GLOBAL TASTE MODULATORS MARKET IS EXPECTED TO FORESEE SIGNIFICANT GROWTH DURING THE FORECAST PERIOD. NORTH AMERICA TO WITNESS THE HIGHEST GROWTH
Global taste modulators market is expected to reach the market valuation of USD 2,553.58 million by 2027 expanding at a reasonable CAGR of 9.9% during the forecast period (2021-2027) from USD 1,322.5 million in 2020. Taste modulators are substances that are frequently used in the food industry to improve the taste of food products. They work as a taste receptor that functions either by physically binding to a flavor ingredient or by acting as a channel to allow ions to flow directly into a taste cell.
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The rise in chronic disease incidence all over the world is attributable to the unhealthy diet patterns followed by the majority of the people. Unhealthy eating habits are one of the leading risk factors for a range of chronic diseases including cancer, cardiovascular disease, diabetes, etc. For instance, 1.8 million deaths were recorded due to lung cancer across the world in 2020, accounting for the highest number of deaths due to cancer. In addition to this, it is estimated that 700 million people will be living with diabetes by 2045 all over the world. Owing to these facts, there is a surge in the number of people who are altering their food preferences and are adopting healthy eating habits. In turn, many foods and beverage companies are utilizing taste modulators while formulating their products to provide nutritionally optimized food products which is eventually driving the growth of the taste modulators market all over the world.
Another factor driving the growth of the global taste modulators market is the growing interest of consumers in weight reduction and increasing consumption of low-calorie and low-fat food products as people are now more aware of the risks associated with overweight and obesity. For instance, according to the study, overweight people had a 32 percent higher risk of developing Coronary Artery Disease(CAD), compared with those who have normal weight; those who were obese had an 81 percent higher risk of developing CAD. Also, increasing awareness regarding excessive salt intake and enhanced flavor masking benefits of taste modulators further fuels the growth of this market.
However, some of the restraints of this market include strict regulations and International standards for sweet and salt-reducing ingredients. Moreover, the uncertainty regarding the effects of sugar substitutes on the health of an individual is also accountable for the slow growth of the taste modulators market.
The taste modulators market is boosting owing to new product innovations driving its worldwide popularity. For instance, Recently, in January 2021, Mafco, the global leader in licorice products, announced the launch of their new category-specific, multi-tasking Magna-Brand products that address today’s most challenging product and flavor-formulation problems. Furthermore, In January 2020, FONA International announced the formation of a brand for its well-established taste modification platform: Optify – Taste Modification Technology which allows food, beverage, and healthcare brands to deliver against tough consumer taste expectations for functional, health, performance, and better-for-you products.
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Based on application, the taste modulators market is segmented into food and beverages. The food segment is further sub-segmented into bakery products, confectionery products, snacks & savory products, meat products, and other food products. The beverage segment is sub-segmented into alcoholic and non-alcoholic beverages. The beverage segment accounted for the largest market share generating a revenue of USD XX million in 2020 and is likely to grow significantly in the upcoming years owing to the surging demand for energy drinks as they are known for increasing energy and enhancing physical and mental fitness. For instance, according to a survey, more than 33% of people between the ages of 18 and 29 claimed that they consumed energy drinks regularly and around 47% of consumers claim that they consume energy drinks on multiple occasions in the space of one week.
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Additionally, the report provides detailed report also provides insights of global taste modulators market according to the regions such as 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 major revenue of USD XX million in 2020 and the European market accounted for the second-largest revenue share in 2020. However, the Asia-Pacific market has been identified as an emerging market and is expected to grow significantly during the forecast period owing to increasing demand for functional food and beverages in developing countries like India, China, Thailand, etc. In addition to this, increasing disposable income and rising health standard further propels the growth of this market.
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DSM, Kerry, Ingredion, International Flavors and Fragrances, Symrise, The Flavor Factory, Carmi Flavor & Fragrance, Flavorchem Corporation, Sensient Technologies, Senomyx are some of the key players operating in the global taste modulators market. Several M&As along with partnerships have been undertaken by these players to develop taste modulators.
Global Taste Modulators Market Segmentation
Market Insight, by Type
- Sweet Modulators
- Salt Modulators
- Fat Modulators
Market Insight, by Applications
- Bakery Products
- Confectionery Products
- Snacks and Savory Products
- Meat Products
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- International Flavors and Fragrances
- The Flavor Factory
- Carmi Flavor & Fragrance
- Flavorchem Corporation
- Sensient Technologies