According to the current analysis of Reports and Data, the global Food Flavors Market was valued at USD 23.09 Billion in 2020 and is expected to reach USD 16.33 Billion by 2028, at a CAGR of 4.4%. Food flavors are additives that are used during food preparation in order to alter or enhance the taste and smell of the food product. These additives are sued in small proportions and are not expected to be consumed alone. Certain flavorings derived from fruits, spices and herbs are used to obtain tastes like sweet, sour and salty.
Growing demand for flavors in pharmaceutical industry owing to need for flavors to mask bitterness and smells of medicines is another major factor expected to boost market growth to a significant extent. Growing demand for new flavorful food products, and constantly increasing innovations in food flavors as per consumer demands based on tastes and preferences are among major factors driving growth of the global food flavors market. Sensory characteristics of food products related to taste and flavor have a specific effect on consumer’s food choices. Additionally, sensory characteristics play a vital role in making decisions regarding production of food flavors among manufacturers.
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Key Players:
Key participants include Givaudan (Switzerland), International Flavors Fragrances (US), Firmenich (Switzerland), Symrise (Germany), Frutarom (Israel), Sensient (US), MANE (France), Takasago (Japan), T.Hasegawa (Japan), and Robertet (France).
Further key findings from the report suggest:
- This industry is growing at a CAGR of 7% in Asia Pacific followed by Europe and North America, with 4.9% and 4.8% CAGR, respectively. Increase in demand for authentic and exotic flavorings is expected to drive the growth of food flavors.
- As of 2018, Natural Flavors is the dominating segment in this industry, which holds 52.2% of the global share. Asia Pacific region is the chief revenue generating source for this product segment, followed by Europe and North American regions.
- Beverages application type segment is expected to be the fastest growing segment during forecast period 2019-2026 with a CAGR of 5.7%. Beverages segment can further be divided into carbonated, non-carbonated, diet and health drinks.
- People are shifting towards healthy foods with simple ingredients. Thus, the demand for natural flavorings is expected to exhibit a substantial growth in countries like Italy, France, Germany, Spain and Asian countries.
- According to a research around 10,000 natural flavoring substances are identified in the nature, however, only 2,500 flavoring substances are being used by this industry.
- Some of the health issues pertaining to consumption of artificial flavorings include development of allergy or food sensitivity, dizziness, abdominal pain, nausea and vomiting.
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Market Segmentation:
Origin Type (Revenue, USD Million; 2018–2028)
- Natural
- Artificial
Product Type (Revenue, USD Million; 2018–2028)
- Brown Chocolate Vanilla
- Dairy
- Fruits Nuts
- Spices
- Others
Application Type (Revenue, USD Million; 2018–2028)
- Beverages
- Dairy
- Confectionery Snacks
- Meat
- Others
Form (Revenue, USD Million; 2018–2028)
- Liquid
- Dry
- Gas
Regional Outlook (Revenue in USD Million; 2018–2028)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East Africa
- Latin America
- Brazil
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Identifying the basic business drivers, challenges, and tactics adopted:
- The report provides intrinsic details and fluctuating aspects that influence the commercial dynamics of the Food Flavors market along with integral factors of the rise in the demand for the product have been mapped across vital geographical regions.
- An overview of the multifarious applications, business areas and the latest trends observed in the industry has been laid out by this study.
- Various challenges overlooking the business and the numerous strategies employed by the industry players for successful marketing of the product have also been illustrated.
- The research inspects the sales channels (indirect, direct, marketing) that companies have chosen for the primary product distributors and the superior clientele of the market.
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