The Global Food Flavors Market is expected to grow at a high CAGR during the forecasting period (2022-2029).
Flavour or flavor is the sensory feeling of a substance or food and is defined primarily by the chemical senses of smell and taste. The trigeminal senses, which show chemical irritants in the throat and mouth, is also sometimes determine flavor. The food’s flavor can be modified or changed with artificial or natural flavorings, which change these senses. Food safety agencies regulate flavor types based on the existence of specific ingredients and the making process. Artificial flavors are produced by the chemical composition of ingredients and are generally measured as a food additive. Natural flavors are treated ingredients isolated from essential oils, yeasts, plants, proteins, etc.
The rise in demand for fast food and ready-to-eat meals is a major is expected to drive the market growth
The rise in demand for fast food and ready-to-eat meals is a major driver for the global food flavors market worldwide. Furthermore, the launching of new flavors, innovative technologies, and large-scale investment in R&D activities are a few other reasons that propel the growth of the market. Utilizing natural flavors due to the increasing health consciousness is a recent trend in this industry. Moreover, the extensive demand for flavors among European nations to make commercialized green or clean-label food products that are without harmful chemicals and additives enhance the demand for the food flavors market. The uses of innovative technologies deliver novel and innovative tastes in food. However, the hostile effects of artificial flavors on human health and stringent regulations by various governments are expected to impede market growth. Nonetheless, growth in demand for flavors and innovation across developing countries are expected to create new opportunities for the key players in the upcoming years.
The artificial segment accounted for the largest share, holding about XX% of the global market
By type, the artificial segment was accounted for the largest market share in 2020 and is expected to be the dominating segment market during the projected periods. This is owing to the increasing application of synthetic flavors in aerated drinks and juice. Moreover, artificial flavors are utilized in medicine to impart or mask taste to medications. Flavors are utilized for oral medicine formulations, including syrups, suspensions, or gums, chewable tablets that convey useful therapeutic effects. All the above-mentioned applications of artificial flavor are expected to propel the demand for artificial flavor in the various end-use industry in the upcoming years. By end-user, bakery & confectionery was the largest segment in 2020 and is estimated to be the dominating segment over the projected years. This is owing to the increased affinity of customers towards packaged baked goods and fast food.
Asia Pacific is the largest market for food flavors with a share of nearly XX% in global sales value in 2020
By geography, Asia Pacific accounted for the largest share in 2020 and is anticipated to be the dominating regional market within the projected year. This is due to the shifts in patterns of food consumption in the region. Moreover, the increasing affinity of customers towards packaged and convenience and foodstuff further enhance the growth of the market. The rising demand for clean-label and non-toxic products in the region, along with the rising young population will create new opportunities for the global food flavor market in the upcoming years. Young consumers of developing countries are more health aware than the older generations. North America is estimated to hold the second-largest share global food flavors market in 2020 and is expected to grow at a CAGR of XX% owing to a huge migrant population and consuming different cuisines in the region.
The global food flavors market is competitive with the presence of many formulators. Some of the major players of the market include Archer Daniels Midland (ADM), Firmenich SA, Robertet SA, Frutarom Industries Ltd., Sensient Technologies Corporation, Givaudan International SA, Takasago International Corporation, Huabao International Holdings Limited, Symrise AG, among others. They have increased the market through with their product offerings. Constant invention to launch innovative products with innovative technology is the major competitive factor in the market. For instance, in August 2018, Firmenich International SA, has announced the acquisition of Les Dérivés Résiniques et Terpéniques ("DRT").
COVID-19 Impact: The market witnessed a negative impact
The global food flavors industry has been negatively impacted by the pandemic and the outlook is volatile. The evolution of new variants of coronavirus and unprecedented health situations in multiple waves of pandemic spread led to uncertain business activities across the food industry. Foodservice industry, the major user of food flavors has had a severe impact of pandemic. The pandemic associated lockdowns resulted in lower consumer footfall since March 2020. This has led to decrease in sales of all food ingredients including flavors in the global market. The U.S. and European markets has relatively had a lower impact owing to a considerable increase in demand from their household, retail segments
• Understand the current market scenario and viability of global food flavors over the forecast period
• Visualize the composition of the global food flavors market in terms of product type and application to identify major players, growth potential, and market strategies
• Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period
• Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining to the market
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study
• Excel data sheet with valuable data points of the global food flavors market Regional and Country level segmentation
• Product mapping in excel for the key products of all major market players
• Market Share Analysis covering business revenues ($) and revenue share (%) of key market players
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