages. This has, in turn, directly impacted the growth of the bitterness suppressors and flavor carriers market. The rising demand from the pharmaceutical industry to curb the bitterness of many ingredients used in the production of medicines has also led to the increase in demand for bitterness suppressors. Use of flavor carriers for encapsulating flavors is trending, and this is also resulting in the rise in demand for flavor carriers from many flavor houses globally.
Based on category, the bitterness suppressors segment is projected to grow at a relatively higher CAGR from 2018 to 2023. The rise in demand for bitterness suppressors from the pharmaceutical industry for masking and suppressing the bitter taste of certain pharmaceutical ingredients is fueling the market growth of bitterness suppressors. Also, due to increased health awareness among consumers and rising preferences for functional and fortified food and beverages, there is an associated increase in the demand for bitterness suppressors to mitigate the bitter taste of many functional ingredients from these products.
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On the basis of form, the liquid segment of bitterness suppressors and flavor carriers is projected to grow at a relatively higher CAGR from 2018 to 2023. Liquid carriers are best-suited for easy blending of flavors and for ensuring uniform dissolution in the end product. Also, they facilitate handling of flavors. Mixing liquid carriers with flavors is a comparatively cheaper process, which also is one of the major reasons responsible for the increased use of liquid carriers.
Of the various applications of bitterness suppressors and flavor carriers, the beverages segment is projected to record the highest CAGR from 2018 to 2023. The beverage industry is on the boom because of both the alcoholic and non-alcoholic beverage segments. Due to increased consumer demand for low-calorie beverages, the use of sugar substitutes is in much demand. Bitterness suppressors are being used to curb the bitter taste associated with these substitutes. Also, due to the rise in demand for different regional flavors, the beverage industry is using many different flavors to produce beverages. This is also fueling the demand for flavor carriers globally in the beverage industry.
Based on flavor type, the artificial segment of flavor carriers is projected to grow at a relatively higher CAGR from 2018 to 2023. The market for artificial flavor carriers is much higher than the natural ones because they are readily and easily available and are much cheaper than the naturally derived ones.
Asia Pacific is estimated to dominate the flavor carriers market in 2018. Due to rapid urbanization and growing purchasing power of individuals in this region, the processed food industry is taking a leap. Also, the busy lifestyles and growing health awareness are driving the market for convenience foods and functional foods and beverages. These factors are increasing the demand for bitterness suppressors and flavor carriers. Due to greater opportunities in this market, many flavor houses are also expanding their presence in this region by setting up manufacturing units, R&D centers, or sales offices to expand their businesses in the Asia Pacific region.
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Key players in the market include Firmenich (Switzerland), Döhler (Germany), Givaudan (Switzerland), DowDuPont (US), Cargill (US), International Flavors and Fragrances (IFF) (US), Symrise (Germany), Kerry (Ireland), Sensient Technologies (US), Senomyx (US), Stepan Company (US), and DuPont Tate & Lyle (US). These players are increasingly undertaking new product launches, expansions and investments, acquisitions and partnerships, and mergers and collaborations to develop and introduce new technologies and products in the market and to expand their product portfolios in the untapped regions.