Taste Modulators Market Projected to Garner Significant Revenues by 2023
The report “Taste Modulators Market by Type (Sweet Modulators, Salt Modulators, and Fat Modulators), Application (Confectionery Products, Bakery Products, Dairy Products, Snacks & Savory Products, and Meat Products), and Region – Global Forecast to 2023″, The global taste modulators market is estimated at USD 1,084.2 million in 2018 and is projected to reach USD 1,758.7 million by 2023, at a CAGR of 10.2% during the forecast period. The market is driven by factors such as the growing awareness among consumers about the ill-effects of excessive salt intake and the increased consumer demand for low-calorie products while retaining the original taste. There has been an increasing demand for reduced/zero calorie and reduced salt products that do not compromise on the taste. This has fueled the demand for taste modulators as well.
Based on type, the market has been segmented into sweet modulators, salt modulators, and fat modulators. The sweet modulators segment dominated the market in 2018, and this trend is expected to continue through the forecast period. The demand for sweet modulators has been growing significantly due to the increasing awareness among consumers regarding various diseases such as obesity and diabetes.
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On the basis of application, the market has been segmented into food and beverages. The beverages segment dominated the global market in 2018. Taste modulators are used in products such as sports drinks, energy drinks, beer, and whiskey. They are widely used to manufacture low-calorie beverages and enhance their taste, as consumer tastes & preferences are more inclined toward healthy drinks. The rise in the consumption of energy & sports drinks in North America and Europe is also expected to support the overall growth of the market.
North America is expected to account for the largest share of the global market through 2023, owing to the increase in consumer preference for healthy products and increase in the adoption of low-fat & low-calorie content foods. The changing consumer demand has resulted in the innovation of various taste modulators such as sweet, salt, and fat modulators by various companies. Manufacturers in the US adopt an optimized approach to manufacture taste modulators to deliver products with a range of tastes and nutritional benefits to meet the demand.
Asia Pacific is projected to be the fastest-growing region in the global market during the forecast period, owing to an increase in the number of people suffering from diabetes and obesity.
Stringent regulations and international standards for sweet- and salt-reducing ingredients are some of the major factors restraining the growth of the market, globally. Sweeteners are subjected to rigorous health and safety checks. Various studies have been conducted by regulatory bodies to measure and assess the impact of these products on humans. European laws are stringent with artificial sweeteners, whereas US regulations favor the introduction of novel sweeteners irrespective of the origin.
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The key players in the global taste modulators market include DSM (Netherlands), Kerry (Ireland), Ingredion (US), Givaudan (Switzerland), Firmenich (Switzerland), International Flavors and Fragrances (US), Symrise (Germany), Sensient Technologies (US), The Flavor Factory (US), Carmi Flavor & Fragrance (US), Flavorchem Corporation (US), and Senomyx (California).
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