LONDON–(BUSINESS WIRE)–SpendEdge has been monitoring the global food flavoring agents market and the market is poised to experience spend growth of more than USD 2 billion between 2017-2022 at a CAGR of more than 4% during the forecast period. Request Free Sample Pages.

Read the 95-page research report with TOC and LOE on “The Global Food Flavoring Agents Market, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”

Suppliers are implementing technological innovations in flavor manufacturing processes such as the use of taste technology and flavor encapsulation technology to develop different flavoring solutions. This is creating a substantial requirement for food flavoring agents. The steady popularity of functional food products, such as soy, oat, grape juice, and broccoli is resulting in the high demand for recognizable and authentic flavors in various end-user segments such as dairy and frozen product segments. This is contributing to the spend momentum in the food flavoring agents market to a significant extent.

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Insights into the market price trends

• Raw material costs will act as the key cost component of suppliers’ OPEX. Prices of raw materials such as essential oils, extracts, and concentrates derived from fruits, vegetables, flowers, woods, and other botanicals and raw fruits will experience frequent phases of volatility as they are sensitive to local and international changes in supply and demand.
• Manufacturing costs incurred by suppliers will observe major inflation. These costs include overhead plant expenses, which include the expenditure on using processing equipment such as those related to the extraction and spent on other equipment such as condenser and separator.

What are the strategies to adopt to optimize procurement spend in this market?

Implement efficient supply chain management systems

Maintaining an efficient supply chain management system will be instrumental in saving costs for buyers. This will help buyers to plan production schedules accurately, ensure the smooth running of operations, and reduce inventory levels. Supply chain management systems help optimize shipping routes, which can lead to savings on logistical costs.

Adoption of JIT inventory management technique

Buyers require high inventory levels to meet the uncertain and quick demands of their customers. However, keeping a high inventory is always expensive. This makes it important for buyers to use JIT to provide an efficient stock inventory system. JIT will ensure that enough products are made to fulfill orders and limited stock is kept. In addition, it helps to reduce the lead time to pre-empt uncertain customer demands and control excessive costs.

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Some of the key topics covered in this report are:

• Food flavoring agents market spend segmentation by region
• Total cost of ownership analysis in the food flavoring agents market
• Regional spend opportunity for food flavouring agents suppliers
• food flavouring agents suppliers cost structure
• food flavouring agents suppliers models analysis
• Food flavoring agents procurement best practices
• Category management objectives
• Cost saving opportunities in the food flavoring agents market

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