Report : Europe Flavor Masking Agents Market Forecast to 2030 - Regional Analysis - by Type (Sweet, Salt, Fat, Bitter, and Others) and Application (Food and Beverages [Bakery and Confectionery; Dairy and Frozen Desserts; Beverages; Meat, Poultry, and Seafood; Meat Substitutes; Dairy Alternatives; RTE and RTC Meals; and Other Food and Beverages], Pharmaceuticals and Nutraceuticals, and Others)
At 7.1% CAGR, Europe Flavor Masking Agents Market is Speculated to be Worth US$ 92.46 Million by 2030, Says Business Market Insights
According to Business Market Insights' research, the Europe flavor masking agents market was valued at US$ 53.44 million in 2022 and is expected to reach US$ 92.46 million by 2030, registering a CAGR of 7.1% from 2022 to 2030. Rising use of flavor masking agents in plant-based products and technological advancements in flavor masking are among the critical factors attributed to the Europe flavor masking agents 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. As per the data published by Veganuary, a nonprofit organization encouraging people to become vegan for the whole month of January, ~5.8 million people signed up for the "Veganuary Campaign" in 2021.
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 market during the forecast period.
On the contrary, high manufacturing expenses results in high product cost hampers the growth of Europe flavor masking agents market.
Based on type, the Europe flavor masking agents market is categorized into sweet, salt, fat, bitter, and others. The bitter segment held 40.6% share of the Europe flavor masking agents market in 2022, amassing US$ 21,696.66 thousand. It is projected to garner US$ 38,619.56 thousand by 2030 to expand at 7.5% CAGR during 2022-2030.
By application, the Europe flavor masking agents market is segmented into food and beverages, pharmaceuticals and nutraceuticals, and others. The food and beverages segment held 53.4% share of Europe flavor masking agents market in 2022, amassing US$ 28,542.36 thousand. It is projected to garner US$ 48,141.94 thousand by 2030 to expand at 6.8% CAGR during 2022-2030. The food and beverages segment is further subsegmented into bakery and confectionery, dairy and frozen desserts, beverages, meat, poultry, and seafood, meat substitutes, dairy alternatives, RTE and RTC meals, and other food and beverages.
Based on country, the Europe flavor masking agents market is categorized into Germany, France, Italy, the UK, Russia, and the Rest of Europe. The Rest of Europe held 34.1% share of Europe flavor masking agents market in 2022, amassing US$ 18,197.69 thousand. It is projected to garner US$ 29,734.76 thousand by 2030 to expand at 6.3% CAGR during 2022-2030.
Key players operating in the Europe flavor masking agents 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, Virginia Dare Extract Co Inc, GEO Specialty Chemicals Inc, and Koninklijke DSM NV, among others.
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