Booming food and beverage industry coupled with the rising demand of variety of flavors especially from food industry is driving the market growth. Changing lifestyle, increased disposable incomes, and rising consumption of canned food are the factors fueling the market growth. Also, the rising inclination of the consumers towards organic and safe food ingredients is expected to boost the demand for natural food flavors in the following years. Growing demand for flavored food products and beverages coupled with ongoing globalization and urbanization is again pushing the market growth uphill.
The latest report by Value Market Research expects the Global Food Flavor Market was valued USD 16.65 billion in 2022 and is likely to reach at USD 25.5 billion by 2030 with CAGR of 5.47%.
VANILLA EMERGED AS THE LEADING TYPE
By type, vanilla dominated the segment by accounting over XX.X% of the total market share. High demand of vanilla from food and beverages, perfumery and pharmaceutical sectors owing to an extensive application is driving the segment growth.
BEVERAGE DOMINATED THE APPLICATION SEGMENT
In 2017, beverage led the segment and has accounted for over XX.X% of the total market share. Rising consumption of flavored beer, milk, canned juices, energy drinks and other beverages across the globe owing to their enhanced taste is driving the segment growth.
BY FORM, LIQUID FLAVOR LED THE SEGMENT
Liquid flavor dominated the form segment by accounting maximum market share in 2017. Owing to high solubility in water and oils coupled with wide application areas across various food products is driving the segment growth.
ARTIFICIAL FLAVOR LED THE ORIGIN SEGMENT
Artificial flavored emerged as the leading segment and has accounted XX.X% of the total market share. Owing to relatively inexpensive and better shelf life over natural food flavor, is driving the segment growth.
NORTH AMERICA DOMINATED THE REGIONAL MARKET
Geographically, North America led the market owing to growing food and beverage industry, rising consumption of frozen and ready-to-eat food products are driving the North America food flavor market growth. In 2017, North America accounted for over XX.X% of the total market share.
KEY PLAYERS OF THE MARKET
Firmenich, Frutarom, Givaudan, International Flavors & Fragrances (IFF), Mane, Robertet, Sensient, Symrise, T. Hasegawa, and Takasago are the key players of the food flavor market.
As per this study the Global Food Flavor Market was valued at USD 16.65 BN (by revenue) in 2022 and is anticipated to reach USD 25.5 BN by 2030 with a CAGR of 5.47%.
Flavors are preparation added to food products to impart smell, taste and to maintain flavor consistency. These are derived from different sources and most of the flavors are used as scents and taste in food. They are bifurcated into the natural flavor and artificial flavor. Natural flavors are derived from edible substances such as fruits, vegetables, and leaves. Whereas, artificial ones are produced from inedible substances such as petroleum and are processed in labs to create flavors by using different chemicals. Flavors are mostly available in powder form since it is easy to store but few of them are also available in liquid form. They have numerous application across the food and beverage industry.
Market Dynamics
The market of food flavor is mostly growing on the account of growing demand from the food and beverage sector. Changing life-style of the consumer, rising demand for flavored food and beverages along with the expansion of food industry are some of the major trends which are fueling the market growth. On the flip side, the high price of the raw material is the only major restraint that can limit the market growth of flavor.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter's five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of food flavor.
Market Segmentation
The broad food flavor market has been sub-grouped into type, application, form and origin. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Type
By Application
- Bakery
- Beverages
- Confectionery
- Dairy
- Convenience Foods
- Snacks
- Others
Regional Analysis
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for food flavor in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Food Flavor Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the food flavor market include Givaudan SA (Vernier, Switzerland), International Flavors and Fragrances (New York, U.S.), Symrise AG (Holzminden, Germany), Sensient Technologies Corp (Wisconsin, U.S.), Firmenich (Geneva, Switzerland), Archer-Daniels-Midland Co. (Illinois, U.S.), Kerry Group Plc (Tarlee, Ireland), Corbion NV (Amsterdam, Netherlands), Koninklijke DSM NV (Herleen, Netherlands), BASF SE (Ludwigshafen, Germany). An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
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