Nature Identical Flavors to Lead India Flavors Market through 2024 | TechSci Research
According to TechSci Research report, “India Flavors Market By Source, By Application, Competition, Forecast & Opportunities, 2014 - 2024”, India flavors market is projected to grow at a CAGR of over 13% during 2019-2024 on the back of rising population of working women and hence growing disposable income which is pushing the demand for ready-to-eat packaged food and beverages across the country. Among regions, North India holds the largest market share accounting for over 30% of the market, closely followed by West India. Both regions are expected to maintain their position on account of high awareness regarding flavored products and availability of numerous product options in various application-based segments of India flavors market. Moreover, a robust distribution channel of leading players in the regions has further made a variety of flavored products accessible to the consumers, thereby further propelling growth in the market.
Some of the leading players in India flavors market are International Flavors and Fragrances India Private Limited, Givaudan (India) Private Limited, Symrise Private Limited, Firmenich Aromatics (India) Private Limited, S H Kelkar and Company Limited, among others.
On the basis of application, India flavors market has been majorly divided into six categories, viz., bakery, beverages, pharmaceuticals, dairy, confectionery, and other application types. Beverages segment dominated India flavors market with around 37% share in 2018 and is expected to maintain its dominance during the forecast period as well on account of ease of consumption of the products and continuous introduction of innovative flavors in categories like sugar-free beverages and low-carb beverages.
“With changing consumer palate due to growing awareness and availability of options, India flavor market is anticipated to register a strong growth in the coming years. Moreover, as people are becoming more conscious about health and taste, innovations across the categories are being appreciated and gaining huge traction.” said Mr. Karan Chechi Research Director with TechSci Research, a research based global management consulting firm.
“India Flavors Market By Source, By Application, Competition, Forecast & Opportunities, 2014 - 2024” has evaluated the future growth potential of Indian flavor market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in India flavor market.
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