According to the latest report by IMARC Group, titled "Food Flavors Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global food flavors market reached a value of US$ 16.2 Billion in 2022. Food flavors represent a set of flavoring ingredients and additives that are manufactured using aromatic compounds obtained from various natural sources or synthesizing chemical agents. These ingredients can also be combined with other elements, such as essential oils, organic acids, salts, propylene glycol, and glycerol, to prevent sugar crystallization. Food flavors aid in intensifying and maintaining product taste, improving odor, adding texture, and preserving the aroma of various meals and beverages post processing. On account of these properties, food flavors are extensively used in liquid and solid forms in multiple baked products, soups, marinades, snacks, confectionery items, dairy consumer goods, sweets, and pet food.
Global Food Flavors Market Trends:
With the significant expansion in the food and beverage (F&B) sector, there has been an increasing demand for various ready-to-eat (RTE) and ready-to-drink (RTD) products. This, in turn, has facilitated the widespread adoption of food flavors as a key ingredient for preserving the taste and aroma of processed food items, which represents a key factor primarily driving the market growth. This is further supported by rising disposable incomes, hectic schedules, and evolving consumer preferences. In line with this, significant technological advancements, such as the implementation of the microencapsulation technique for suppressing the adverse aroma and volatility from the product caused by evaporation, chemical reaction, or migration, are acting as another growth-inducing factor. Moreover, the rising health concerns and awareness amongst consumers regarding the detrimental effects of chemical additives have prompted manufacturers to uptake plant-derived organic components to produce food flavors, which, in turn, is contributing to the market growth. Other factors, such as continuous investments in research and development (R&D) activities, along with strategic collaborations amongst key players to introduce healthy botanical flavor-infused clean label additives and their easy availability across both online and offline distribution channels, are creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 21.0 Billion by 2028, growing at a CAGR of 4.29% during 2023-2028.
- Based on the type, the market has been bifurcated into natural and artificial.
- On the basis of the form, the market has been segmented into dry and liquid.
- Based on the end user, the market has been segregated into beverages, dairy and frozen products, bakery and confectionery, savory and snacks, and animal and pet food.
- On a regional basis, the market has been segmented into North America (United States, and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, along with the profiles of the key players being Archer-Daniels-Midland Company, BASF SE, Corbion N.V., Firmenich SA, Givaudan, International Flavors & Fragrances Inc., Kerry Group plc, Koninklijke DSM N.V., Robertet Group, Sensient Technologies Corporation, Symrise AG and Takasago International Corporation.
|Base Year of the Analysis
||Type, Form, End User, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Archer-Daniels-Midland Company, BASF SE, Corbion N.V., Firmenich SA, Givaudan, International Flavors & Fragrances Inc., Kerry Group plc, Koninklijke DSM N.V., Robertet Group, Sensient Technologies Corporation, Symrise AG and Takasago International Corporation.
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