The global food flavors market has witnessed a 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. The food flavors market has witnessed a substantial innovation in terms of new product launches along with research and development and collaboration. The overall disposable income of the consumers has also increased over the past few years which in turn is expected to lead to a surge in the sales of food flavors during the forecast period.
With the rising health concerns among the mass consumers, the demand for clean label products has 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. The increasing 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 the European Union, clean label indicates the flavorings added in the food. The increasing consumer indulgence and consumer willingness to pay for natural and healthy products would fuel the demand for clean label flavors, and hence this is considered one of the major drivers for the food flavors market.
With the help of strategic expansions, players can focus on penetrating into developing economies to expand their business portfolio. Consumers from developing countries are found to be keen on exploring new product ranges offered to them. The establishing markets in these countries are profitable based on relatively low set-up costs. The introduction of the new and unique product line will help in seeking the attention of mass consumers and would also help in market expansion. Based on the quality products manufactured in these regions, players would also be able to gain brand loyalty thus having a prominent share from these regions. The demand for flavors is on a surge majorly from the developing countries for the culinary purpose, and hence the market has a 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), and Sensient Technologies Corporation (U.S.).
Study Objectives of the Food Flavors Market, Forecast to 2023
- Detailed analysis of individual micro and macro markets for food flavors
- To estimate the market size by type, application, and region
- To understand the supply and demand dynamics of food flavors
- Company profiling of major players and 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 the 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 at a CAGR of 5.03% by 2023 in terms of value. However, the natural segment is projected to grow at the highest CAGR of 6.64% to reach USD 6.74 billion by 2023.
- Among the application segment, beverages dominated the food flavors market and are projected to reach USD 6.32 billion by 2023, registering a CAGR of 6.07% during the forecast period. The savory and 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 & Country Analysis of The Food Flavors Market, Development and Demand Forecast To 2023
As per the MRFR analysis, the global food flavors market is segmented into North America, Europe, Asia Pacific, and the rest of the world. The European region is expected to account for 34.77% market proportion in the global food flavors market and is estimated to retain its dominance throughout the forecast period of 2017to 2023. However, the Asia Pacific region is projected to expand at a high pace as compared to other regions and is likely to register a healthy CAGR of 6.11% during the forecast period. The increasing middle-income population with more disposable income and continuous urbanization in developing economies are anticipated to fuel the sales of food flavors in the Asia Pacific region. The beverages industry has experienced significant product innovations over the last few years in the Asia Pacific region which in turn accelerates the sales of food flavors in the near future. Food flavors have achieved much importance among snacks products. The Latin American region also finds lucrative opportunities in the food flavors market owing to the increasing overall growth of developing economies such as Argentina and many more.
- ·Rest of Europe
- ·Australia & New Zealand
- ·ASEAN Countries
- ·Rest of Asia Pacific
- ·Latin America
- ·Middle East