Functional flavor refers to the flavors made up of functional ingredients such as co-enzyme Q10, spirulina, aloe vera, green barley etc. Functional flavors includes ingredients such as nutraceuticals, colors, acids, extracts, essential oils, antioxidants, sugar(s), fortifications, texture related ingredients, sugar substitutes & salt replacers. Functional flavors can be used in the natural state or can be processed for human consumption. Functional flavors have low carbohydrate, low fat, and low alcohol. Significance of functional flavors lies in the enhancement of taste and odour of the food products. Additionally, the antioxidant, antimicrobial, and antiviral properties of functional flavors helps it in gaining a prominent share in the flavors market. High growth of functional flavor market can be attributed to its increased applications in the functional food and functional beverages. Factors such as rising health consciousness, on-the-go lifestyle, changing taste and preferences of consumers, increasing health consciousness, and new product developments are expected to drive the demand for functional flavors over the forecast period.
Global Functional Flavor Market: Market Segmentation
The global functional flavor market can be segmented on the basis of application, type, and region. On the basis of application, functional flavor market can be segmented into functional food, functional beverages, confectionary, dairy product, bakery, and others. Others include applications such as condiments, dressings, soups, and sauces etc. Functional beverages is expected to witness high demand in the global functional flavor market followed by bakery segment during the forecast period. Based upon type, functional flavor market can be segmented into natural flavors and synthetic flavors. Natural flavors is further sub-segmented into aroma chemical, botanical extract, essential oils and other natural flavor. Sub-segments of synthetic flavors include savory flavor, citrus flavor, fruit flavor, and other synthetic flavors. Natural flavor segment is expected to witness high growth owing to the shift in consumer preference from synthetic flavors to natural flavors that adds more health benefits.
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Global Functional Flavor Market: Regional Outlook
Geographically, the global functional flavor market can be segmented into major regions including North America, Latin America, Europe, Asia Pacific, Middle East and Africa. Globally, among all regions, North America is expected to be the largest market for functional flavors. Factors such as on the move life style, hectic work schedules, and high living standards are expected to fuel the revenue growth of functional flavors market over the forecast period. Asia Pacific region is expected to be the fastest growing market owing to the increased demand of functional flavors in the food & beverages industry.
Global Functional Flavor Market: Growth Drivers
Functional Flavor Market is anticipated to witness rapid growth during the reviewed period. Growing trend of increased demand for functional food and functional beverages is expected to have a positive impact on the growth of functional flavors market. Growing ageing population, rising health consciousness coupled with growing awareness regarding health benefits of the functional flavors is expected to result into high revenue growth of global functional flavor market. Rapid urbanization has also contributed significantly to the changing life-style, tastes and preferences, dietary habits. This, in turn, shifted the consumer preference towards food & beverages that can bring health benefits to the body. However, stringent regulations related to food safety is expected to limit the growth of functional flavor market.
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Global Functional Flavor Market: Players
Some of the global key players in the functional flavor market includes Ungerer Limited, Excellentia International Firmenich SA, Sensient Technologies Corporation, Takasago International Corporation, Wild Flavors and Specialty Ingredients, Symrise AG, Frutarom Industries Ltd. among others.Companies in the global functional flavor market are focusing upon expanding their product portfolio through new product launches.
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