North America Food Flavors Market Forecast 2019-2028
The North America food flavors market is anticipated to record a CAGR of 3.56%, during the forecast period of 2019 to 2028. The surging demand for healthy and organic products and the growing need for convenience and ultra-processed food, primarily fuel the region’s market growth.
The United States and Canada are evaluated to assess the North America food flavors market growth. Canada’s market for food flavors is predominantly driven by the rising demand for ultra-processed food, in the country. Ultra-processed foods are characterized by the formulation of industrial ingredients and other food-derived substances, in addition to additives. Besides, these food products are not modified and primarily comprise very little, if any, intact food. Moreover, Canadians are currently the largest purchasers of ultra-processed foods and drinks, across the world, with an annual average of nearly 230 kilograms per person.
On the other hand, recent years have also witnessed an exponential growth in women entering or returning to the workforce. As a result, at least 70% of Canadian households possess a dual-income, with relatively reduced time for families to concentrate on home cooking. The country’s wages have also stagnated and failed to keep up with increasing living costs. Likewise, the deterioration has resulted in families becoming financially restrained. Hence, the factors mentioned above, are anticipated to propel the region’s market growth over the forecast period.
Wild Flavors Inc, Frutarom Industries Ltd, Bell Flavors and Fragrances Inc, Amyris Inc, Sensient Technologies Corporation, International Flavors & Fragrances Inc, etc., are among the key players operating in the market.
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