Global Food Flavors Market – Overview —
Increasing awareness about natural flavoring agent owing to high demand among the rising population is driving the growth of the market. Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Nutrition sector among others, recently forecasted in its report on Global Food Flavors Market Research Report- Forecast to 2023 that the market will demonstrate an exceptional CAGR 5.60% during the forecast period.
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.
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.
• Europe is estimated to retain its dominance over the forecast period and to grow at a substantial CAGR of 5.57%. Among the European country, Germany is projected to witness a substantial growth at a CAGR 5.83% during the forecast period of 2017-2023
• Global food flavors manufacturers find massive opportunity in the U.S. owing to the huge demand for natural flavors in the food & beverages.
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Global Food Flavors Market - Competitive Analysis
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 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.) among many others.
Global Food Flavors Market: Segmental Analysis
The global food flavors market has been segmented on the basis of type, application, and region.
By mode of Type, the global food flavors market has been segmented into synthetic and natural. Among these, the synthetic segment is anticipated to occupy the maximum market share and is considered to expand at 5.03% CAGR during the appraisal period.
By mode of Application, the global food flavors market has been segmented intodairy & frozen products, beverages, savory & snacks, bakery & confectionery, and others. Among these, the beverages segment is presumed to experience the highest growth rate at 6.07%CAGR during the appraisal period. The growth in this segment is attributed to the high demand for non-carbonated and carbonated energy drinks.
Geographically, the food flavors market span across regions namely, Asia Pacific, North America, Europe, and Rest-of-the-World.
Among all the regions, the European region is estimated to retain its dominance throughout the appraisal period. The growth is attributed to the robust economic growth coupled withrising health conscious population in this region. Europe is predicted to garner USD 6366.20 million by the end of 2023.
The Asia Pacific region is estimated to expand at the highest CAGR of 6.11% owing to thegrowing middle-income population with more disposable income and rapid urbanization in the developing countries.Such factors are considered to trigger the sales of food flavors in this region.
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January 08, 2019: Snack company, Santé Specialty Foods is likely to expand its product line of spiced nuts and gourmet roastedwith a new trio of flavors;pumpkins spice pecans, bourbon pecans, and chocolate almonds. The three brand new flavors are perfect pick for on-the-go snacking.
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