LONDON--(BUSINESS WIRE)--The global flavors and fragrances chemicals market is expected to register a CAGR of close to 5% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the market’s growth is the increasing demand for ready-to-eat, processed food and beverages. The process of preparation for ready-to-eat food is different from the traditional food manufacturing processes. The processes used to preserve food are freezing, canning, or drying. Stored foods are often not fresh, and hence, taste enhancers and preservatives, such as salts, sugar, and chemicals, are added to packaged food items to maintain their taste and quality for a longer period.
This market research report on the global flavors and fragrances chemicals market 2018-2022 provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio predicts an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the growing vegan population leading to rise in demand for flavors and fragrances as one of the key emerging trends in the global flavors and fragrances chemicals market:
Global flavors and fragrances chemicals market: Growing vegan population leading to rise in demand for flavors and fragrances
Veganism, as a lifestyle choice, is a trend that is gaining ample amount of attention. Multitudes of people have benefited from this lifestyle choice, and several others are making it every day. Hence, the percentage of the vegan population is growing progressively throughout the world. This leads to increasing demand for alternate flavors. In such cases, artificial flavors act as a substitute for enhancing the taste of food products.
“In countries such as the US, consumption of meat has decreased in the last couple of decades. Thus, the production and consumption of beef has reduced significantly. The concept of veganism is gaining popularity owing to its positive impact on health. Regions such as EMEA are launching new products targeting the vegan population. EMEA has the world’s largest vegan population. This led to a rise in the consumption of animal-free products in the market,” says a senior analyst at Technavio for research on specialty chemicals.
Global flavors and fragrances chemicals market: Segmentation analysis
This market research report segments the global flavors and fragrances chemicals market into the following ingredients (formulated flavors and fragrances, essential oils, and aroma chemicals), functionality (flavors and fragrances), and key regions (the Americas, APAC, and EMEA).
The Americas held the highest share of the global flavors and fragrances chemicals market in 2017, accounting for a market share of approximately 40%. The market share occupied by this region is anticipated to decrease during 2018-2022.
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