The report lists the prominent players in the Global Food Flavors Market, including International Flavors & Food flavors Inc. (U.S.), V. MANE FILS SA (France), Symrise AG (Germany), Givaudan SA (Switzerland), Sensient Technologies Corporation (U.S.), Takasago International Corporation (Japan), Firmenich International SA (Switzerland), among others.
Rising Popularity of Clean-Label and Organic Products to Fuel Market Growth
The marketing of clean labels is becoming more common in the natural flavors industry. This is happening due to the growing health awareness among consumers, who are now opting for natural food products. Natural flavors have various health benefits, driving their sales among the consumers who have no qualms in paying the premium prices for natural foods. Moreover, it has been noted that a large portion of the global population keeps a tab on the ingredients as well as the label of a product before they buy it. Thus, the growing awareness among consumers is prompting numerous manufacturers to come up with a suitable replacement for synthetic flavors such as natural flavors. These factors will prove to be highly beneficial for the future growth pattern of the Food Flavors Market to a large extent.
As per the calculated predictions of Market Research Future (MRFR), the Global Food Flavor Market is all set to be estimated at the whopping value of USD 6366.20 million by 2023. The market size will be expanding at a steady CAGR of 5.60% during the forecast period (2017-2023).
Growth Factors and Key Restraints
Continuous Advancements in Technology
Companies are continuously striving to one up each other by coming up with new technologies that help produce better varieties of natural as well as synthetic flavors, providing more suitability and stability. For example, tropical fruits lose their flavor when they are being processed, thus in order to retain the flavor, manufacturers have invented various advanced technologies. The process of extracting the flavors cam prove to be a highly complicated task. Supercritical carbon dioxide is a harmonized technique adopted by numerous manufacturers for extracting the flavors. Moreover, beta-carotenoids, lycopene, essential oils and vanilla, as well as many other flavors can be extracted using the SLE technology. Solid-liquid extraction (SLE) refers to a highly innovative technology, which helps extract 90% of the natural flavor. Out of all the technologies, supercritical fluid extraction has proved to be the most effective, as it can perform at a high-pressure level.
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Geography-wise, the food flavors market seems to be expanding in Asia Pacific, Europe, North America, and the Rest-of-the-World.
With the largest share, Europe is dominating the global food flavors market and is predicted to maintain its leading position throughout the review period. The regional market in Europe owes its lucrative growth to the robust economic growth along with the rising health consciousness among the local population. Based on these factors, Europe will witness a relentless growth trajectory to reach the valuation of USD 6366.20 million by the end of 2023.
The Asia Pacific region is projected to grow at the highest CAGR of 6.11%, on account of the burgeoning middle-income population with increasing disposable income, in addition to the speedy rate of urbanization in the developing economies. Moreover, growing demand for natural flavor in confectionery, beverage, desserts and dairy will prove to be a highly beneficial factor fueling the growth of the regional market.
People from developed geographies such as from North America, make massive demand for health & wellness products, owing to the growing awareness and several health issues occurring from sedentary lifestyle patterns. Thus, these factors are responsible for the strong growth of the food flavors market in the region. Plus, with the increasing preference for ready-to-eat products, which are healthy and easy-to-prepare will also being instrumental in the high growth of the regional market in the coming years.
The market for food flavors is segmented on the basis of Type and Application.
By Mode of Application
- Dairy & frozen products
- Bakery & confectionery
- Savory & snacks
The beverages segment is poised to witness the highest growth rate at 6.07% in the coming years, out of all the applications. The segment growth is due to the increasing popularity and subsequently increasing demand for non-carbonated and carbonated energy drinks.
By Mode of Types
Out of these, the synthetic segment is slated to govern the maximum share in the global market, surging at a CAGR of 5.03% during the conjectured time frame.
- Europe is estimated to retain its dominance over the forecast period and to grow at a substantial CAGR of 5.57%. Among the European country, Germany is projected to witness a substantial growth at a CAGR 5.83% during the forecast period of 2017-2023
- Global food flavors manufacturers find massive opportunity in the U.S. owing to the huge demand for natural flavors in the food & beverages.
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February 2019 – Santé Specialty Foods, a snack company, is in the process of expanding its product line of spiced and gourmet nuts, with the addition of flavors like pumpkin spice pecans, chocolate almonds and bourbon pecans.
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