Market Analysis
Global Food Flavors Market size is projected to reach approximately USD 18.51 billion by 2024 and is expected to register 4.2% CAGR during the forecast period, 2019–2024. The demand for the food flavors is growing mainly in emerging economies owing to increasing awareness about the product and its various usage, thereby, providing opportunities for the manufacturer to expand the market. Regulatory authorities, for instance, FDA has permitted the use of natural food flavors, consisting of oleoresin, essence or extractive, protein hydrolysate, essential oil, which comprises the flavoring element derived from fruit or fruit juice, vegetable or vegetable juice, edible yeast, spice, herb, bark, bud, root, leaf or similar plant material or meat, seafood, poultry, dairy products, eggs.
Increasing awareness about natural flavoring agent owing to high demand among the rising population is driving the growth of the market. The increasing consumers’ awareness regarding health & wellness and their growing interest to adopt food flavors of natural origin instead of synthetic flavors is driving the market growth. Manufacturers invest in research and technical development and investigative activities to improve existing products and procedures in order to develop new products. Research and development will lead to development of new product to improve the quality of the product and improve its functionality by including better formulation. Key industrial players have been developing better-for-you products to accommodate the healthy food movement in convenient packaging, meeting labelling requirements to ensure food safety and quality.
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Major Key Players
The Food Flavors Market is competitive with major market players operating at the global level. The key industry players in the food flavors market have adopted the strategies such as geographical expansion, product launch, partnerships and acquisitions. Most of the companies operating in this market are focusing on expanding its operations across the geographies, augmenting its capabilities and investing in research and development to offer products with better functionality.
The key players profiled in the Global Food Flavors Market Report are Firmenich International SA (Switzerland), Givaudan SA (Switzerland), International Flavors & Food flavors, Inc. (U.S.), Symrise AG (Germany), Takasago International Corporation (Japan), V. MANE FILS SA (France), and Sensient Technologies Corporation (U.S.) among many others.
Segments
Global Food Flavors Market has been divided into type, application and region.
On The Basis Of Application: Beverages, Dairy & Frozen Products, Bakery & Confectionery, Savory & Snacks, and Others
On The Basis Of Type: Natural, Synthetic
On The Basis Of Region: North America, Europe, Asia Pacific, and ROW.
Regional Analysis
Food Flavors Market is segmented into Europe, North America, Asia Pacific and Rest of the World. Europe region is holds major market share in the global food flavors market and it is estimated to retain its dominance throughout the forecast period of 2018-2024. However, Asia Pacific region is projected to expand at a high pace as compare to the other region 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.
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