PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1418780
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1418780
Scope of the Report | |
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Years Considered for the Study | 2023-2030 |
Base Year | 2022 |
Forecast Period | 2023-2030 |
Units Considered | Value (USD Million/Billion) and Volume (Million Ton) |
Segments | By Type, Application, and Region |
Regions covered | North America, South America, Europe, Asia Pacific, and RoW |
According to MarketsandMarkets, the Taste Modulators market is projected to reach USD 2.0 billion by 2028 from USD 1.4 billion by 2023, at a CAGR of 7.4% during the forecast period in terms of value. Salt modulators are poised to claim a substantial market share throughout the forecasted period due to compelling factors. A primary driver is the global health agenda focusing on reducing sodium intake to combat issues like hypertension and cardiovascular diseases. Government initiatives advocating sodium reduction amplify the demand for salt modulators. Moreover, these modulators serve as integral components in catering to consumer preferences for healthier food options without compromising on taste, aligning with the prevailing emphasis on balanced diets. The adaptability of salt modulators across diverse food applications, ranging from snacks to processed foods, further solidifies their market dominance. In navigating the landscape of sodium reduction strategies, salt modulators emerge as indispensable, ensuring flavor enhancement while seamlessly aligning with broader consumer health and wellness objectives.
"By application, Pharmaceuticals is estimated to grow with the highest CAGR during the forecast period."
The escalating demand within the pharmaceutical industry for taste modulators to enhance the palatability of medications, thereby improving patient adherence. This demand is notably pronounced in the development of novel drug formulations. The aging global population, a significant demographic trend, contributes substantially to increased pharmaceutical consumption, creating a robust market for taste modulation in pharmaceuticals. The imperative to mask the inherently bitter taste of specific medications, particularly crucial in pediatric and geriatric formulations, accentuates the indispensable role of taste modulators. This aligns with the pharmaceutical sector's commitment to patient-centric formulations, making taste modulators a crucial driver for enhanced medication adherence and an improved overall patient experience.
"Europe will significantly contribute towards market growth during the forecast period."
Europe is poised to play a pivotal role in the growth of the Taste Modulators market throughout the forecast period for several reasons. The region's robust food and beverage industry, coupled with stringent quality and safety standards, positions it as a major contributor. Key players like DSM (Netherlands), Tate & Lyle (UK), Givaudan (Switzerland), and Kerry Group PLC (Ireland) have established a strong presence, leveraging innovations to meet evolving consumer demands.
Stringent regulations and growing consumer awareness regarding the impact of excessive salt, sugar, and fat consumption on health drive the adoption of taste modulators in the region. The European food and beverage industry's commitment to addressing health concerns and delivering products aligned with consumer preferences fuels the integration of taste modulation technologies. Moreover, the region's inclination toward culinary diversity and a sophisticated palate amplifies the demand for taste modulators. As European consumers increasingly seek healthier alternatives without compromising on taste, the market for taste modulators is set to experience substantial growth. The convergence of regulatory support, consumer consciousness, and a rich culinary heritage positions Europe as a pivotal player in shaping the taste modulators' market landscape.
By Company Type: Tier1-40%, Tier 2-32%, Tier 3- 28%
By Designation: C-level-45%, D-level - 33%, and Others- 22%
By Region: North America - 15%, Europe - 20%, Asia Pacific - 40%, South America-12%, RoW - 13%,
Others include sales managers, territory managers, and product managers.
The study includes an in-depth competitive analysis of these key players in the Taste Modulators market with their company profiles, recent developments, and key market strategies.
The report segments the Taste Modulators market on the basis of Type, Application, and Region. In terms of insights, this report has focused on various levels of analyses-the competitive landscape, end-use analysis, and company profiles, which together comprise and discuss views on the emerging & high-growth segments of the global Taste Modulators market, high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges.
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall Taste Modulators market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.