Beverage Essence Ingredient Market 2023 Demand, Growth, Opportunities and Future Forecast 2032

As per the current market research conducted by the CMI Team, the global Beverage Essence Ingredient Market size is expected to record a CAGR of 4.9% from 2023 to 2032. In 2023, the market size is projected to reach a valuation of USD 62.5 Billion. By 2032, the valuation is anticipated to reach USD 82.6 Billion.

Beverage Essence Ingredient Market: Growth Factors and Dynamics

Consumer Preferences: Evolving consumer preferences for healthier and more natural beverages drive the demand for clean label, plant-based, and organic ingredients.

Functional Ingredients: The demand for functional beverages with health benefits, such as probiotics or antioxidants, is growing, leading to the incorporation of functional ingredients.

Reduced Sugar Trends: Health-conscious consumers seek beverages with lower sugar content, leading to the development of alternative sweeteners and natural sugar reduction solutions.

Globalization: Expanding beverage markets in emerging economies, particularly in Asia and Africa, are creating opportunities for market growth.

Sustainability: Increasing environmental awareness prompts ingredient companies to adopt sustainable sourcing and eco-friendly production methods.

Clean Label Movement: Consumers favor transparency in product labels, pushing companies to use fewer additives, preservatives, and artificial ingredients.

Digitalization: The use of digital technology for flavor profiling, market insights, and supply chain optimization is enhancing efficiency and decision-making.

Regulatory Changes: Evolving regulations on food additives, labeling, and health claims can impact the market’s dynamics and the types of ingredients used.

Health and Wellness Trends: The increasing focus on overall health and well-being has led to a surge in demand for beverages offering specific health benefits, such as immunity-boosting properties.

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Beverage Essence Ingredient Market: Partnership and Acquisitions

In February 2019, Givaudan, a Swiss company, inaugurated a cutting-edge flavor production facility in Pune, India. This move aimed to fortify the company’s presence in the flourishing Asia Pacific flavors market.

In May 2021, Synergy Flavors, Inc. announced its acquisition of Innova Foods, a prominent savory flavor ingredient manufacturer owned by Griffith Foods. This strategic move was aimed at strengthening Synergy Flavors’ position in the market.

In November 2019, Givaudan SA unveiled its plan to acquire Ungerer & Company, a U.S.-based manufacturer specializing in flavors, fragrances, and specialty ingredients. This acquisition was set to enhance Givaudan’s global flavor business.

Beverage Essence Ingredient Market: COVID-19 Analysis

The COVID-19 pandemic significantly impacted the Beverage Essence Ingredient Market. Here’s an analysis of its effects:

Supply Chain Disruptions: The pandemic disrupted global supply chains, affecting the sourcing and availability of essential ingredients. Lockdowns, transportation restrictions, and labor shortages caused delays in production and delivery.

Changing Consumer Behavior: The pandemic led to shifts in consumer behavior. There was an increased demand for immune-boosting and functional beverages, promoting the use of specific ingredients like vitamins and botanicals.

Restaurant and On-Premises Sales Decline: With the closure of restaurants and bars, on-premises beverage sales plummeted. This affected demand for certain Beverage Essence Ingredients used in the hospitality sector.

Rise in Home Consumption: As people spent more time at home, there was a surge in home consumption of beverages. This boosted sales of ingredients used in homemade drinks and cocktails.

Health and Wellness Emphasis: Health-conscious consumers sought beverages with natural and functional ingredients to support their well-being, accelerating the demand for clean label and health-focused ingredients.

E-commerce and Digital Engagement: The pandemic accelerated the shift to e-commerce for beverage purchases. Companies that adapted to online sales and leveraged digital engagement strategies fared better.

Continued Innovation: Despite challenges, innovation in flavors and ingredients continued, with a focus on meeting emerging health trends and preferences.

Safety and Traceability: The pandemic highlighted the importance of ingredient safety and traceability, leading to greater scrutiny and emphasis on supply chain resilience.

Sustainability: The crisis underscored the need for sustainable practices. Companies worked on eco-friendly sourcing and production methods.

List of the prominent players in the Beverage Essence Ingredient Market:

Givaudan SA
Symrise AG
Firmenich SA
International Flavors & Fragrances Inc. (IFF)
Sensient Technologies Corporation
Takasago International Corporation
Mane SA
Robertet Group
Hasegawa Co. Ltd.
Kerry Group
Archer Daniels Midland Company (ADM)
Döhler Group
Sensapure Flavors
Frutarom Industries (now part of IFF)
Sunwin Stevia International
Others

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