Selbyville, Delaware, March 21, 2023 (GLOBE NEWSWIRE) --
The food aroma market is projected to reach USD 1.5 billion by 2032, as reported in a research study by Global Market Insights Inc.
The surging demand for dairy items is a key driver behind the industry growth as oil-soluble aromas with high thermal stability are extensively used in confectionery making. Moreover, growing milk production and milk products is further proliferate the demand for food aroma in the F&B sector. Regions such as Europe are working on increasing total milk production, with EU estimates expecting it to reach 155 million tons annually in coming years. Meanwhile, dairies across the UK processed over 1,172 million liters of milk in December 2022 alone.
With global consumer tastes increasingly developing a liking for traditional European dairy products such as ricotta, parmesan, and brie de Meaux among others, the demand for aromas that emulate their taste and smell is rising rapidly.
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The food aroma market from natural segment accounted for USD 250 million revenue in 2022, due to the growing health concerns about potential hazards of artificial additives and flavors. For this reason, many consumers are increasingly preferring food and beverages that use natural flavor and aromas. Natural flavor imparting culinary herbs and spices such as rosemary, cinnamon, oregano, and clove possess antioxidant properties with high levels of phenolic compounds, which is beneficial for health.
The market growth is also led by the growing usage of natural food aromas owing to increasing consumer preference for authentic and healthier food items.
The food aroma market from musk chemicals segment is predicted to exceed USD 55 million by 2032. In dairy items, baked goods, and confectionary, musk chemicals can be used for aroma or flavor enhancement purposes. They are compatible with caramel, fruit-type flavors, and nut and are usually used to balance as well as enhance other flavors and aromas. Musk chemicals such as ambrette are also in sweet food items such as beverages, chewing gum, and candy in low amounts to give the flavors and aromas more volume.
The food aroma market from dairy segment will expand at over 6% up to 2032. Food aromas are increasingly used in dairy products to cover the unpleasant taste, improve flavors, and set the product apart from the competitors. Specifically, in the case of fresh milk, aroma helps better discriminate different types. Aromas have also been shown to evoke a emotional response among the consumers, increasing the chances of them purchasing a product.
Asia Pacific food aroma market is slated to register a growth rate of 7% through 2032, on account of ongoing innovations to food production and technology in the region. According to India’s National Investment Promotion and Facilitation Agency, the country’s food processing industry may touch USD 470 billion by 2025.
Moreover, regional growth can also be credited to the growing usage of food aromas in the Asia Pacific cuisines. Having historically been a region that is rich in spices and condiments, the region has a strong affinity for natural food aroma flavors, which creates a notable demand for natural food aromas.
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Prominent participants operating across the food aroma market include Solvay, Kao Corporation, Givaudan, Symrise AG, Takasgo International Corporation, Hindustan Mint and Agro Products, and Aromatech International. Many of them are emphasizing product innovation to strategize and enter more niche markets to consolidate their revenues.
Back in January 2020, Solvay, a Belgian multinational chemical company, launched Eugenol Synth, for aroma applications with olfactory properties which is comparable to that derived from cloves. Synthetic eugenol will offer a reliable alternative to meet the market expansion for the flavor and fragrance.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Global food aroma market 3600 synopsis, 2022
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Type trends
2.1.4 Product trends
2.1.5 Application trends
Chapter 3 Global Food aroma market Insights
3.1 Introduction
3.2 COVID-19 impact on world economy
3.3 Industry ecosystem analysis
3.3.1 Distribution channel analysis
3.3.2 Profit margin trends
3.3.3 Vendor matrix
3.3.4 COVID-19-based value chain disruption analysis
3.4 Technology landscape
3.4.1 Process of production of clove oil
3.4.2 Method for extracting essential oil from pine
3.5 Raw material trends
3.6 Industry best practices & key buying criteria
3.7 Consumer buying behaviour
3.7.1 Unmet needs
3.7.2 Information search
3.7.3 Evaluation of alternatives
3.7.4 Purchase decision
3.7.5 Post purchase behaviour
3.8 Regulatory landscape
3.8.1 Code of Federal Regulations
3.8.2 REGULATION (EC) No. 1334/2008 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 16 December 2008
3.9 Global food & beverages industry outlook, 2023-2032
3.10 Pricing analysis 2018-2032
3.10.1 North America
3.10.2 Europe
3.10.3 Asia Pacific
3.10.4 LATAM
3.10.5 MEA
3.10.6 COVID-19 impacts on pricing
3.11 Cost structure analysis
3.12 Industry impact forces
3.12.1 Growth drivers
3.12.1.1 Growing consumer demand for convenience and ready-to-eat products
3.12.1.2 Increasing demand for dairy products
3.12.1.3 Expanding retail sector will boost the food & beverage industry
3.12.2 Industry pitfalls & challenges
3.12.2.1 Negative effects of synthetic food aroma products may hamper the product demand
3.13 Growth potential analysis
3.14 Porter’s analysis
3.14.1 Supplier power
3.14.2 Buyer power
3.14.3 Threat of new entrants
3.14.4 Threat of substitutes
3.14.5 Industry rivalry
3.15 PESTEL analysis
3.16 Impact of COVID-19 on the food aroma market, by application
3.16.1 Beverages
3.16.2 Bakery
3.16.3 Dairy
3.16.4 Confectionery
3.16.5 Snacks
3.1 Impact of the Russia-Ukraine war on the industry
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
