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Food Flavors Market Size To Reach USD 16.33 Billion By 2028 With CAGR 4.4% | Reports And Data

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Food Flavors Market Size To Reach USD 16.33 Billion By 2028 With CAGR 4.4% | Reports And Data

August 30
14:46 2021
Food Flavors Market Size To Reach USD 16.33 Billion By 2028 With CAGR 4.4% | Reports And Data
Food Flavors Market
Increase in demand for different flavorings, high demand for authentic and natural flavorings, change in the lifestyle and increased demand for healthy and natural food flavorings coupled with increase in the research and innovation by the manufacturers and expansion of food industry is driving the market growth of food and beverages industry during the forecast period.

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. Flavors are extracted from naturally occurring plant and animal-based raw materials through the physical, microbiological and enzymatic processes. Fractional distillation and chemical manipulation processes are used for synthesis of artificial flavor. These are extensively used in this industry to enhance the aroma, taste, texture and color of products. Increasing demand for foodstuffs coupled with expansion in this sector is expected to propel the market growth of this industry. In addition, changing lifestyle, rising disposable income and changes in preference of taste is expected to increase the demand for flavors in the food industry. In order to maintain the market share, the key manufacturers are adopting strategies like expansion, new product launch, mergers & acquisitions and new flavor launch.

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Since decades most of the key manufacturers are adopting the strategy of new flavor launch to keep their customers interested in the brand and increase customer retention. Introduction of new flavorings induces curiosity in potential customers and increase the customer base of any company. Key factors like changing taste preferences, growing awareness on consumption of sugar, demand for healthy consumables and increase in innovation and R&D activities coupled with the efforts taken by manufacturers for creative advertisement strategies is expected to boost this industry. However, expensive flavor extraction process and high prices of raw materials is expected to hamper the growth of food flavors market during the forecast period.

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).

For the purpose of this report, Reports and Data has segmented the Food Flavors market on the basis of origin type, product type, application type, form, and region:

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
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

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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.
  • With changing lifestyle and eating preferences, consumers are getting more inclined towards authentic experiences and they sure are reflecting it in whatever they consume. According to Forbes magazine, from 2007-2017, in the U.S., the farmers market grew by 100%. Thus, the supply chain that plays a major role in this industry is enhanced over time.
  • One of the major strategy adopted by the manufacturers to increase the probability of consumers buying their products includes, short and simple list of the ingredients mentioned on the package.
  • 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.
  • Food flavors enable the product to retain its aroma and taste for a longer period of time. Rise in disposable income has led to an increase in demand for packaged products. Since these flavorings are extensively used in packed foods, the market growth of this industry is expected to surge during the forecast period.
  • 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.
  • Artificial or synthetic products are not expected to add much nutritional value to the products but can cause various health issues if consumed in excess quantities due to the presence of polycyclic aromatic hydrocarbons and nitrogen oxides.
  • This is common in flavorings induced by smoking process. The process of smoking food creates a number of toxic, mutagenic and carcinogenic components. Since the smoke contains nitrogen oxides, the formation of nitrosamines can take place in smoked meat products.
  • Most of the ‘natural flavors’ label on products are not completely safe since these are prepared from artificial ingredients but since the chemical compound of the end product is same as the natural counterparts, it is labeled as natural.
  • Some of the health issues pertaining to consumption of artificial flavorings include development of allergy or food sensitivity, dizziness, abdominal pain, nausea and vomiting.

Key Features of the Food Flavors Market Report:

  • The report offers a comprehensive analysis of the changing competitive dynamics.
  • Provides a futuristic outlook on the key market drivers and restraining factors.
  • A comprehensive 8-year forecast of the market and its expected growth rate and pattern.
  • In-depth analysis of the key product segments and application spectrum
  • Provides strategic recommendations to the established companies and new entrants to provide a competitive advantage over the other companies.
  • Comprehensive analysis of the key regions of the industry and provides a SWOT analysis and Porter’s Five Forces analysis to impart a deeper understanding of the market.

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About Reports and Data

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.

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