New York, Jan. 30, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Dairy Flavors Market Size, Share, Growth, Trends and Global Forecast to 2028 - COVID-19 Impact and Global Analysis by Flavor Profile (Cheese, Butter, Cream, and Others), Form (Liquid, Powder, and Paste), Category (Artificial and Natural), Nature (Dairy-based and Dairy-free), Application (Bakery and Confectionery; Dairy and Frozen Desserts; Soups and Sauces; Dressings, Dips, and Spreads; Beverages; Others)”; the global dairy flavors market size is expected to grow from USD 1.96 billion in 2022 to USD 2.55 billion by 2028; it is estimated to grow at a CAGR of 4.5% from 2022 to 2028.
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Global Dairy Flavors Market – Report Scope:
| Market Size Value in | USD 1.96 billion in 2022 |
| Market Size Value by | USD 2.55 billion by 2028 |
| Growth rate | CAGR of 4.5% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 153 |
| No. of Tables | 142 |
| No. of Charts & Figures | 103 |
| Historical data available | Yes |
| Segments covered | Flavor Profile, Form, Category, Nature, and Application |
Dairy Flavors Market: Competitive Landscape and Key Developments
Jeneil, Flavorjen, The Edlong Corporation, Givaudan S.A., Kerry Group, Sensient Technologies, Symrise, Synergy Flavors, Bluegrass Ingredients Inc., and Flavorade India are among the key players operating in the dairy flavors market. These companies have a widespread presence across the world, which allows them to serve a large number of customers.
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Impact of COVID-19 Pandemic on Global Dairy Flavors Market Growth:
Before the pandemic, the growing demand for processed food and the increasing consumer requirement for a variety of flavors and tastes of the product were the key factors that boosted the growth of the dairy flavors market. The dairy flavors market was driven by the food & beverages industry incorporating a variety of flavors in its products. Moreover, consumer shift toward natural flavors and increased consumption of ready-to-eat products among the population were among the other factors positively influencing the market growth. However, industries experienced unprecedented challenges after the onset of the COVID-19 pandemic in 2020, including supply chain constraints caused by nationwide lockdowns, trade bans, and travel restrictions. The supply chain disruptions created a shortage of raw materials, which affected the production and distribution of various products, leading to increased prices.
In 2021, various economies resumed operation as governments of various countries announced the relaxation of the previously imposed restrictions, which boosted the global marketplace. Further, manufacturers were permitted to operate at full capacity, which helped them overcome the demand and supply gap and other repercussions. As numerous citizens of many countries were fully vaccinated by 2021, the dairy flavor manufacturers focused on increasing their production to revive their businesses
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Growth in Asia Pacific Dairy Industry Drives Global Dairy Flavors Market:
The dairy industry is one of the significant contributors to the economic growth of Asia Pacific, especially India and China. India is one of the major producers of milk and other dairy products. According to the Food and Agriculture Organization (FAO), India is the leading milk producer, having ~22% share of the global milk output. The growth of the dairy industry in Asia Pacific is primarily attributed to the significant economic development, rise in disposable income, and increase in preference for healthy and protein-rich food and beverages.
The abundance of raw materials for manufacturing dairy flavors due to the presence of the well-established dairy industry in the region is expected to propel the growth of the dairy flavors market across Asia Pacific. Furthermore, people in the region are increasingly preferring cheese, cream, and butter-flavored food products such as savory snacks, cookies, biscuits, frozen desserts, and salad dressings & dips. These flavors offer a rich taste and mouthfeel to the food products and are gaining huge traction, especially among the young population and kids across the region. This factor is also propelling the growth of the dairy flavors market.
Asia Pacific held the largest share of the dairy flavors market in 2021. The market growth in the region is attributed to rising health awareness and increasing focus on tasty food in countries such as India, China, and Japan due to the growing disposable incomes. Consumers are willing to pay higher prices for dairy flavor products in these countries. India stands as one of the fastest-growing markets in Asia-Pacific, where consumers are not willing to compromise on the taste and health factors of the food. The Indian subcontinent has a massive demand for regional and traditional flavors, which is fueling the market growth. The increasing need for new and foreign flavors compels the players to develop innovative and healthy dairy flavors. Different manufacturers are trying to replace sugar with dairy flavors.
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Dairy Flavors Market: Segmental Overview
Based on flavor profile, the dairy flavors market is segmented into cheese, butter, cream, and other. The cheese segment held the largest market share in 2021 and is expected to register the highest CAGR during the forecast period. The popularity of cheese flavor is based on its use in popcorn, potato chips, cookies, crackers, dips & spreads, and sauces, among other products. Elevating demand for food products, growing retail outlets, and increasing preference for fast food are bolstering the demand for cheese flavors.
Based on form, the dairy flavors market is segmented into liquid, powder, and paste. The liquid segment held the largest market share in 2021, and the powder segment is expected to register the highest CAGR during the forecast period. Liquid dairy flavors are offered in bottles and tubes with their manufacturing and expiry dates mentioned on the labels. In beverages, dairy flavors are mainly used in liquid form as they can be mixed easily in the beverage matrix and remain stable throughout the process.
Based on category, the dairy flavors market is segmented into artificial and natural. The natural segment held a larger market share in 2021 and is expected to register a higher CAGR during the forecast period. The rising demand for healthy food and problems associated with synthetic food ingredients are boosting the preference for natural dairy flavors. Furthermore, changing consumer demands with the growing purchasing powers favor food prepared using natural ingredients, including dairy flavors.
Based on nature, the dairy flavors market is segmented into dairy-based and dairy-free. The dairy-based segment held a larger market share in 2021, and the dairy-free segment is expected to register a higher CAGR during the forecast period. A large percentage of consumers prioritize taste over nutrition and are thus inclined toward creamy textures. Dairy-based flavors are processed and manufactured from dairy products such as milk, butter, cheese, and fresh cream. These flavors are specifically designed to enhance the flavor of dairy-based products.
Based on application, the dairy flavors market is segmented into bakery and confectionery; dairy and frozen desserts; soups and sauces; dressings, dips, and spreads; beverages; and others. Bread, cookies, cakes, and fillings are among the primary bakery and confectionery applications of dairy flavors. Confectionery manufacturers are increasingly using natural flavors in their products. Dairy-based flavors are increasingly being used in bakery products such as cookies and cakes.
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