Natural Floral Flavours to Capture 2/3rd of Total Revenue
Popularization of trends such as natural, clean-labelled food consumption has caused a radical upheaval in the F&B industry, which in turn, has potentially raised the demand for natural floral flavours. Accounting for relatively high revenue share, manufacturers have specifically targeted this category over artificial floral flavours.
In addition, strong focus has been placed on organic variants, as a response to mounting concerns regarding the use of chemical-based ingredients in F&B products. Moreover, new companies positioning themselves as cleaner and greener alternative to mainstream flavours are rapidly growing in number.
APEJ to Overtake Developed Markets by 2024
While growth prospects of the floral flavour market remained high in the U.S. and EU5, the market in Asia Pacific excluding Japan (APEJ) would acquire the leading position by 2024. Led by China and India, the regional food industry continues to defy gravity and is clearly following the evolving consumer trends such as natural ingredients and clean products.
With consumers in this region focused on better-for-you products, FMI expects a surge in demand for natural and organic floral flavours in the following years. Abundance of raw materials and unique ecological diversity are further working to the advantage of market players.
Floral Flavours - Not Just Flash-in-the-Pan Fad
Floral flavours have been in trend within the foodservice and processed food sectors. They remain among the most important and unique product features that determine the success or failure of a particular offering, amid competition. In order to stay ahead of the curve and fulfill consumer interest in cuisines from other countries, F&B manufacturers are increasingly incorporating floral flavours in their products. Such strategic moves are a solid indication that the trend is here to stay, and the market is set for a quantum leap in growth.
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How Growth will Unfold
Worldwide use of hibiscus in new food and beverage products is on a significant rise, attributing to its natural origin and slightly tangy profile. Consumers are further drawn to hibiscus for its certain health benefits in lower body temperature and cholesterol levels.
In addition, as consumers’ quest for authentic and unconventional taste experiences is increasing, floral flavour manufacturers are exploring untapped potential of other raw materials. While demand for rose is rapidly increasing, manufacturers are focusing on increasing the production of elderflower and chamomile-based flavours to capitalize on growing popularity of fusion and plant-based beverages.
FREQUENTLY ASKED QUESTIONS ABOUT GLOBAL FLORAL FLAVOUR MARKET
How would the global market for floral flavour progress over the following years?
The global floral flavour market is poised for a robust CAGR over the period of forecast, 2019 - 2027. Towards the end of 2022, the market for floral flavours is most likely to surpass the million-dollar market in revenues.
Which trend is the most critical in shaping the growth of floral flavour market?
The food and beverage industry is witnessing an influx of floral flavours, greatly impacted and influenced by the shifting dietary patterns of urban consumer demographic. With the ever-growing concerns about health and wellness, consumers are inclining towards naturally-derived flavours in their food and beverage products.
Which consumer population is particularly the target of floral flavour market players?
Floral flavours are indicative of the micro-trend of premiumisation and sophistication which is prevalently followed by millennials. Food and beverage manufacturers are taking into account the changing preferences of the millennial consumer population.
Which are the most lucrative F&B categories upholding the demand for floral flavours?
Demand for floral flavours continues to bloom in various F&B product categories, including ice teas, chocolates, chips, cookies, flavoured water, flavoured spirits, and floral flavoured bakery and snack items.
Will high production costs of floral flavours continue to challenge the market growth?
High costs associated with the production, processing, and preservation of natural and organic flavours continue to challenge their market growth to a certain extent. However, manufacturing costs of floral flavours is particularly way higher than other natural flavours, which remains the longstanding limiting factor for market growth. Manufacturers are however investing efforts in price reduction.
What are the prominent players in floral flavour market up to?
The market is highly organized, particularly in developing and emerging economies. Key market players are focusing on product launches to expand their customer base, which is indicative of the growing consumer preferences for botanical flavours. New launches in the U.S. especially aim at delivering herbal and floral notes to the palate, in addition to providing relaxing properties.
FLORAL FLAVOUR MARKET TAXONOMY
The global floral flavour market is segmented in detail to cover every aspect of the market and present complete market intelligence to readers.
- Neroli/ Orange Flower
- Cherry Blossom
- Sponge Cakes
- Fats and Oils
- Herbal Teas
- Soft Drinks
- Health Drinks
- Flavoured Water
- Others (Cigars, Tobacco, Pharmaceuticals, etc.)
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excl. Japan (APEJ)
- Middle East and Africa