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“The food flavors market is projected to grow at a CAGR of 4.8% during the forecast period.”
According to MarketsandMarkets, the food flavors market is estimated to be valued at USD 16.4 billion in 2020 and is projected to reach USD 20.7 billion by 2025, recording a CAGR of 4.8 %, in terms of value. Factors such as the growth in environmental concerns and the rise in demand for bioethanol and advancement tools to optimize industrial production are projected to drive the growth of the food flavors industry during the forecast period. However, the growth of the food flavors market is inhibited by factors, such as high adaptation costs involved for small- & medium-sized enterprises. In addition, the stringent regulatory framework for the use of food flavors inhibits the growth of this market.
“By type, the natural segment is projected to grow at the highest CAGR during the forecast period.”
Natural flavors are estimated to form the dominant segment by origin for the food flavors market. Customers are showing a preference for natural flavors over synthetic flavor for food & beverage options. The processed food manufacturers prefer the natural segment due to high demand among customers. The popularity of organic flavors and food are also driving this segment.
“By form, the liquid & gel segment is estimated to account for the largest share.”
The liquid & gel forms of the food flavor are dominating the market. The liquid and gel forms are easy to blend with the ingredients and, therefore, are preferred by the manufacturers. It provides uniform texture and color to the end product. Also, it is more stable than the dry form; therefore, it is driving the market.
“The Asia Pacific region is projected to grow at the highest CAGR during the forecast period.”
The food flavors market in the Asia Pacific region is largely driven by industrial shift and technological advancements that have made enzymes available for a wide range of applications. Developed markets such as North America and Western Europe are becoming mature, which has led to faster growth in developing markets such as Asia Pacific. Furthermore, the changing consumer preference in the food & beverage industry has contributed to the growth of the food flavors market in this region.
The food flavors market is segmented region-wise, with a detailed analysis of each region. These regions include Asia Pacific, North America, Europe, South America, and RoW (South Africa, the Middle East, and Others in Africa).
Break-up of Primaries
- By Value Chain: Supply side - 52% and Demand side - 48%
- By Designation: C-level - 36%, D-level - 33%, and Others - 31%
- By Region: Asia Pacific - 28%, North America - 24%, Europe - 20%, South America - 15%, and Middle East & Africa - 13%
Leading players profiled in this report include the following:
- DuPont (US)
- Archer Daniels Midland (ADM) (US)
- Givaudan (Switzerland)
- Kerry Group (Ireland)
- International Flavors & Fragrances (US)
- Firmenich (Switzerland)
- Symrise (Germany)
- MANE (France)
- Taiyo International (Japan)
- T. Hasegawa (Japan)
- Synergy Flavors (US)
- Sensient (US)
- Bell Flavors and Fragrances (US)
- Flavorchem (US)
- Takasago (Japan)
- Keva Flavours (India)
- Huabao Flavors & Fragrances (Singapore)
- Tate & Lyle (UK)
- Robertet (France)
- McCormick & Company (US)
- Wanxiang International (China)
- Treatt (England)
- China Flavors and Fragrances (China)
- Lucta (Spain)
- Solvay (Belgium)
This report segments the food flavors market on the basis of type, source, form, application, and region. In terms of insights, this research report focuses on various levels of analyses?competitive landscape, pricing insights, end-use analysis, and company profiles?which together comprise and discuss the basic views on the emerging & high-growth segments of the food flavors market, high-growth regions, countries, industry trends, drivers, restraints, opportunities, and challenges.
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- To get a comprehensive overview of the food flavors market
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