Lucintel's latest market report analyzed that beverage flavor provides attractive opportunities in the flavoring agent, flavoring carrier, and flavor enhancer markets. The beverage flavor market is expected to reach $9.9 billion by 2028 with a CAGR of 5.5%. In this market, flavoring agents is the largest segment by ingredients, whereas liquid is largest by form.
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Based on ingredients, the beverage flavor market is segmented into flavoring agents, flavoring carriers, and flavor enhancers. The flavoring agents segment accounted for the largest share of the market in 2023 and is expected to register the highest CAGR during the forecast period, as these ingredients are made up of natural and artificial origin substances and are easily available and less expensive.
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The Beverage Flavor Market is marked by the presence of several big and small players. Some of the prominent players offering beverage flavor include ADM, Givaudan, Sensient Technologies, Kerry Group, and Firmenich.
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