Dublin, March 06, 2023 (GLOBE NEWSWIRE) -- The "Global Food Flavors Market by Labelling/ Regulation (Natural, Nature Identical/ Artificial), Form (Liquid & Gel, Dry), Type (Chocolate & Brown, Vanilla, Fruit & Nut, Spices & Savory, Dairy), Application (Food, Beverage) Region - Forecast 2027" report has been added to ResearchAndMarkets.com's offering.
The global food flavor market is projected to reach USD 21.3 billion by 2027 growing at a CAGR of 3.5% from 2022 to 2027.
The demand for natural flavors is rising as customers increasingly choose meals and beverages with natural tastes and product formulations for health advantages, from blueberry-flavored protein drinks to chocolate- and rose-flavored teas.
Consumer interest in natural flavors is also attributed to the rising use of botanicals and botanical extracts, which are plant-derived compounds that can assist with health management and offer flavor. This is the key factors driving the growth of the food flavors market.
The demand for food flavors is growing at a high rate in food application
The Food flavors market has been segmented based on applications of food (dairy products, confectionery products, supplements & sports nutrition, bakery products, meat & seafood products, savory & snacks, pet foods, cereals, sauces, soups, and dressings & condiments), and beverages (juice & juice concentrates, functional drinks, alcoholic beverages, carbonated soft drinks, powdered beverages, and other drinks). The food application accounted for the largest market share in 2021.
Food flavors are highly used in food applications such as dairy products, bakery & confectionery, meat products, and other applications such as sauces and condiments. The food applications use the flavors in large quantities, therefore, driving the market. Hence, it is the dominating application segment of the flavors market. Companies like Givaudan, ADM, Kerry Group, and Symrise have a wide product portfolio of flavors catering to the food and beverage segment.
Asia Pacific is projected to witness substantial growth during the forecast period in the food flavors market
Culture and localization are increasingly driving the flavor innovation process for brands in the Asia Pacific region, with many of the region's larger food firms already recognizing the significance of this trend.
While many firms focused on Western markets are primarily motivated by novelty or exoticism when developing new flavors for new or existing product lines, the Asia Pacific region is primarily motivated by cultural and localization factors. Asia Pacific's food & beverage industry is rapidly expanding. Because of hectic lifestyles and changing consumption habits, consumers increasingly spend on convenience food products.
Furthermore, the trend of snacsking between long working hours drives the region's demand for convenience foods. The increasing urbanization and changing eating habits are anticipated to drive the growth of the market during the forecast period.
Report Metrics:
| Report Attribute | Details |
| No. of Pages | 684 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $18 Billion |
| Forecasted Market Value (USD) by 2027 | $21.3 Billion |
| Compound Annual Growth Rate | 3.5% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Increase in Demand for Plant-Based Foods
- Shift in Demand Toward Natural and Sustainable Flavors
- Innovations in Food Industry to Cater to Surging Demand for Novel Food Products
- Growth in Research & Development Investments
Restraints
- Harmful Health Impacts of Synthetic Flavors
- High-Cost of Natural Flavors
Opportunities
- Emerging Popularity of Functional Foods
- Adoption of Cannabis as Natural Ingredient for Flavor Development
- Nascent Trend of Extracting Flavors from Flowers
Challenges
- Compliance with Quality and Regulatory Standards
Companies Mentioned
- Archer Daniels Midland (Adm)
- Aromatagroup Srl Con Socio Unico
- Besmoke Ltd.
- Corbion
- Create Flavours
- Dsm
- Fabster
- Firmenich Sa
- Flavor & Fragrance Specialties
- Fontana Flavors
- Givaudan
- Gulf Flavours & Fragrances
- Huabao Flavours & Fragrances Co., Ltd
- International Flavors and Fragrances (Iff)
- Kerry Group
- Mane
- Robertet
- Sensient Technologies Corporation
- Symrise
- Synergy Flavors, Inc
- T.Hasegawa Co., Ltd
- Taiyo International
- Takasago International Corporation
- The Flavor Factory, Inc. (Tff)
For more information about this report visit https://www.researchandmarkets.com/r/hwm86q
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