by The global Food Flavor Market is estimated to be valued at US$ 17.68 Bn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Food flavors help enhance the taste and aroma of food products. They play an important role in improving taste and creating new food experiences. Flavors are extensively used across various food applications including bakery, dairy, snacks, beverages and others.
Market key trends:
One of the key trends in food flavor market is the rising demand for natural flavors. Consumers are increasingly preferring food products with clean label and natural ingredients owing to growing health consciousness. This has propelled food companies to opt for natural flavors over artificial flavors. According to the Global Flavor Association, the global natural flavors market accounted for $17.66 billion in 2020 and is projected to grow at a CAGR of 5.5% from 2021 to 2027. The growth is attributed to shifting consumer preference towards nutrition-rich food products with natural ingredients.
Market key trends:
The global food flavor market is witnessing increased demand for natural and organic flavor ingredients. Consumers are becoming more health conscious and prefer food and beverage products containing natural ingredients over artificial flavors. As a result, flavor manufacturers are extensively focusing on developing natural and plant-based flavors extracted from various sources such as fruits, vegetables, spices, herbs, and other plant parts. Furthermore, customization has become a key trend in the market with companies offering customized flavor solutions as per specific consumer requirements. Modified processing techniques to enhance flavor profiles is another ongoing trend.
SWOT Analysis:
Strength: Wide applications in various food segments such as savory, dairy, snacks, and beverages.
Weakness: Vulnerable to price fluctuations of raw materials.
Opportunity: Growth of organic and natural food industry providing new opportunities.
Threats: Stringent food safety regulations and negative public perception regarding synthetic flavors.
Key Takeaways:
The Global Food Flavor Market Size was valued at US$ 17.68 Bn in 2023. The market is expected to grow at a CAGR of 4.6% during the forecast period due to increasing demand for processed and convenience food products with consistent taste.
Regional analysis:
Asia Pacific is expected to dominate the global market during the analysis period. Rapid urbanization, rising disposable income, and growing demand for convenience food in countries such as China and India are fueling the growth of the food flavor market in the region.
Key players:
Givaudan SA, International Flavors & Fragrances Inc., Firmenich SA, Symrise AG, Takasago International Corporation, Sensient Technologies Corporation, T. Hasegawa Co., Ltd., Kerry Group, Mane SA, and Huabao International Holdings Limited are some of the prominent players operating in the food flavor market.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
