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Meticulous Research® – leading global market research company published a research report titled “Food Flavors Market by Origin (Natural, Nature Identical, and Artificial), Type (Vanilla and Dairy), Form (Liquid, and Dry), and Application (Beverages, Dairy Products, Confectionery Products, and Meat Products) - Global Forecasts to 2027”.
In terms of value, the food flavors market is expected to grow at a CAGR of 4.5% from 2020 to reach $20.27 billion by 2027. The report also provides insights on volume analysis for the market. Factors such as the growing demand for clean-label and organic products, strong growth in the food and beverage industry, and technological advancements, such as microencapsulation are driving the growth of this market. Furthermore, emerging economies such as Asia-Pacific, Latin America, and the Middle East & Africa and the use of flavors in functional foods provide significant growth opportunities for players operating in the food flavors market. However, harmful health effects of flavors and stringent government regulations on the use of food flavors are factors restricting the growth of this market to some extent.
The food flavors market study presents historical market data in terms of value and volume (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented on the basis of origin, type, form, application, and geography. The study also evaluates industry competitors and analyses the market at a country level.
Check complete table of contents with a list of table and figures: https://www.meticulousresearch.com/product/food-flavors-market-5145/
Based on origin, the food flavors market is mainly segmented into natural, nature identical, and artificial. The artificial flavors segment is estimated to command the largest share of the overall food flavors market in 2020. This segment's large share is mainly attributed to higher use of artificial flavors with the availability of a wide range of flavors in this category, high demand for new kinds of tastes, and their cost-effectiveness compared to natural flavors. In addition, the huge demand for artificial flavors in rising demand & consumption of packaged food products, fast foods, and ready-to-eat (RTE) products further supports the growth in this category.
However, the natural segment is expected to grow at the fastest CAGR during the forecast period owing to the rising demand for unique exotic flavors, growing health awareness, increasing demand for organic food products, rising preference for natural flavors as an active ingredient in bakery products, and key trend for clean-label products.
Based on type, the food flavors market is mainly segmented into chocolate and browns, vanilla, fruits and nuts, dairy, spices and herbs, vegetables, and others. The fruits and nuts segment is estimated to account for the largest share of the food flavors market in 2020. The higher adoption of this segment is attributed to the rising preference for fruit and nut flavors in various food categories, including bakery products, beverages, snacks, dairy products, etc. In addition, the rising consumption of nuts, increasing demand for innovative, tasty, adventurous food and beverage products, and increasing expenditure on processed food and beverage products.
However, the spices and herbs segment are expected to grow at the fastest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to healthy living, interest in new tastes, convenience and sustainability, rapid change in eating preferences among consumers, and growing awareness about medicinal properties of spices and herbs
Based on form, the food flavors market is segmented into liquid and dry. The liquid form segment is estimated to command the major share of the overall food flavors market in 2020. The large share of this segment is mainly attributed to its benefits such as it increases the shelf life of food products, ensures homogeneous blends with virtually no segregation, and provides high microbiological stability, which is used in the food and beverage, confectionery, bakery, dairy, and all other food industries. Moreover, this segment is also projected to grow at the fastest CAGR during the analysis.
Based on application, the food flavors market is mainly segmented into beverages, dairy products, confectionery products, baked products, meat products, savory and snacks, and others. The beverages segment is estimated to command the largest share of the overall food flavors market in 2020, mainly attributed to the growing demand for beverages with rising disposable income in emerging countries, rapid urbanization, and changing lifestyles worldwide. However, the savory and snacks segment is expected to witness the fastest growth during the forecast period due to the rising demand for functional snack food and increasing urbanization and busier lifestyles are impacting the eating habits of consumers, who are increasingly replacing main meals with more flexible, light, and convenient snacking options.
Geographically, the Asia-Pacific region is expected to command the largest share of the overall food flavors market in 2020. The large share of this region is primarily attributed to increasing demand for processed food products in emerging and developing countries such as India, China, Indonesia, and Thailand, changing regulatory environment, and shifting consumer preferences for good quality of food ingredients. However, the Asia-Pacific region is also expected to grow at the highest CAGR during the forecast period. The rapid growth of this region is mainly attributed to tremendous growth for the food and beverage industry primarily due to the increasing urbanization, health awareness, and disposable income.
The key players operating in the food flavors market are Givaudan SA (Switzerland), International Flavors & Fragrances, Inc. (U.S.), Firmenich SA (Switzerland), Symrise AG (Germany), Sensient Technologies Corporation (U.S.), MANE SA (France), Takasago International Corporation (Japan), T. Hasegawa Co., Ltd. (Japan), Robertet Group (France), Huabao International Holdings Limited (Hong Kong), Kerry Group (Ireland), KONINKLIJKE DSM N.V. (The Netherlands), BASF SE (Germany), Archer Daniels Midland Company (U.S.), Corbion NV (The Netherlands), and Döhler Group (Germany).
Key questions answered in the report-
- What is the current value of revenue generated by the food flavors across the globe?
- At what rate the demand for the food flavors market is projected to grow for the next 5-7 years?
- What is the historical market size and growth rate for food flavors across the globe?
- What are the major factors impacting the growth of this market at the global and regional levels? What are the major opportunities for existing market players and new entrants in the market?
- What impact does the current COVID-19 pandemic have on the food flavors market at various levels in the value chain?
- Which segments in terms of the origin, type, form, and application are creating the major traction for the vendors in this market?
- What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the vendors operating in the food flavors market?
- Who are the major players in the food flavors market? And also, what are their specific product offering in the sports nutrition and additional nutrition industry?
- What recent developments have taken place in the food flavors market, and these strategic developments are creating a global impact in this market?
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