New York, March 30, 2023 (GLOBE NEWSWIRE) -- The revenues of the Fruit Flavors Market were estimated at US$ 726 million in 2022 and are anticipated to grow at a CAGR of 4.7% from 2023 to 2033, according to a recently published Persistence Market Research report. By the end of 2033, the market is expected to reach a valuation of US$ 1.2 billion. The U.S. is expected to witness around 32% share in the global fruit flavors market.
The key drivers influencing the demand include increasing demand for natural and clean-label products, rising consumers interest in organic products, increase in technological advancement, rising global population, and increased demand for natural ingredients in food products.
In 2018, global personal care and cosmetics sales were around US$ 488.3 billion which increased in 2019 to about US$ 511.2 billion. Fruit flavors are also used in the personal care and cosmetics market, as they can provide a pleasant scent and flavor to products. The use of natural fruit flavors in personal care and cosmetics products has increased in recent years due to consumer demand for natural and sustainable ingredients. The increase in demand for fruit flavors in personal care and cosmetics products, food and beverages, and pharmaceuticals influences the growth of the fruit flavors market in upcoming years.
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According to Research, global citrus flavors sales were over US$ 1.92 billion in 2019 and it is projected to reach over US$ 2.53 billion by 2027, growing at a CAGR of 3.6% during the forecast period. Citrus flavors are used in a wide range of products, including soft drinks, fruit juices, candies, baked goods, and seasonings. The growing demand for citrus flavors in the food and beverages industry influences the growth of the fruit flavors market in the upcoming years.
Competitive Analysis:
Key players in the market are Archer Daniels Midland Company, Givaudan, DÖHLER, MANE, Fona International Inc., Flavaroma, Kerry Group, Sensient Technologies, Takasago International Corporation, FLAVOR PRODUCERS LLC, and Citromax Flavors.
A few of the recent developments in the Fruit Flavors Market are:
- In December 2019, Givaudan (Switzerland) finalised the acquisition of Ungerer (US) to expand its expertise in natural ingredients and solidify its position as the industry leader in the rapidly expanding local and regional customer segment.
- In June 2021, Kerry Group announced that it had completed the acquisition of Niacet Corporation, a leading provider of specialty food ingredients, for US$ 1.01 billion. The acquisition is expected to strengthen Kerry Group's position in the food preservation and food safety markets.
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More Insights Available
Persistence Market Research, in its new offering, presents an unbiased analysis of the Fruit Flavors Market, presenting historical market data (2018-2022) and forecast statistics for the period from 2023 to 2033.
The study reveals extensive growth in Fruit Flavors Market
- by Flavor Type (Berries Flavor, Citrus Flavor, Melons Flavor, Stone Fruits Flavor, Tropical Fruits Flavor, Apples and Pears Flavors, Others),
- by Form (Liquid, Powder),
- by Application (Food & Beverages, Pharmaceuticals, Personal Care & Cosmetics, Nutraceuticals)
- by Sales Channel (Direct Sales, Retail Sales)
- by Region (North America, Latin America, Europe, Asia- Pacific, Middle East and Africa) - 2023 to 2033.
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About Food & Beverage Division at Persistence Market Research
The Food & Beverage team at Persistence Market Research provides all the necessary insights and consulting analysis to fulfill the unique business intelligence needs of clients worldwide. With a catalog of more than 500 reports pertaining to the latest statistics and analysis from the food & beverage industry, the team is happy to help with every business intelligence research and consulting requirement.
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