In terms of value, the Food Flavors Market is expected to grow at a CAGR of 4.2% from 2021 to reach $20.39 billion by 2028, and in terms of volume, the market is expected to grow at a CAGR of 3.8% from 2021 to reach 10,935.6 thousand MT by 2028.
This market is driven by factors, such as the growing demand for clean label and organic products, the strong growth in the food & beverage industry, and increasing technological advancements, such as microencapsulation.
In addition, emerging economies in Asia-Pacific, Latin America, the Middle East & Africa, and the increasing usage of flavors in functional foods are expected to provide significant growth opportunities for food flavors manufacturers in the coming years. However, the harmful health effects of flavors and stringent government regulations on the use of food flavors restrain the growth of this market to a notable extent.
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The global food flavors market is segmented based on origin, type, form, application, and geography. The study also evaluates industry competitors and analyses the market at the country level.
Based on origin, the food flavors market is segmented into natural food flavors, nature-identical food flavors, and artificial food flavors. The artificial food flavors segment accounted for the largest share of the food flavors market in 2021. The large share of this segment is mainly attributed to the higher use of artificial flavors with the availability of a wide range of flavors in this category, the increasing demand for new kinds of tastes, and their cost-effectiveness compared to natural flavors. In addition, the huge demand for artificial flavors in rising demand & consumption of packaged food products, fast foods, and Ready-To-Eat (RTE) products further supports the growth in this category.
However, the natural food flavors segment is expected to grow at the highest CAGR during the forecast period, which is attributed to the rising demand for unique exotic flavors, the growing health awareness among consumers, the increasing demand for organic food products, the rising preference for natural flavors as an active ingredient in bakery products, and key trend for clean label products.
Based on type, the food flavors market is mainly segmented into chocolate & browns, vanilla, fruits & nuts, dairy, spices & herbs, vegetables, and other types. The fruits & nuts segment accounted for the largest share of the food flavors market in 2021. The large share of this segment is mainly attributed to the rapidly increasing middle-class population, the rising consumption of nuts, the increasing demand for innovative and appetizing food & beverage products, and the increasing expenditure on processed food & beverage products.
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Based on form, the food flavors market is segmented into liquid-form food flavors and dry-form food flavors. The liquid-form food flavors segment accounted for the largest share of the food flavors market in 2021. The large share of this segment is mainly attributed to its benefits, such as its capability to increase the shelf life of food products, ensure homogeneous blends with virtually no segregation, and provide high microbiological stability, which is used in the food and beverage, confectionery, bakery, dairy, and other food industries.
Based on application, the food flavors market is mainly segmented into beverages, dairy products, confectionery products, baked products, meat products, savory and snacks, and other applications. The beverages segment accounted for the largest share of the food flavors market in 2021. The large share of this segment is mainly attributed to the growing demand for beverages, rising disposable income in emerging countries, rapid urbanization, and changing lifestyles worldwide.
Based on geography, Asia-Pacific accounted for the largest share of the food flavors market in 2021. The large share of this region is primarily attributed to the increasing demand for processed food products in emerging and developing countries, such as India, China, Indonesia, and Thailand; shifting consumer preferences for high-quality food ingredients, and the increasing outsourcing of processed food manufacturing from the Asian region to meet the growing international demand.
Key Players :
The key players operating in the food flavors market are Givaudan SA (Switzerland), International Flavors & Fragrances, Inc. (U.S.), Firmenich SA (Switzerland), Symrise AG (Germany), Sensient Technologies Corporation (U.S.), MANE SA (France), Takasago International Corporation (Japan), T. Hasegawa Co., Ltd. (Japan), Robertet Group (France), Huabao International Holdings Limited (Hong Kong), Kerry Group (Ireland), Koninklijke DSM N.V. (Netherlands), BASF SE (Germany), Archer Daniels Midland Company (U.S.), Corbion NV (Netherlands), and Döhler GmbH (Germany).
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Key questions answered in the report:
Which are the high-growth market segments in terms of origin, type, form, application, and geography?
What is the historical market size for food flavors across the globe?
What are the market forecasts and estimates for the period 2021–2028?
What are the major drivers, restraints, and opportunities in the food flavors market?
Who are the major players in the market, and what are their market shares?
Who are the major players in various countries, and what are their market shares?
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