London, Dec. 03, 2020 (GLOBE NEWSWIRE) -- Meticulous Research®, in its latest publication, titled “Food Flavors Market by Origin (Natural, Nature Identical, and Artificial), Type (Vanilla and Dairy), Form (Liquid, and Dry), and Application (Beverages, Dairy Products, Confectionery Products, and Meat Products) - Global Forecasts to 2027”, states that in terms of value, the food flavors market is expected to grow at a CAGR of 4.5% from 2020 to reach $20.27 billion by 2027.
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The growth of this market is backed by the growing demand for clean label and organic products, strong growth in the food and beverage industry, and technological advancements such as microencapsulation. In addition, emerging economies such as Asia-Pacific, Latin America, and the Middle East & Africa and the use of flavors in functional foods provide significant growth opportunities for food flavors manufacturers in the coming years.
To provide efficient analysis, Meticulous Research® has segmented the overall food flavors market on the basis origin (natural, natural identical, and artificial), type (chocolate and browns, vanilla, fruits and nuts, dairy, spices and herbs, vegetables, and others), form (liquid and dry), application (beverages {alcoholic drinks, soft drinks, hot drinks, and other drinks}, dairy products {ice cream and other dairy products}, confectionery products, baked products, meat products, savory and snacks, and others), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa).
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The food flavors market is mainly segmented into natural, nature identical, and artificial flavors based on origin. The artificial flavors segment is estimated to command the largest share of the overall food flavors market in 2020. The higher use of artificial flavors with the availability of a wide range of flavors in this category, high demand for new kinds of tastes, and cost-effectiveness compared to natural flavors are the key factors credited to the large share of the artificial flavors segment.
Based on type, the food flavors market is mainly segmented into chocolate and browns, vanilla, fruits and nuts, dairy, spices and herbs, vegetables, and others. The fruits and nuts segment is estimated to command the largest share of the overall food flavors market in 2020. The leading share of this segment is because of the factors such as rising demand for fruits and nuts flavors across a wide range of application in the food industry, including beverage, dairy, food, confectionery, pharmaceutical, nutritional food, and vitamin supplement; and increasing expenditure on such processed food and beverage products. However, the spices and herbs segment is expected to grow at the fastest CAGR during the forecast period.
Based on application, the food flavors market is mainly segmented into beverages, dairy products, confectionery products, baked products, meat products, savory and snacks, and others. The beverages segment is estimated to command the largest share of the overall food flavors market in 2020. However, the savory and snacks segment is expected to witness the fastest growth during the forecast period. The rising demand for functional snack food and increasing urbanization, and busier lifestyles are impacting the eating habits of consumers, who are increasingly replacing main meals with more flexible, light, and convenient snacking options.
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The global food flavors market is geographically segmented into five major geographies, namely North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. The Asia-Pacific region is estimated to command the largest share of the global food flavors market in 2020. The large share of this region 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 good quality food ingredients, and growing demand for processed food products. This region is also expected to grow at the highest CAGR during the forecast period. The rapid growth of this region is mainly attributed to the tremendous growth for the food and beverage industry primarily due to the increasing urbanization, health awareness, and disposable income.
The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographic presence on some of the key players operating in this market, including 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. (The Netherlands), BASF SE (Germany), Archer Daniels Midland Company (U.S.), Corbion NV (The Netherlands), and Döhler Group (Germany) among others.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/food-flavors-market-5145/
Scope of the report-
Food Flavors Market, by Origin
- Natural
- Natural Identical
- Artificial
Food Flavors Market, by Type
- Chocolate and Browns
- Vanilla
- Fruits and Nuts
- Dairy
- Spices and Herbs
- Vegetables
- Others
Food Flavors Market, by Form
- Liquid
- Dry
Food Flavors Market, by Application
- Beverages
- Alcoholic Drinks
- Soft Drinks
- Hot Drinks
- Other Drinks
- Dairy Products
- Ice Cream
- Other Dairy Products
- Confectionery Products
- Baked Products
- Meat Products
- Savory and Snacks
- Others
Food Flavors Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific (RoAPAC)
- Latin America
- Middle East and Africa
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