The global taste modulators market was valued at USD 994.7 million in 2017 and is projected to reach USD 1,758.7 million by 2023, at a CAGR of 10.2% during the forecast period. The key players in the 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). These key players focused on various business strategies such as new product launches, agreements, and expansions to increase their market presence. DSM and Kerry are the top two companies in the taste modulators market based on overall revenues, product offerings, and strategic activities related to taste modulators.
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DSM is one of the major companies involved in the manufacturing of nutritional & pharmaceutical ingredients, biomedical materials, thermoplastics, resins, and industrial chemicals. The company has its presence in more than 60 countries and manufacturing facilities in more than 40 countries. It is consistently focused on product innovation, skillful marketing, and product promotion with R&D centers in domestic as well as international markets in China, India, the US, Canada, Australia, the UK, and Germany. The company’s subsidiaries include Fortitech, Inc. (US), Microbia, Inc. (US), DSM Food Specialties B.V. (Netherlands), Aland (Jiangsu) Nutraceutical Co., Ltd. (China), DSM Nutritional Products AG (Switzerland), DSM Dyneema LLC (US), DSM India Private Limited (India), and Ocean Nutrition Canada (Canada). The company also focuses on new product launch as a strategy; in November 2017, the company launched ModuMax, a taste modulator which is natural and allergen-free. Consumers can use it without compromising on the actual taste of the food product.
Kerry Group is involved in the marketing and production of consumer food products. It operates through two business segments, namely, taste & nutrition and consumer foods. Globally, the company has its presence in the US, the UK, Australia, Malaysia, Singapore, Germany, and New Zealand. It has 130 manufacturing locations and operations in 27 countries across the globe. The subsidiaries of the company include Kerry Ingredients Australia Pty. Ltd., Kerry Ingredients Malaysia, Kerry Ingredients North America, Kerry Agribusiness Ireland, Dera Holding NV (Belgium), Kerry Ingredients France S.A.S., Kerry Foods GmbH (Germany), Cremo Ingredients A/S (Denmark), Kerry Ingredients Italia S.p.A., Kerry Polska Sp. z.o.o. (Poland), and Kerry Ingredients UK. The company also focuses on new product launch as a strategy; in October 2017, it launched a new taste modulator to cut sugar content by almost one-third. This launch would help the company to expand its product line to meet the consumer demand for low-calorie food products.
Based on type, the taste modulators 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 taste modulators 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.
The Asia Pacific region is expected to grow at the highest CAGR during the forecast period. China and India have witnessed major growth in the taste modulators market, acquiring significant shares in the region. The region witnesses a high demand for taste modulators due to the rise in meat consumption, population growth, and increase in awareness about healthy & nutritional food products.