The scope of our recent study titled "Powdered Flavors Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Type, Category, and Application," includes the description of factors fueling the market growth, estimation and forecast of revenue, and identification of major market players and their key developments. The report also provides a market share analysis.
The powdered flavors market size is projected to grow from US$ 9,940.36 million in 2022 to US$ 13,841.10 million by 2030; the market is expected to grow at a CAGR of 4.2% from 2022 to 2030.
Based on type, the powdered flavors market is segmented into sweet, savory, and others. The savory segment is projected to witness the highest CAGR from 2022 to 2030. The demand for powder flavors for meat-based food products and meat substitute products is increasing. Mostly savory flavors are used in these products to enhance product quality. The increasing vegan population across the globe, along with rising health consciousness and animal welfare concerns, is boosting the demand for meat substitute products. These factors are expected to drive the market for the segment during the forecast period.
The powdered flavors market is segmented into five main regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Asia Pacific held the largest share of the market in 2022 followed by North America. Consumers are increasingly shifting toward plant-based, clean-label, and organic products due to the increasing focus on a healthy lifestyle. Therefore, manufacturers are developing powdered flavors with 100% natural ingredients to meet the evolving consumer preferences for clean-label, GMO and additive-free, and organic flavoring ingredients. Also, the rising demand for functional food and beverages is compelling manufacturers to develop ingredients with functional benefits. According to the 2022 Kerry US Taste Charts, turmeric powder, collagen powder, and green coffee extracts are among the most widely preferred functional flavoring ingredients in the US. Further, rising demand for vegan food and beverages due to the surging veganism trend in the region is providing new opportunities to the manufacturers of powdered flavors to develop 100% plant-based products. Such product innovations are expected to positively impact the North America powdered flavors market growth over the forecast period.
Further, the rising demand for powdered flavors in nutritional supplements such as protein powders, functional gummies, vitamins and mineral supplements, probiotic drink mixes, and energy bars is driving the market. The rising demand for nutritional supplements in the region is attributed to increasing health concerns, growing emphasis on an active lifestyle, and increasing importance of specific nutrition and dietary requirements. Powdered flavors enhance the taste of dietary supplements by masking the off notes, which help increase the palatability of the products. Also, the increasing participation in sports and recreational activities such as walking, swimming, dancing, and cycling is driving the demand for nutritional supplements in the region, fueling the growth of the powdered flavors market.
Impact of COVID-19 Pandemic on Powdered Flavors Market
The COVID-19 pandemic negatively impacted various industries globally, including the food & beverages industry. During the initial phase of the pandemic, the food & beverages industry in the region faced a decline due to the shutdown of manufacturing units and supply chain disruption. The pandemic disturbed manufacturing activities with restrictions imposed by government authorities in the global countries such as the US, Canada, Germany, the UK, India, China, and others. This created a shortage of raw materials, resulting in a demand and supply gap. The powdered flavors market also witnessed similar impacts of the pandemic. As the pandemic disrupted the global supply chains, raw material sourcing was difficult. Moreover, small, and mid-scale companies with low inventory levels witnessed a decline in sales which negatively impacted their profitability. However, the pandemic altered the global consumer preferences as health became the top priority. The preference for all-natural, organic, and GMO-free ingredients increased as consumers perceived these products to be healthier than conventional ones. Moreover, the focus on immune health increased dramatically, which is expected to provide lucrative opportunities for immune-boosting flavors such as turmeric powder, ginger powder, and cinnamon.
In 2020, to curb the spread of SARS-CoV-2, lockdowns and quarantines were imposed by the governments, and people were mandated to stay in their homes. Therefore, global population began to spend more time on the internet to escape boredom. This factor created awareness about the availability of healthier products with natural food ingredients, which positively impacted the demand for natural powdered flavors.
The report segments the powdered flavors market as follows:
Based on type powdered flavors market is segmented into sweet, savory, and others. Based on category, the market is bifurcated into natural and synthetic. Based on application, the powdered flavors market is segmented into bakery and confectionery, dairy and frozen desserts, soups sauces and dressings, meat and meat substitute products, snacks and RTE meals, nutritional supplements, and others. The powdered flavors market based on geography is segmented into North America (US, Canada, and Mexico), Europe (Germany, France, Italy, UK, Russia, and Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America)
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