Food Flavor Market Size Forecast to Reach $26.4 Billion by 2026

Food Flavor Market Size Forecast to Reach $26.4 Billion by 2026

“Food Flavor Market”
Increasing Consumption of Packaged Food Products and Beverages Are Likely To Aid the Market Growth of the Food Flavor Market

Food Flavor Market size is forecast to reach $26.4 billion by 2026, growing at a CAGR of 3.4% during the forecast period 2021-2026. Food flavors are ingredients that are added to meals to enhance its taste and scent also it is used as flavor enhancer in food products. These food flavors are used in small amount and are not intended to be consumed on their own. Food taste may be divided into two categories: natural and artificial. Natural flavor are generated from herbs, spices, and substances that have a distinct sweet, sour, or salty flavor. Similarly, artificial food flavors are created by fractional distillation and further chemical modification of naturally obtained molecules. There are many food flavor ingredients such as essential oils, propylene glycol, hydrocarbons and others. Manufacturers intend to create new formulations such as natural food flavor extracted from exotic fruits. A food’s flavor may be readily adjusted by changing its smell while maintaining a similar taste. The flavorants concentrate on changing or improving the tastes of natural food items such as meats and vegetables, as well as generating flavor for food products that lack desirable tastes such as sweets and other snacks. Increasing application of food flavor in various food items coupled with growing consumption of confectionery items are the major factors driving the growth of the market. Increasing demand for processed food products coupled with changing lifestyle of the people is set to further enhance the overall market development of the Food Flavor Market for the period 2021-2026.

Food Flavor Market Segment Analysis – By Type

Natural flavor held the largest share in the Food Flavor Market in 2020 and is estimated to grow at a CAGR 4.2% during the forecast period 2021-2026. The natural flavor from various plants provide good taste and flavor to the food products such as essential oil, oleoresins and others. Manufacturers are offering products free from artificial flavors and shifting towards natural flavor. Natural tastes are obtained from their scent or taste compounds from plant or animal sources, such as fruit, meat, fish, spices, herbs, roots, leaves, buds, or bark that have been distilled, fermented, or otherwise modified in a laboratory. As consumers become more aware of the detrimental consequences of synthetic flavorants, they choose to use botanical and natural extracts in their cooking. Natural flavor are estimated to register the higher CAGR over the period 2021-2026.

Food Flavor Market Segment Analysis – By Application

Beverage held the largest share in the Food Flavor Market in 2020 and is estimated to grow at a CAGR 3.9% during the forecast period 2021-2026. Beverage industry prefer various food flavor owing to varied consumer taste and preferences. The beverage industry mostly use flavor such as citric acid, high fructose corn syrup (HFCS), propylene glycol, hydrocarbons, malic acid, phosphoric acid, and sucralose acid. The introduction of new flavors by manufacturers creates enthusiasm among consumers to sample such new flavors, hence increases market growth. Beverages are expected to grow at the fastest rate between 2021 and 2026.

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Food Flavor Market Segment Analysis – By Geography

Asia-Pacific dominated the Food Flavor Market with a major share of 39.3% in 2020. This is attributed to the growing disposable income of the people and the growing intake of convenience food products in this region. Furthermore, as cities become more densely populated and people’s lifestyles become more hectic, they prefer processed food items, which is driving the growth of market in this region.

However, North America is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the changing food habit of the consumers coupled with presence of key manufacturers in this region contribute the growth in this region. Increasing demand for packaged food product is also increasing the growth of the market in this region.

Food Flavor Market Drivers

Increasing Consumption of Confectionery Products

Increasing consumption of confectionery food products include pastries, cakes, chocolates, gum, toffees etc. is increasing the growth of the Food Flavor Market. Food flavors are commonly utilized in confectionary food items to improve the texture and flavor of items that appeal to customers. Furthermore, changing food habit and preference of consumers coupled with growing awareness about taste and brand among consumers. Thus, increasing the growth of the Food Flavor Market during the forecast period 2021-2026.

Rising Demand of Food Flavors

Increasing demand Food Flavors owing to rise in application in food and beverage industry across the globe is increasing the growth of the Food Flavor Market. According to the World Food Flavors Association (WIND), in 2019 China’s demand for Food Flavors is 41,450 million servings, accounting for more than 38% of global consumption. Thus, increasing the growth of the Food Flavor Market during the forecast period 2021-2026.

Food Flavor Market Challenges

Lower Stability

Some of the factors that are set to impede the growth of the Food Flavor Market are natural flavor are particularly unstable and volatile when compared to nature-identical or synthetic flavor. The factor which hamper the growth of market is natural flavor are more likely to lose flavor during food preparation because of their volatile nature. Because of the scarcity of raw ingredients and the high processing costs, natural flavors are costly.

Food Flavor Market Outlook

Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Food Flavor Market. In 2020, the Food Flavor Market share is consolidated by the top ten players present in the market. The Food Flavor Market, top 10 companies are International Flavors & Fragrances, Givaudan, ADM, DuPont, T. Hasegawa, Synergy Flavors, Sensient, Robertet, McCormick & Company, and Wanxiang Internation.

Key Takeaways

Asia-Pacific dominated the Food Flavor Market in 2020 owing to rising disposable income of the people coupled with growing demand for convenience food products. The Food Flavor Market scope for different regions will be provided in the final report.

Increasing consumption of packaged food products and beverages are likely to aid the market growth of the Food Flavor Market report.

Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Food Flavor Market report.

High cost for production of natural Food Flavor is poised to create the hurdles for the Food Flavor Market.

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