Global floral flavors market is projected to grow at a CAGR of 5.1% during the forecast period.
- Floral flavors have found favor among food and beverage manufacturers seeking more natural and botanical ingredients. This recent floral flavor trend is most evident in beverage innovation where manufacturers are developing products with various botanical flavors, including, spices, herbs, flowers and other plant-based ingredients.
- Some of the most commonly used floral flavors include jasmine, rose, hibiscus, elderflower, lavender, orange blossom and chrysanthemum, providing exotic tastes that offer a touch of adult sophistication to food and beverage products.
- Additionally, floral flavors are also increasingly being used with fruit flavors as they tend to complement the sweet and tangy fruit flavors.
Key Market Trends
Increasing Demand of Natural Flavors
A significant number of consumers have gained interest toward purchasing clean label goods, which offer a wide scope for naturally sourced ingredients, hence propelling the demand for natural floral flavors. In order to address the growing demand for natural flavors, manufacturers are offering products free from artificial flavorings and gradually shifting toward natural ingredients, especially floral ones, some which are known to pose health benefits as well. Continuing interest in foods with exotic floral flavors is one of the key factors driving the demand for natural flavor blends. In recent years, artificial flavorings, such as benzophenone, ethyl acrylate, pyridine, and styrene, are identified as carcinogens, and thus, are being replaced by natural flavorings across the global market. On the other hand, flavors such as Hibiscus are have numerous health benefits and have been used as a medicinal remedy for centuries. Recent studies show promise for the hibiscus flower extract to lower blood pressure and cholesterol levels. Thus, floral flavors are increasingly being used in food and beverage product launches including yogurt, beer, tea, and chocolates.
North America Emerged as a Leading Region
North America accounted for a large share of the floral flavours market, with a large part being determined from food and beverage manufacture in the United States. Additionally, with a high consumer-base for flavored tea, the European market is also increasingly making use of floral extracts in tea. Moreover, rose-infused beverages are in high demand across the Asia-Pacific region. For instance, Rooh Afza is a popular concentrated squash in India, containing rose flavous, which is claimed to be a remedy for the hot summer winds of Northern India, Pakistan, and Bangladesh. Additionally, Middle East and Africa are recording steady growth, wherein the increasing number of health-conscious customers are influencing the market positively.
The market is highly competitive with the leading players actively competing in terms of product innovation, expansion, partnerships, and mergers & acquisitions. Sensient Technologies Corporation, Carbery Group (Synergy Flavours), and BASF are few key players present in the market. Major companies are adopting strategies, such as new product innovations, acquiring and partnering with local players to increase market penetration in the untapped markets. Some of the other prominent players present in the floral flavor market include Firmenich, Symrise, and Abelei.
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1.2 Scope of the Study
4.2 Market Restraints
4.3 Porters Five Force Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
188.8.131.52 Dairy Products
184.108.40.206 Bakery Products
220.127.116.11 Confectionery Products
18.104.22.168 Other Food Applications
5.2.1 North America
22.214.171.124 United States
126.96.36.199 Rest of North America
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
5.2.3 Asia Pacific
220.127.116.11 Rest of Asia Pacific
5.2.4 South America
18.104.22.168 Rest of South America
5.2.5 Middle East and Africa
22.214.171.124 South Africa
126.96.36.199 Saudi Arabia
188.8.131.52 Rest of Middle East and Africa
6.2 Most Active Companies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 BASF SE
6.4.2 Carbery Group (Synergy Flavours)
6.4.3 Abelei Inc.
6.4.4 Firmenich SA
6.4.5 Sensient Technologies Corporation
6.4.7 FONA International Inc.
A selection of companies mentioned in this report includes:
- BASF SE
- Carbery Group (Synergy Flavours)
- Abelei Inc.
- Firmenich SA
- Sensient Technologies Corporation
- FONA International Inc.