According to a new report published by Allied Market Research, titled, “Food Flavors Market by Type and End User: Opportunity Analysis and Industry Forecast, 2020–2027,” the global food flavors market size was $14.6 billion in 2019, and is projected reach $17.4 billion by 2027, registering a CAGR of 4.6% from 2020 to 2027
Flavors are used in various products such as bakery, confectionery, meat, snacks, seafood, and poultry. By type, the global market is bifurcated into natural and artificial flavors. Rise in disposable income and change in food habits are the factors that drive the growth of the food flavors market. The beverages industry has a significant impact on the growth of the global market.
Increase in demand for ready-to-eat meals & fast foods is a key driver for the food flavors industry across the globe. Moreover, innovative technologies, introduction of new flavors, and heavy inflow of investment in R & D activities are the other factors that supplement the growth of the food flavors market. There is an upcoming trend of using natural flavors owing to rise in health awareness. Further more, high demand for flavors across European countries to produce commercialized clean label or green food products that are free of additives and other harmful chemicals has propelled the growth of the natural flavors market.
Technological strides make it possible for manufacturers to develop innovative flavors to cater to the change in customer taste requirements. The applications of advanced technologies provide innovative and novel tastes in food. However, stringent government regulations and adverse effects of synthetic flavors on human health are expected to hamper the food flavors market growth. Innovation in flavors and their growth in demand across emerging economies are expected to open new avenues for the market players in the future.
The food flavors market is segmented intotype, end user, and region. By type, it is bifurcated into natural and artificial flavors. By end user, it is divided into beverages, dairy & frozen products, bakery & confectionery, savory & snacks, and animal & pet food. The beverages market is further classified into hot drinks, soft drinks, and alcoholic drinks. The dairy & frozen products segment is bifurcated into dairy products and meat. The bakery & confectionery segment is further categorized as bakery, chocolate, confectionery, and ice cream. The savory & snacks market is divided into savory and snacks. The animal & pet food is classified into animal feed and pet food. By region, it is analyzed across North America, Europe, Asia-Pacific,Latin America, Middle East and Africa.
Key Findings Of The Study
By region, Asia-Pacific do minates in terms of food flavors market share and is expected to retain its dominance during the forecast period.
By type, the artificial segmentled in terms of market share, in 2018;however, natural segment is expected to gain market share in the upcoming years
By end user, the beverage segment accounted for more than one-fourth share of the food flavors marketin 2019; however, thesavory & snacks segment is poised to grow at highest CAGR during the forecast period.
By end user, the dairy and frozen products segmentis expected to gain market share in the upcoming years and is estimated to grow at a CAGR of 5.3% during the forecast period.
By region, Middle Eastis anticipated to grow with robust CAGR of 5.8% during the forecast period.
Some of the key players analyzed in the food flavor market analysisare FirmenichSA, Frutarom Industries Ltd., Givauda International SA, Huabao International Holdings Limited, Kerry Group, Plc.,Robertet SA, S H Kelkar and Company Limited., Sensient Technologies Corporation, Symrise AG, and Takasago International Corporation.