Report : Asia Pacific Flavor Masking Agents for Food and Beverages Market Forecast to 2030 - Regional Analysis - by Type (Sweet, Salt, Fat, Bitter, and Others) and Application (Bakery and Confectionery; Dairy and Frozen Desserts; Beverages; Meat, Poultry, and Seafood; Meat Substitutes; Dairy Alternatives; RTE and RTC Meals; and Others)
At 5.3% CAGR, Asia Pacific Flavor Masking Agents for Food and Beverages Market is Speculated to be Worth US$ 76.15 Million by 2030, Says Business Market Insights
According to Business Market Insights' research, the Asia Pacific flavor masking agents for food and beverages market was valued at US$ 50.56 million in 2022 and is expected to reach US$ 76.15 million by 2030, registering a CAGR of 5.3% from 2022 to 2030. Rising use of flavor masking agents in plant-based products and increasing demand for natural additives are among the critical factors attributed to the Asia Pacific flavor masking agents for food and beverages market expansion.
Consumers are highly inclined toward plant-based foods and beverages as they perceive them as healthier than conventional items. The global proliferation of veganism among people propels the consumption of plant-based products. Plant protein is added to plant-based products, including meat substitutes and dairy alternatives, to fulfill the nutritional requirements. Pea protein is a popular choice of plant protein in meat alternatives due to its high protein content, low saturated fat, and high fiber content. Plant proteins such as pea, soy, almonds, and other ingredients give the end product beany, bitter, cardboardy, and chalky tastes. There might also be unpleasant perceptions around aroma, astringency, and mouthfeel. Kerry Group, Synergy Flavors, and Glanbia are among the well-established brands offering flavor masking agents for plant-based products. Flavor masking agents are highly used in plant-based products to give the desired flavor and taste. Thus, increasing demand for plant-based products among consumers owing to their associated health benefits is expected to create lucrative opportunities for the flavor masking agents in the food & beverages market during the forecast period.
On the contrary, high manufacturing expenses results in high product cost hampers the growth of Asia Pacific flavor masking agents for food and beverages market.
Based on type, the Asia Pacific flavor masking agents for food and beverages market is segmented into sweet, salt, fat, bitter, and others. The bitter segment held 43.4% share of the Asia Pacific flavor masking agents for food and beverages market in 2022, amassing US$ 21.96 million. It is projected to garner US$ 33.46 million by 2030 to expand at 5.4% CAGR during 2022-2030.
By application, the Asia Pacific flavor masking agents for food and beverages market is segmented into bakery and confectionery; dairy and frozen desserts; beverages; meat, poultry, and seafood; meat substitutes; dairy alternatives; RTE and RTC meals; and others. The beverages segment held 27.1% share of the Asia Pacific flavor masking agents for food and beverages market in 2022, amassing US$ 13.72 million. It is projected to garner US$ 19.06 million by 2030 to expand at 4.2% CAGR during 2022-2030.
Based on country, the Asia Pacific flavor masking agents for food and beverages market is segmented into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. China held 32.7% share of Asia Pacific flavor masking agents for food and beverages market in 2022, amassing US$ 16.51 million. It is projected to garner US$ 24.12 million by 2030 to expand at 4.8% CAGR during 2022-2030.
Key players operating in the Asia Pacific flavor masking agents for food and beverages market are Sensient Technologies Corp, Firmenich International SA, Tate & Lyle Plc, Archer-Daniels-Midland Co, Kerry Group Plc, Carmi Flavor & Fragrance Co Inc, Synergy Flavors Inc, GEO Specialty Chemicals Inc, and Koninklijke DSM NV, among others.
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