Zion Market Research has published a new report titled “Flavors Market by Type (Natural and Synthetic) for Beverages, Bakery, Confectionery, Dairy, Savory & Snacks and Others Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021.” According to the report, global flavors market was valued at USD 11.50 billion in 2015 and is expected to reach USD 15.60 billion in 2021, growing at a CAGR of 7.5% between 2016 and 2021. In terms of volume, the global flavors market stood at 587.0 million tons in 2015.
Flavor is the sensory outline of food, which is specially determined by taste and smell. Its main function is to make food tastier and more tempting. The different flavors are made up of chemicals which are added to food stuff for enhancing or maintaining the taste of the food for a longer time. In addition, it also used to add color, flavor and the look to the food. It has a wide range of application such as food & beverages, bakery, pharmaceuticals, oral care industry and others.
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The global flavors market is mainly driven by rapid growth in demand for convenience food across the globe. Secondly, changing lifestyle and eating habits is also expected to propel the demand for flavor market in near future. However, growing concerns towards health issues coupled with stringent rules and regulations are likely to impede the growth of the global flavors market. Nonetheless, emerging economies are likely to open new opportunities to the major players of the market.
The natural and synthetic flavors are the key types of global flavors market. Among these two, the natural flavor dominated the globe flavors market in 2015. It accounted over 50% shares of the overall market in 2015. Furthermore, the shifting preference of customer towards natural flavors is expected to maintain the dominance of natural flavor in the market in near future.
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Based on the various applications, the global flavors market is segmented into bakery, beverages, confectionery, dairy, savory & snacks and others applications. Among all applications, beverages were the leading application segment, which accounted for 34.0% share of total volume consumption in 2015. Moreover, the dairy and savory & snacks are important outlets that are expected to have the promising market in the coming years due to strong demand for flavors from emerging countries such as China, India, and Brazil.
Based on geography, North America dominated the global flavors market in 2015. It accounted for over 30.0% shares of the global flavors market. North America was followed by Europe in 2015. In addition, Asia Pacific is expected to be the fastest growing regional markets owing to the mounting demand for flavors in emerging economies such as China, India, Bangladesh and Sri Lanka. Food flavoring companies are also targeting to increase the scope of their business in the region over the future years. Demand for sauces & seasonings of different flavors is expected to increase the market growth in Latin America, Middle East & Africa over the coming years.
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Some of the key players operatives in the global market of flavors include Givaudan, Firmenich SA, Kerry Group plc, Symrise AG, Wild Flavors Inc., Frutarom Industries Ltd., SunOpta, Inc, International Flavors and Fragrances Inc., Mane Fils SA, Archer Daniels Midland Company and Sensient Technologies Corporation.
Givaudan is one of the dominating companies in the flavors market. Recently, the Givaudan Company launched the new manufacturing site in Nigeria to expand its business capacity. Firmenich SA is another leading company which accounts for a major chunk in the market. The major players are striving hard to expand its business through new product launch and expansion.
The report segments the global flavors market as:
Flavors Market: Type Analysis
Flavors Market: Application Analysis
- Savory & Snacks
Flavors Market: Regional Analysis
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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