Food Flavors Market Expected to Grow at CAGR 5.2% During 2017 to 2023

“\”Market Research Future published a Half Cooked Research Report on Global Food Flavors Market which is estimated to grow at a CAGR of 5.2% after 2023\””
Food Flavors Market – by Origin (Natural, Chemical/Synthetic), by Type (Chocolate, Vanilla, Fruits & Nuts and others), by Application (Bakery & Confectionery, Dairy & Frozen Products, Savory & Snacks and others) – Forecast to 2023

Market Overview

Flavor is considered as food additives or ingredients which are used commercially in food and beverages and other various applications. Flavor indicates the sensory impression of food or any other substance that is determined by chemical senses of taste and smell. It is the sensual impression of food or other applications such as beverages, cosmetic & personal care, nutraceutical and other end-use applications. There are various types of food additives which are commercially available that are added to food and beverages to make it tastier and more appealing. Flavors are prepared by a mixture of volatile chemicals. According to FDA, the term natural flavor refers to, the oleoresin, essence or extractive, protein hydro lysate, essential oil which comprises of 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 whose main function is flavoring rather than nutrition.

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Competitive Analysis

The major key players in the Food Flavors Market are

  • Mane SA (U.S.)
  • Sensient Technologies Corporation (U.S.)
  • Symrise AG (Germany)
  • Takasago International Corporation (Japan)
  • Wild Flavors, Inc. (U.S.)
  • Givaudan SA (Switzerland)
  • Firmenich SA (Switzerland)
  • International Flavors & Fragrances Inc. (U.S.)

Global food flavors market is highly concentrated in Europe. Asia Pacific has massive potential for food flavors, as there is an increasing demand of ready to eat food products along with the new product development by the food flavors manufacturers.

Market Forecast

Hectic life-style of working class consumers’ population has led to an increased demand and sale of “on-the-go” convenience food. The trend of consumption of convenience food began in the Western regions and spread to other regions rapidly. Looking at the development of Asian countries, the increasing purchasing power of consumers, convenience trends are likely to remain significant. Consumers go for convenience foods as they are easy to use, and possess nutritional value, safety, variety and product appeal. Due to changing lifestyles, consumers spend less time planning and cooking meals at home as they consider preparing food at home as a chore and time and energy consuming. Flavors have a major role in the packed food to sustain the overall authentic property of the food. Deteriorating organoleptic properties of food product results making the food stale and undesirable. To sustain the quality, manufacturers put more focus on adding quality additives to the food product and hence food flavors play a major role in this market.

Downstream Analysis

Synthetic segment is estimated to account for major market proportion in the global food flavors market in the year of 2017. However, natural flavors segment is expected to witness a maximum growth rate during the forecast period of 2017-2023 owing to the increasing consumer inclination towards the natural or organic products. Consumers are also avoiding chemicals and other inorganic products which in turn accelerates the sales of natural food & beverages in the near future. Among the application, bakery & confectionery segment is expected to account for major market proportion throughout the forecast period of 2017-2023. However, dairy & frozen products segment is estimated to witness highest growth as compare to the other application owing to the launch of several new functional products in a various flavors.

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Regional Analysis

The global food flavors market is segmented into North America, Europe, Asia Pacific, and the rest of the world (RoW). Among these, the European region is expected to retain its dominance throughout the forecast period of 2017-2023. The growth in Europe is attributed to the massive demand of ready to eat food products among the consumers. Also, the increasing marketing campaign in European countries is expected to upsurge the demand of food flavors in the European countries during the forecast period of 2017-2023. North America is also estimated to account for more than one fourth of the market proportion in the global food flavors market. Among the North American countries, the U.S. is estimated to account for the maximum market proportion in the global food flavors market. Asia Pacific region is projected to grow at a fast pace during the forecast period of 2017-2023.

Market Segmentation

Global food flavors market is segmented by Type, Origin, Application and Region.

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