Taste Modulators Market: Current Analysis and Forecast (2021-2027)

Report Description

Taste modulators are flavor enhancing agents offering flavor masking benefits that are used when food or beverages doesn’t taste right usually because of the addition or removal of some ingredients from the product. They play an important role in formulating and developing more flavorful food and beverages alongside addressing the various growing health concerns all over the world. Taste modulators also help in improving the texture and hence, the mouthfeel of the various nutritionally optimized foodstuff. The health benefits associated with these products are one of the key drivers of the global taste modulators drinks market.

The worldwide demand for taste modulators is escalating due to the increase in the global burden of people suffering from chronic diseases including cancer, heart diseases, and diabetes has inclined people to adopt healthy eating habits which will drive the global market of taste modulators. For instance, According to the centers for disease control and prevention, 6 out of 10 people have a chronic disease and 4 out 10 adults have two or more. Amongst 133 million Americans, 45% of the population of America has at least one chronic disease. Furthermore, chronic diseases are responsible for 7 out of every 10 deaths, killing more than 1.7 million Americans each year. Taste Modulators are gaining huge popularity among fitness enthusiasts as it used in various sports drinks and energy drinks due to their ability to produce nutritionally balanced products while preserving their taste quality. Another factor driving the growth of the taste modulator market is their ability to act as a replacement for salt or sugar which eventually helps in regulating the sugar and salt intake of an individual.

Furthermore, the rising demand for a high scale of volume in the beverage industry across the globe drives the growth of the market. The consumption of soft drinks, such as colas and flavored sodas, is reducing globally as they have high sugar content, artificial coloring, phosphoric acid, artificial sweeteners, and caffeine which can cause negative effects on the human body. Owing to this, many consumers are shifting from carbonated drinks towards healthy beverages. As a result, many manufacturers are incorporating taste modulators in their products to meet the consumer’s demand.

The Prevalence of Obesity and Diabetes is rising dramatically across the globe and obesity has nearly tripled since 1975, according to WHO. Obesity is among one of the leading causes of death worldwide as obese people are prone to many serious health conditions and illnesses. For instance, as per CDC, More than 900,000 adult COVID-19 hospitalizations occurred in the United States between the beginning of the pandemic and November 18, 2020. Models estimate that 271,800 (30.2%) of these hospitalizations were attributed to obesity. Given the aforementioned facts, many people are wanting to lose weight and are participating in various weight management programs focusing on low-calorie and low-fat diets. These factors have increased the worldwide demand for taste modulators owing to their ability to serve as sugar alternatives while maintaining the same mouthfeel and taste of the product. Furthermore, many governments have implemented taxes on sugary drinks to control obesity which is driving consumers to opt for less sweetened drinks which are further fueling the growth of the taste modulators market. For instance, in Latin America, 30% of carbonated drinks launched in 2018 had a low sugar claim, reflecting the current focus of both the industry and the consumers.

Worldwide Prevalence of Overweight in Adults, By Region, 2020

DSM, Kerry, Ingredion, International Flavors and Fragrances, Symrise, The Flavor Factory, Carmi Flavor & Fragrance, Flavorchem Corporation, Sensient Technologies, Senomyx are some of the prominent players operating in the global taste modulators market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with innovative products.

Insights Presented in the Report

“Amongst Type, Sweet modulators segment holds the major share”

Based on the type, the market is fragmented into sweet, salt, and fat modulators. The sweet modulators grabbed the major market share and expected to maintain their dominance during the forecast period due to their ability to enhance the overall sweetness profile and mouth feel of various food commodities. In turn, many manufacturers are incorporating sweet modulators to develop low or zero-calorie food and beverages while preserving the true taste of sugar. Another factor responsible for the growing demand for sweet modulators is the increasing awareness among consumers regarding the ill effects of too much sugar consumption and various diseases caused because of it such as diabetes and obesity. For instance, About 422 million people worldwide have diabetes, the majority living in low-and middle-income countries, and 1.6 million deaths are directly attributed to diabetes each year.

Additionally, the implementation of sugar taxes in various countries like Malaysia, South Africa, Thailand, India, etc. has compelled many food manufacturers to use sugar alternatives in their products to meet the high demand for healthy food and drinks.

“Amongst Application, Beverage segment is anticipated to grow at the highest CAGR during the analyzed period”

Based on the application, the market is fragmented into food and beverages. Further, the food segment is sub-segmented into bakery products, confectionery products, snacks & savory products, meat products, and other foods.  The beverage segment is also further divided into alcoholic and non-alcoholic beverages. The beverage segment holds the major share of the market and is expected to maintain its dominance over the projected timeframe owing to the rising number of health-conscious people coupled with their inclination towards nutritious drinks such as sports and energy drinks is driving the growth of the taste modulator market. For instance, As per National Center for Complementary and Integrative Health, 34% of men aged 18–24 consume energy drinks the most, and about a third of teens (31%) aged 12–17 drink them regularly. Furthermore, the use of taste modulators in other drinks such as beer and whiskey is also responsible for the growth of this segment.

“Amongst Food, Confectionery product segment holds the major share”

Based on the food, the market is fragmented into bakery products, confectionery products, snacks & savory products, meat products, and other food products. The confectionery products are likely to experience notable growth over the projected timeframe owing to the increasing demand for sugar-free confectionery products among diabetics and obese patients. For instance, In 2020, Russell Stover was the leading sugar-free chocolate candy brand in the United States with about 114.8 million US dollars in sales, reflecting the preferences of consumers.

“Amongst Beverage, Non-alcoholic segment is anticipated to grow at the highest CAGR during the analyzed period”

Amongst beverage types, the market is fragmented into alcoholic and non-alcoholic beverages. The non-alcoholic beverage segment dominates the market which is mainly attributed to increasing fitness-focused consumers and adoption of sports drinks, energy drinks, etc., and growing demand for zero-calorie and sugar-free drinks. For instance, In 2019, the combined consumption of sports and energy drinks was 866 million liters and Nearly 1.1 million consumers drink energy drinks once a day or more often in the United Kingdom.  

“North America signifies one of the largest markets of taste modulators market”

For a better understanding of the market dynamics of the taste modulators market, a detailed analysis was conducted for different regions across the globe including North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of APAC), Rest of World. North America dominated the market and generated revenue of USD XX million in 2020 owing to the fast-paced modern lifestyle and high-income levels of the consumers in the region have led to a rise in the demand for taste modulators. Most of the companies in the food industry are introducing new flavors to cater to the middle-income group which helps to boost the growth of the taste modulators market.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global Taste Modulators Market were the three major steps undertaken to create and analyze the demand of taste modulators for different applications across major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the taste modulators sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the taste modulators market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the taste modulators market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments for major regions. Major segments included in the report are type and applications. Further country-level analyses were conducted to evaluate the overall demand for the taste modulators in every region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of taste modulators. Further, we conducted factor analysis using dependent and independent variables such as increasing chronic disease incidence and growing geriatric population. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the taste modulators industry across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the taste modulators market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (USD) and the adoption rate of taste modulators across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the taste modulators market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the taste modulators market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and applications of the taste modulators market.

Main Objective of the Taste Modulators Market Study

The current & future market trends of taste modulators were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of taste modulators in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type and applications
• Define and analysis of the regulatory framework for the taste modulators industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the taste modulators market for the major region
• Major regions studied in the report include North America (the United States and Canada), Europe (Germany, France, Italy, Spain, and United Kingdom), Asia-Pacific (China, Japan and India), and the Rest of the World
• Company profiles of the taste modulators market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry