The Global Food Flavors market has witnessed continued demand during the last few years and is projected to reach USD 18.34 billion at a CAGR of 5.60% by 2023 in terms of value. Food Flavors market has witnessed substantial innovation in terms of new product launches along with research & development and collaboration. Also, the overall disposable income of the consumer is increasing over the past few years which in turn leads to surge in sales of Food Flavors during the forecast period.
With the rising health concerns among the mass consumers’ the demand for clean label products have been experiencing a surge. Clean label refers to the proper declaration of ingredients present in the food product. In some countries, clean label also refers to food additives which are added in their natural form and contain no harmful chemicals. Rising demand for natural and organic food has supported the increased demand for clean label products as consumers want to eliminate the risk of being affected by any food borne disease. Clean label also helps in educating the consumers about food traceability throughout the production and distribution involved in the supply chain. In European Union, clean label indicates the flavorings added in the food. Rising consumer indulgence and consumer willingness to pay for natural and healthy products will fuel the demand of clean label flavors and hence this is considered one of the major drivers for flavor market.
With the help of strategic expansions, players can focus on penetrating into the developing economies to expand their business portfolio. Consumers from developing countries are found to be keen on exploring new product range offered to them. Establishing market in these countries are profitable based on relatively low set-up costs. Introduction of new & unique product line will help in seeking the attention of mass consumers and would help in market expansion. Based on quality product manufacture in these regions, players would also be able to gain brand loyalty thus having a prominent share from these regions. Demand of flavors is on surge majorly from the developing countries for culinary purpose and hence the market has greater scope of expansion in these countries.
The leading market players in the global food flavors market primarily are Givaudan SA (Switzerland), International Flavors & Food flavors, Inc. (U.S.), Firmenich International SA (Switzerland), Symrise AG (Germany), Takasago International Corporation (Japan), V. MANE FILS SA (France), Sensient Technologies Corporation (U.S.)
Study Objectives of Food flavors Market Forecast to 2023
- Detailed analysis for individual micro and macro markets for Food flavors
- To estimate market size by Type, Application and Region
- To understand the supply and demand dynamics of food flavors
- Company profiling of major players & competitive positioning for the food flavors market
- Value chain analysis and supply chain analysis of food flavors
- Analysis of historical market trends, and technologies, and current government regulatory requirements related to Food flavors market
- Food manufacturers
- Flavor manufacturers
- Food Service industries
- Retailers and wholesalers
- Traders, importers and exporters
- The Global food flavors market is projected to reach USD 18.3 billion by the end of 2023
- Among the product type, synthetic will dominate the Food Flavors market and is projected to reach USD 11,598.02 million by 2023 at a CAGR of 5.03% by 2023 in terms of value. However, natural segment is projected to grow at the highest CAGR of 6.64% to reach USD 6.74 billion by 2023.
- Among the application, beverages dominated the Food Flavors market and is projected to reach USD 6.32 billion by 2023 and will register the healthy CAGR of 6.07% during the forecast period. Savory & snacks segment is projected to reach USD 2.41 billion by the end of 2023, registering the highest CAGR of 6.21% during the forecast period from 2017 to 2023.
Regional and Country Analysis of food flavors market development and demand Forecast to 2022 Market
As per the MRFR analysis, The Global Food flavors market is segmented into North America, Europe, Asia Pacific and Rest of the World. Europe region is accounting for 34.77% market proportion in the global food flavors market and it is estimated to retain its dominance throughout the forecast period of 2017-2023. However, Asia Pacific region is projected to expand at a high pace as compare to the other region and will register a healthy CAGR of 6.11% during the forecast period. Increasing middle income population group with more disposable income, continuous urbanization in developing economies are anticipated to fuel the sales of food flavors in Asia Pacific region. Also, beverages industry has experienced significant product innovations over the last few years in Asia Pacific region which in turn accelerates the sales of food flavors in the near future. Also, food flavors have achieved much importance among snacks products. Latin America region also finds lucrative opportunity in the food flavors market owing to the increasing overall growth of developing economies such as Argentina and many more.
The reports also cover country level analysis:
- North America
- ·Rest of Europe
- Asia – Pacific
- ·Australia & New Zealand
- ·ASEAN Countries
- ·Rest of Asia Pacific
- Rest of the World
- ·Latin America
- ·Middle East