Mass customization of flavor systems has created opportunities for manufacturers

The flavor systems market is estimated to account for a value of USD 5.64 billion in 2018 and is projected to grow at a CAGR of 4.3% from 2018, to reach a value of USD 6.96 billion by 2023. Creation of novel flavors driven by favorable consumer reception and cross product usage of flavors are some of the key factors driving the growth of the flavor systems market.

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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.

In Europe, the growth of flavor systems is attributed to the growth in the. Beverages, bakery and dairy & frozen desserts industry, with growing demand for flavor enhancers in confectionery products. Soft drinks, dairy products, frozen products, and other alcoholic and non-alcoholic beverages are the most innovative food sectors in the region, offering significant opportunities for the growth of flavoring systems. Furthermore, the 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. The innovation in food applications, with the use of flavor systems in these industries, has resulted in new product development and increased consumption of flavor systems in different food applications in this region.

The demand for flavor systems in North America is driven by the increasing demand and creation of innovative flavor systems for processed food products as the region is among the largest consumers of processed food products. The market growth is further driven by the presence of a significant number of flavoring systems manufacturers in the region catering to the growing domestic as well as international market demand. Furthermore, the constantly evolving consumer demand for flavor varieties in end products together with the strategy of flavor systems market players to work in close proximity of their customers further aids the growth and development of the flavor systems market in the North American region.

Key Market Players

Givaudan (Switzerland), International Flavors & Fragrances (IFF) (US), Firmenich (Switzerland), Symrise (Germany), and Mane SA (France) are the leading players in the flavor systems market. Major players in this market are focusing on increasing their presence through expansions & investments, mergers & acquisitions, partnerships, joint ventures, and agreements. These companies have a strong presence in North America and Europe. They also have manufacturing facilities along with strong distribution networks across these regions.

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