India Flavors Market to Reach INR 6,435 Crore by 2028, Stimulated by Expanding Food Industry

July 28, 2023 | Retail

According to the latest report by IMARC Group, titled “India Flavors Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the India flavors market size reached INR 3,922 Crore in 2022. Flavors are substances used to enhance or alter the taste and aroma of food and beverages. They are essential components in the food industry, providing a diverse range of sensory experiences. They are natural or artificial, and they are responsible for creating the distinct taste profiles we associate with different foods and drinks. They are typically obtained through methods such as extraction, distillation, or fermentation. Natural flavors capture the essence of ingredients, such as fruits, vegetables, herbs, spices, and even meat or dairy products. They can be categorized into various types, including fruity, floral, spicy, savory, and more. They can be used individually or in combination to create complex taste sensations. In addition to food and beverages, flavors are also utilized in pharmaceuticals, oral care products, and other consumer goods.

India Flavors Market Trends:

The flavors market in India is driven by the expanding food and beverage industry. Moreover, as consumers become more health-conscious and mindful of the ingredients they consume, there is a rising demand for natural flavors derived from authentic sources such as fruits, vegetables, herbs, and spices. Additionally, the increasing demand for unique and exotic taste experiences is catalyzing the market as consumers are seeking novel flavors and sensory experiences in their food and beverages. In response to this, manufacturers are developing a wide range of innovative flavors, ranging from traditional favorites to unconventional and exotic options, which are gaining prominence across the country. In line with this, continual advancements in flavor encapsulation techniques and delivery systems have improved the stability and shelf life of flavors, allowing for their incorporation into a wide range of products. This is providing a boost to the market. Furthermore, the Government of India has implemented stringent regulations to ensure the safety and labeling of flavor ingredients, which is impacting the market favorably. Looking forward, the market value is projected to reach US$ INR 6,435 Crore by 2028, expanding at a CAGR of 8.7% during 2023-2028.

Market Summary:

Based on the product type, the market has been segmented into nature identical, artificial, and natural.
On the basis of the form, the market has been divided into liquid and dry.
Based on the application, the market has been bifurcated into beverages, savories and snacks, confectionary products, bakery products, dairy and frozen desserts, and others.
Region-wise, the market has been segmented into North India, West and Central India, South India, and East India.
The competitive landscape of the market has also been examined, with some of the key players being Doehler India Pvt. Ltd, Firmenich Aromatics (India) Private Limited, Flavaroma Flavors and Fragrances Private Limited, Givaudan (India) Private Limited (Givaudan SA), Gupta & Company (P) Limited, International Flavors and Fragrances India Pvt. Ltd, Kerry Ingredients India (P) Ltd, Keva Flavours Pvt. Ltd. (S. H. KELKAR & Co. Ltd.), MANE Flavor & Fragrance Manufacturer, Oriental Aromatics Limited, Sacheerome Private Limited, Symrise Private Limited (Symrise AG), Synthite Industries Ltd, and Ultra International Limited.

Report Scope:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	INR Crore
Segment Coverage	Product Type, Form, Application, Region
Region Covered	South India, North India, West and Central India, East India
Companies Covered	Doehler India Pvt. Ltd, Firmenich Aromatics (India) Private Limited, Flavaroma Flavors and Fragrances Private Limited, Givaudan (India) Private Limited (Givaudan SA), Gupta & Company (P) Limited, International Flavors and Fragrances India Pvt. Ltd, Kerry Ingredients India (P) Ltd, Keva Flavours Pvt. Ltd. (S. H. KELKAR & Co. Ltd.), MANE Flavor & Fragrance Manufacturer, Oriental Aromatics Limited, Sacheerome Private Limited, Symrise Private Limited (Symrise AG), Synthite Industries Ltd, and Ultra International Limited
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India Flavors Market to Reach INR 6,435 Crore by 2028, Stimulated by Expanding Food Industry

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