New York, US, July 28, 2022 (GLOBE NEWSWIRE) -- Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Food Flavors Market Information by Source, Application, and Region- Forecast till 2030”, the market is estimated to acquire a size of over USD 19,223.7 Million by the end of 2030. The report further predicts the market to thrive at a healthy CAGR of over 3.7% during the review timeframe.
Market Synopsis
Food tastes include ingredients, including flavoring agents added to foods and drinks. Additionally, this technique improves the end goods' flavors for greater nutrient absorption. It derives the fundamental significance along with the sources used to carry out the process. After processing and preserving, perishable foods tend to lose their flavor over time, necessitating the use of flavoring agents to help maintain the taste. The need for food tastes has increased across all applications.
In this case, the general growth in consumer health consciousness prompted a rise in the demand for food flavors derived from natural sources. The rising consumption of various packaged eatable goods and beverages is a primary driver of the global industry. All packaged edibles contain flavoring agents, among other food additives. The intake of ready-to-eat food products is popular due to the fast-paced lifestyle and rising number of working women. The market for food flavors will rise as a result of this. Customers favor products made from or derived from plants because they make for a better lifestyle. Consumption of plant ingredients in products is also influenced by customer awareness of natural products to the proper degree. One of the main flavor trends is floral flavors, typically combined with botanical flavors to give food products a natural scent.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 19,223.7 Million |
| CAGR | 3.7% (2020–2030) |
| Base Year | 2019 |
| Forecast Period | 2020-2030 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | by Source, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing demand for clean label products |
| Rising demand for convenience food & beverages |
Market Competitive Landscape:
The renowned companies in the food flavor market are:
- Givaudan SA
- International Flavors & Food Flavors, Inc.
- Firmenich International SA
- Symrise AG
- Takasago International Corporation
- V. MANE FILS SA
- Sensient Technologies Corporation
- Frutarom Industries Ltd
- Sensient Technologies
- Mane SA
- Takasago International Corporation
- T. Hasegawa Co., Ltd
- Robertet Group
- Flavorchem
- Flavaroma Flavours & Fragrances (P) Ltd
Market USP Covered:
Market Drivers:
According to reports, the customer base has changed over the past several years on various dimensions, including food preferences, health consciousness, and connoisseurship. This mostly involves a slice of meat- or vegan-based diet to meet the demand for a diverse range of flavors. To match consumer demand, R&D must be continually pursued to achieve the innovation of the product line.
Consuming natural meals is an innovation in raw materials and has developed into a trend. The food business works to introduce and develop new castoreum extract sources. This is a natural flavor, and beaver management is used to obtain the anal glands. Utilizing natural flavors in beverages, confections, and desserts illustrates how a plant's biogenesis violates the genes and enzymes necessary to manufacture novel culinary flavors. The popularity of clean-label products and the rising organic trend in some emerging nations are two aspects that support the development of natural food flavors. Customers favor products made from or derived from plants because they make for a better lifestyle.
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Market Restraints:
The additional flavors' negative effects are synthetic and natural ailments for improvement. The main health impacts discussed in this section apply to artificial and natural tastes. As a result, several artificial tastes can cause convulsions and depression in the central nervous system. One of the compliances has the effectiveness of the quality with legal requirements for different standards and norms. The country management has indicated the regulatory criteria in this case, which govern the shared objective of enhancing consumer safety. In this situation, some nations have established rules that primarily emphasize flavors' enhanced utility.
COVID 19 Analysis
The need for ready-to-cook and ready-to-eat food commodities was astronomically high due to the fast-paced lifestyle and growing working professional female population, which boosted the food taste market during the COVID-19 crisis. The demand for food flavors is also increasing due to the expanding use of unique flavors in various food applications. The current market is anticipated to be impacted by the COVID-19-caused global pandemic. Since most of the world's nations went into lockdown, consumer purchasing power has negatively impacted the development of processed food goods. A challenge to the market has emerged from fewer stocks of edible goods and fewer production workers in numerous undeveloped nations.
Market Segmentation
By Source
Due to varied influences from regional cuisine, the natural flavor has the highest market share.
By Application
Over the forecast period, the dairy, confectionery, and bread sectors are anticipated to increase significantly. Numerous flavors, including fruit flavors and natural spices, are frequently used in dairy beverages and other dairy products.
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Regional Insights
During the projected period, Europe has been predicted to control most of the global food flavor market. The region's growth is mostly driven by the leading firms' strong presence and innovation in the natural food industry. The market for natural flavors is also expanding due to the strong demand for flavors in European nations for the production of commercialized clean label or green food products devoid of additives and other dangerous chemicals. Manufacturers can now create novel flavors to meet the shifting preferences of their customer's thanks to technological advancements. Innovative and unique flavors in food are provided through new technologies.
North America was identified as the region with the most substantial development potential for the global flavor industry and the largest market share inside the US. This implies that the demand for natural food flavor has increased due to the rising popularity of organic and clean label products. Additionally, it has been predicted that the Asia-Pacific will experience the highest CAGR over the specified prediction period. The food processing sector is expanding quickly, with China, Japan, and India making up most of this business.
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