The growing demand for clean label and organic products, strong growth in the food & beverage industry, and technological advancements, such as microencapsulation, are the key factors driving the growth of the food flavors market.
This market is driven by factors, such as the growing demand for clean label and organic products, the strong growth in the food & beverage industry, and increasing technological advancements, such as microencapsulation.
The Food Flavors Market is expected to grow at a CAGR of 4.2% from 2021 to reach $20.39 billion by 2028, and in terms of volume, the market is expected to grow at a CAGR of 3.8% from 2021 to reach 10,935.6 thousand MT by 2028.
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Furthermore, the emerging economies in Asia-Pacific, Latin America, the Middle East & Africa, and the increasing usage of flavors in functional foods are expected to provide significant growth opportunities for market players in the coming years.
The key players profiled in the food flavors market are Givaudan SA (Switzerland), International Flavors & Fragrances, Inc. (U.S.), Firmenich SA (Switzerland), Symrise AG (Germany), Sensient Technologies Corporation (U.S.), MANE SA (France), Takasago International Corporation (Japan), T. Hasegawa Co., Ltd. (Japan), Robertet Group (France), Huabao International Holdings Limited (Hong Kong), Kerry Group (Ireland), Koninklijke DSM N.V. (Netherlands), BASF SE (Germany), Archer Daniels Midland Company (U.S.), Corbion NV (Netherlands), and Döhler GmbH (Germany).
Strong Growth in the Food & Beverage Industry Drives the Growth of the Food Flavors Market
In recent years, the rapidly rising incomes and urbanization have spurred interest in convenient packaged foods and fast food. These factors are expected to boost the food & beverage market, as packaged goods require high flavoring loadings to preserve taste lost during large-scale manufacturing. The food & beverage industry is expected to remain the key driver for the growth of the food flavors market. The global food & beverage market has witnessed a healthy growth over the last ten years and is expected to maintain this growth over the coming years.
According to Statistics Canada and Farm Credit Canada (FCC), the food & beverage manufacturing sales reached $122.9 billion in 2020, a 3.5% increase compared to 2019. With the flourishing food industry and increasing demand for processed foods, the flavor industry is expected to witness significant growth.
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This growth will drive the widespread use of flavors in processed food, snacks, soft drinks, candy and confectioneries, meat and seafood products, sauces and condiments, etc. Expansion of fortified food and beverages is expected to provide opportunities since flavors are required to conceal the unpalatable tastes of vitamins, minerals, antioxidants, and other added ingredients.
Asia-Pacific to be the Fastest-growing Regional Market
Asia-Pacific accounted for the largest share of the food flavors market in 2021, followed by Europe, North America, Latin America, and the Middle East & Africa. The large market share of Asia-Pacific is primarily attributed to the increasing demand for processed food products in emerging and developing countries, such as India, China, Indonesia, and Thailand; shifting consumer preferences for high-quality food ingredients, and the increasing outsourcing of processed food manufacturing from the Asian region to meet the growing international demand.
Additionally, Asia-Pacific is slated to grow at the fastest CAGR during the analysis period due to the growing processed food industry in the region, rising investments in the food sector, and the tremendous growth in the food and beverage industry, which is attributed to increasing urbanization, growing health awareness, and rising disposable income.
The global food flavors market is segmented based on origin, type, form, application, and geography. The study also evaluates industry competitors and analyses the market at the country level.
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Scope of the report
Food Flavors Market, by Origin
Natural Food Flavors
Natural-identical Food Flavors
Artificial Food Flavors
Food Flavors Market, by Type
Fruits & Nuts
Chocolate & Browns
Spices & Herbs
Food Flavors Market, by Form
Liquid-form Food Flavors
Dry-form Food Flavors
Food Flavors Market, by Application
Savory & Snacks
Other Dairy Products
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Key Findings in the Food Flavors Market Study:
Artificial Food Flavors Segment to Dominate the Food Flavors Market in 2021
Fruits & Nuts Segment to Dominate the Food Flavors Market in 2021
Liquid-form Food Flavors Segment to Witness the Largest Demand Through 2028
Savory & Snacks segment Projected to Grow at the Highest CAGR During Forecast Period
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