Global flavor powder market is anticipated to grow significantly in the forecast period due to the growing health conscious population. Flavor powder is the flavouring agent, added to any dry finished product like baking or beverage mix. They dissolve easily in warm water and are highly preferred for instant mix applications. They are increasingly used in the bakery applications, since they sustain continued exposure to heat. Besides, flavor powder come in different color and forms.
Reasons for the growth of flavor powder market include increase in the disposable income of consumers, increase in the consumption of chocolate-based powdered drinks by large population, easy availability of flavor powder products, and organized retail segment for consumers. Furthermore, growing awareness regarding flavoured drinks among consumers, increasing consumption seen in emerging economies, and changing taste and preferences of consumers are also propelling the market.
Increasing preference for online shopping is one of the emerging trends in the market. Moreover, new product development by market players and improvements in the packaging procedure are other trends in the market.
Flavor powder market is categorized based on product type, distribution channel, and geography. Based on product type, market is divided into malt-based and chocolate-based. Malt-based powder is further divided into diastatic and non-diastatic. Diastatic form contains enzymes that break down amylum (starch) into sugar. The converted sugar is added to bread dough. Non-diastatic form is free of enzymes and is mainly used in flavors for beverages. Hence, malt-based flavor powder is expected to lead the market in the forecast period due to increased applications in the food and beverage industry. Moreover, increasing consumption of chocolate-based flavor powder drinks is propelling the demand for chocolate-based powder.
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In terms of distribution channel, flavor powder market is bifurcated into online retailers, independent retailers, drugs and pharmacy stores, supermarkets and hypermarket, convenience stores, and others. Online retailers segment is expected to hold larger share of the market owing to the availability of wide range of products and increasing penetration of e-commerce. Supermarkets and hypermarket segment is expected to lead in the coming years due to the availability of numerous brands for flavor powders, which allows consumers to choose from a wide range.
Geographically, market is segmented as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is expected accounted for the maximum share of the market due to increase in demand for flavoured milk from the emerging economies like China and India. Furthermore, North America, followed by Latin America is also predicted to lead the flavor powder market due to potential demand from the emerging nations.
The key players in flavor powder market are Associated British Foods (ABF), Abbott, Mars, Suki Bakery, Yonho Soybean Milk, PepsiCo, GlaxoSmithKline (GSK), Mondelez International, Nestlé, Zydus Wellness, Unilever, Kraft Heinz, Coca-Cola, Bristol-Myers Squibb de Mexico, SensoryEffects, Gujarat Cooperative Milk Marketing Federation (GCMMF), Danone, Rasna, VV Food & Beverage, and Philip Morris International.
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