Food Flavors Market by Type (Chocolate & Browns, Vanilla, Fruits & Nuts, Dairy, Spices), Application (Beverages, Dairy, Confectionery, Bakery, Meat, Savory & Snacks), Origin (Natural and Artificial), Form, and Region - Global Forecast to 2023
“The food flavors market is projected to grow at a CAGR of 4.8%.”
The food flavors market is estimated at USD 13.56 billion in 2018 and is projected to reach USD 17.10 billion by 2023, at a CAGR of 4.8% from 2018 to 2023. The market is primarily driven by trends such as growth in consumer awareness regarding food safety and diseases caused by consuming harmful synthetic flavors. Other growth factors include the increasing demand for processed foods and beverages.
Factors such as the high cost and availability of raw materials for natural flavors are affecting the growth of the market. These issues have been restraining the growth of the food flavors market to some extent.
“The fruits & nuts segment is projected to grow at the highest rate during the forecast period.”
On the basis of type, the fruits & nuts segment is projected to grow at the highest CAGR. The food processing industry is growing in developed as well as emerging economies. The industry is contributing significantly to the GDP of emerging countries, owing to which the governments of these countries are also launching favorable policies for market growth. This factor is, in turn, driving the market for food flavors across the world.
“The beverage segment is projected to be the fastest-growing during the forecast period.”
Based on application, the beverages segment is projected to be the fastest-growing during the forecast period. Beverages such as energy drinks are in demand due to their health benefits. Consumption of beverages is increasing in developing economies due to the increase in disposable income in these countries.
“The liquid segment is projected to be the faster-growing during the forecast period.”
Based on form, the liquid segment is projected to be the faster-growing during the forecast period. Liquid flavors are in demand because these flavors easily mix together and give better results. The beverages segment is the leading application for liquid flavors.
“Natural segment is projected to grow faster during the forecast period.”
Based on origin, the natural segment is projected to be the faster-growing during the forecast period. Natural flavors are in demand due to their health benefits while also imparting flavor.
“South America is projected to register the highest growth rate during the forecast period.”
South America is projected to be the fastest-growing market between 2018 and 2023. Improvements in the food export and import industry have opened new opportunities for the food & beverage industry, leading to the growth of the food flavors market in this region. Emerging economies such as Brazil and Argentina play an important role in supplying food flavors. The rise in urbanization and change in food habits of consumers have led to an increased demand for packaged foods in South America. The leading market players for food flavors in the Asia Pacific region are Givaudan (Switzerland), International Flavors and Fragrances (US), Frutarom (Israel), Sensient (US), Grupo Saporiti (Argentina), Citromaxflavors (US), and Dohler (Germany).
Break-up of Primaries:
By Company Type: Tier 1 - 28%, Tier 2 - 33%, and Tier 3 - 39%
By Designation: C-level Executives – 49%, Director-level – 21%, and Others* - 30%
By Region: Asia Pacific - 35%, North America – 25%, Europe - 25%, South America - 5%, and RoW – 10%
*Others includes sales managers, marketing managers, and product managers
The key players profiled in this report are as follows:
International Flavors & Fragrances (IFF)
The report segments the food flavors market based on type, application, form, origin, and region. In terms of insights, this research report has focused on various levels of analyses—competitive landscape, end-use analysis, and company profiles—which together comprise and discuss the basic views on the emerging & high-growth segments of the food flavors market, high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges.
Reasons to buy this report:
To get a comprehensive overview of the food flavors market
To gain wide-ranging information about the top players in this industry, their product portfolios, and key strategies adopted by them
To gain insights about the key countries/regions in which the food flavors market is flourishing