-- Food Flavors Market by Type (Natural and Artificial) and End User (Beverages, Dairy & Frozen Products, Bakery & Confectionery, Savory & Snacks, and Animal &Pet Food): Global Opportunity Analysis and Industry Forecast, 2020–2027". According to the report, the global food flavors industry was pegged at $14.62 billion in 2019, and is anticipated to reach $17.42 billion by 2027, growing at a CAGR of 4.6% from 2020 to 2027.
Flavors are used in various products such as bakery, confectionery, meat, snacks, seafood, and poultry. By type, the global market is bifurcated into natural and artificial flavors. Rise in disposable income and change in food habits are the factors that drive the growth of the food flavors market. The beverages industry has a significant impact on the growth of the global market.
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Increase in demand for ready-to-eat meals & fast foods is a key driver for the food flavors industry across the globe. Moreover, innovative technologies, introduction of new flavors, and heavy inflow of investment in R & D activities are the other factors that supplement the growth of the food flavors market. There is an upcoming trend of using natural flavors owing to rise in health awareness. Furthermore, high demand for flavors across European countries to produce commercialized clean label or green food products that are free of additives and other harmful chemicals has propelled the growth of the natural flavors market.
Covid-19 scenario:
The global lockdown has offered numerous challenges to the global food flavoring industry. Where on the one hand, various companies are witnessing a shortage of lab workers, on the other hand, it has become difficult to tackle the disruptions in the supply chain.
Moreover, various regions are entering in recovery phase and initiating to continue their procedures. to manage the availability of the essential requirements.
By type, the artificial food flavors segment held the largest share in 2019, accounting for nearly two-thirds of the global food flavors market, owing to less processing time compared to natural flavors. However, the natural food flavors segment is expected to register the highest CAGR of 5.6% during the forecast period, due to their increased demand in the food & beverage industry and rise in demand for clean label products globally.
By end user, the savory & snacks segment is expected to reach the fastest CAGR of 6.3% during the study period, owing to their growing demand across developing countries. However, the beverages segment held the largest share in 2019, contributing to more than one-fourth of the global food flavors market, due to rise in awareness among the population regarding the side effects of carbonated drinks.
The market across Asia-Pacific, held the largest share in 2019, accounting for nearly one-third of the market. Moreover, the region is expected to manifest the highest CAGR of 6.0% during the forecast period, owing to change in taste for fast food & beverages in the region and rise consumption of dairy, bakery, and beverage products. The global food flavors market across North America held the second-highest share in 2019, contributing to more than one-fourth of the market.
Leading players of the global food flavors market analyzed in the study includeFrutarom Industries Ltd., Huabao International Holdings Limited, Kerry Group, Plc.,Robertet SA, S H Kelkar and Company Limited., FirmenichSA, Sensient Technologies Corporation, Symrise AG, Takasago International Corporation, and Givauda International SA.
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