The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Flavour is an essential tool for food and drinks producers, not only in delivering palatability but also in positioning a product or targeting a specific audience. This report assesses global flavour trends, looking at market sizes and segmentation, and explores some of the themes impacting flavour development. Specific analysis is also included on flavour trends in soft drinks, alcoholic drinks, dairy/ice cream, confectionery and snacks, as these are among the most innovative categories.
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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.
Flavour is far more than just a way to alter taste. Specific flavour types can also serve a variety of marketing roles, helping to position products, to target specific demographics and to add excitement or value to finished foods and drinks.
Although emerging markets are forecast to drive overall volume growth in flavours, it is the developed markets that offer the best prospects for innovation and New Product Development.
Ongoing consolidation in the international flavours industry has created several flavour giants with the financial wherewithal to continue driving advances.
Flavour is often used to enhance a health and wellness positioning. This can be done by giving a more natural or organic positioning, by supporting the specific health benefits and by adjusting taste to help incorporate functional ingredients.
Flavour is also used to help direct products to the right customers. It can increase appeal to specific consumer groups (eg age, ethnicities and genders), target specific seasons or occasions, or improve authenticity for more discerning customers.
The taste experience is another key factor in flavour choice. Specific flavours can help add a more premium image to a product, increase the fun or novelty factor, add a sense of nostalgia or deliver a feeling of escapism.
Different consumers seek different things from their flavour choices, so there are some clear contrasts in the key themes, e.g. local vs exotic. However, in some cases, these contrasts can start to merge, e.g. permissible (healthy) indulgence.
Natural flavours are in significant demand, while growing use of flavouring foodstuffs in place of flavour compounds could also pose a threat in the future.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.