The bitterness suppressors and flavor carriers market is estimated to be valued at USD 192 million in 2018 and is projected to grow at a CAGR of 4.9%, to reach USD 244 million by 2023. The rapid urbanization, changing lifestyles, growing demand from the pharmaceutical industry, and higher disposable incomes have positively impacted the demand for processed food & beverages; this has resulted in the growth of the bitterness suppressors and flavor carriers market.
The key players profiled have a strong presence in the global bitterness suppressors and flavor carriers market; they include Firmenich (Switzerland), Döhler (Germany), Givaudan (Switzerland), DowDuPont (US), Cargill (US), International Flavors and Fragrances (IFF) (US), Symrise (Germany), Kerry (Ireland), Sensient Technologies (US), Senomyx (US), Stepan Company (US), and DuPont Tate & Lyle (US).
The key players adopted various growth strategies such as new product launches, expansions & investments, acquisitions, partnerships, mergers, & collaborations, to cater to the increasing demand for bitterness suppressors and flavor carriers among customers and expand their businesses across regions. The companies in this market are focusing on increasing their investments in R&D activities to develop new products equipped with advanced technologies. The companies are also focusing on improving their geographic presence by expanding their manufacturing and sales facilities in various countries.
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The companies have invested in innovations and technologies to create increasing demand for bitterness suppressors and flavor carriers for food, beverages, and pharmaceuticals. Companies such as Firmenich (Switzerland) and Givaudan (Switzerland) are majorly focusing on expansions for increasing their customer base in different geographies by opening new facilities, R&D centers, and sales offices. However, Döhler (Germany) mainly focused on acquiring other companies for expanding its product portfolio.
Firmenich is one of the largest privately owned fragrance and flavor businesses and is involved in the manufacturing of perfumes, flavors, and ingredients. The company manufactures flavors for customers across the beverage, sweet good, savory, and health & nutrition industries. Under its “Modulasense” sub-segment of flavors, Firmenich manufactures “Mask-IT!”, a bitter blocking flavor solution. Firmenich caters to more than 100 markets and carries out production through its 30 manufacturing sites across Asia Pacific, the Americas, Europe, and Africa. Firmenich has also acquired many companies including Senomyx (US), Natural Flavors (US), and Flavourome (South Africa) to cater to a larger section of customers globally. In September 2018, Firmenich entered into an agreement with Senomyx (US) to acquire the remaining stocks of Senomyx (US). Upon acquisition, Senomyx’s products will be commercialized through Firmenich’s taste platforms. Firmenich would keep advancing Senomyx’s innovative products to keep developing differentiated natural taste solutions for its customers.
Givaudan is one of the largest players in the flavor and fragrance industry, offering a wide product portfolio to the food, beverage, and beauty industries. It is adopting expansions and acquisitions as its major growth strategies through which it is targeting to expand its product portfolio as well as reach a wider customer base in developing economies. Givaudan also has its patented technology for masking the bitter and off-taste of Rebaudioside-A (also known as Reb-A) in some food and beverages, without increasing the sweet content of the products. In September 2018, Givaudan acquired Naturex (France) with an aim to cater to customers across the food & beverage, nutrition, and health & personal care sectors with natural, clean label, and organic products.
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