The report "Flavor Systems Market by Type (Brown, Dairy, Herbs & Botanicals, Fruits & Vegetables), Application (Beverages, Savories & Snacks, Bakery & Confectionery Products, Dairy & Frozen Desserts), Source, Form, and Region - Global Forecast to 2023", is estimated to be valued at USD 5.64 billion in 2018 and is projected to reach a value of USD 6.96 billion by 2023, growing at a CAGR of 4.3% during the forecast period. Factors such as the Creation of novel flavors driven by favorable consumer reception and cross product usage of flavors are driving the growth of this market.

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The nature-identical segment by source is estimated to be the fastest growing segment in the flavor systems market, during the forecast period

They are chemically identical to substances that are naturally present in materials of plant and animal origins. Although nature-identical substances are formulated in a laboratory, the human body cannot distinguish between natural and nature-identical substances. Therefore, nature-identical flavoring substances, having molecular structures that mimic the chemical structures of natural ingredients, enjoy a higher preference among consumers, especially because these substances have no artificial flavoring. Thus, this segment is projected to witness fastest growth in coming years.

The beverages segment, by application, is estimated to account for the largest market share, by value, in 2018

The market for beverages held the largest share in 2017 in the flavor systems market and is also projected to be the fastest-growing segment during the forecast period. The use of various types of flavors in this application is largely attributed to the introduction and combination of different flavors to create an elegant and aromatic taste.

The liquid segment, by form, is estimated to account for the largest market share, in 2018 and is projected to be the fastest growing segment during the forecast period

Liquid form of flavoring systems is made available in oil as well as water-based textures. A common form of using liquid flavor systems is via flavor microemulsions. Flavor microemulsions which find its usage in clear beverages and other consumer products, are defined as a clear, thermodynamically stable dispersion of two immiscible liquids—oil-in-water or water-in-oil. Flavor enhancers can easily be mixed in various application and therefor has higher demand.

Mass customization of flavor systems has created opportunities for manufacturers

Mass customization majorly refers to the entire process of providing a wide variety of goods or services that are then modified and customized to suit major consumer group requirements. Mass customization is mostly used as a marketing and manufacturing technique wherein the products offered ensure a certain level of flexibility and personalization. This technique also ensures manufacturers with low unit costs, thereby improving operational efficiencies. The technique of mass customization has gained a high degree of traction in recent times due to consumers being increasingly inclined toward highly customized options. While consumers earlier focused on efficient and reasonable products, they are willing a slightly premium price for customized or quality products today. Owing to such factors, opportunities pertaining to customized solutions have started to gain pace and significance in the market.

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Europe is projected to grow at the highest CAGR of 5.0% during the forecast period

In Europe, growing consumption of bakery & confectionery products and savories & snack products, and the demand for their product variety has resulted in intensifying demand for flavor systems in these food products. Moreover, several innovations in food & beverages industry happening in this region that also accommodate flavor systems have been driving the growth of flavor systems market in this region.

This report includes a study on the marketing and development strategies, along with a study on the product portfolios of the leading companies operating in the flavor systems market. Givaudan (Switzerland), International Flavors & Fragrances (IFF) (US), Firmenich (Switzerland), Symrise (Germany), and Mane SA (France) are the leading players in the flavor systems market. Some of the other players in the flavor systems market include Frutarom (Israel), Sensient (US), Takasago (Japan), Robertet (France), Tate & Lyle (France), T. Hasegawa (Japan), Kerry Group (Ireland).