The Global "Natural Flavours Market" is expected to grow at a high CAGR during the forecasting period ( 2022-2029).
Natural flavoring refers to essential oil, oleoresin, essence or extractive, protein hydrolysate, distillate, or any product which contains the flavoring constituents derived from fruits, vegetables, edible yeast, herb, root, leaf or similar plant material, meat, seafood, poultry, eggs, dairy products, or other fermentation products. The uptake of natural flavoring agents is growing significantly owing to its no/minimal adverse reactions and increasing demand for healthy food with no artificial flavors. Natural flavors are typically used in food and beverages in order to enhance the taste and quality of the products.
Growth in the end-user industries mainly the food & beverage sector is one of the major factors that is driving the global natural flavors market. Owing to adverse health issues due to the consumption of artificial ingredients particularly in processed food products, whose use is increasing rapidly along with demand for clean label products. Shifting preferences among consumers towards naturally-derived food products has resulted in the demand for natural ingredients, which is anticipated to fuel the overall natural flavors market growth. Thus, natural food flavors are expected to outpace the market share of artificial food flavors in the near future.
However, high costs associated with natural flavor raw materials are restraining the adoption of natural flavors. The seasonal availability of natural sources which is a crucial factor for the extraction of natural flavors is also one of the factors limiting the market growth.
Based on the application the global natural flavors market is broadly segmented as food & beverages, cosmetics, pharmaceuticals, and others. Among all these food & beverage segments accounted for major market share and is expected to grow at a high CAGR of XX% over the forecast period. It is owing to changing lifestyles, and increasing purchasing power parity of consumers; resulting in demand for healthy, nutritious, and natural products among affluent consumers.
The global Natural Flavours market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
In 2018, Europe accounted for the major market share owing to the high consumption of ready-to-drink (RTD) fruit beverages containing natural ingredients such as berries and citrus.
The Asia Pacific region also accounted for a notable share and is expected to grow at a high CAGR over the forecast period. This is owing to increasing health consciousness among consumers leading towards the consumption of natural-based products. Also, rising food and beverage industry in this region. Additionally, the growing disposable income of people in this region. According to the Indian Brand Equity Foundation (IBEF), in 2018, the global food & beverage market was worth USD 95.7 billion of which 57% was occupied by China and India alone.
Significant players of the global natural flavors market are Givaudan S.A., Firmenich SA, Symrise AG, Sensient Technologies Corporation, Robertet SA, Archer Daniels Midland Company, T. Hasegawa Co., Ltd, Axxence Aromatic GmbH, Gold Coast Ingredients, Treatt Plc, Blue Specific Flavors, Inc., and others. The majority of these prominent players are adopting a few organic and inorganic strategies such as product launches, collaboration, and product agreements, and other key developments to enhance their product portfolio in the global natural flavors market. For instance, in February 2018, Firmenich acquired Natural Flavors, Inc., a privately-held manufacturer of high-quality organic certified natural flavors. In October 2018, Symrise AG opened a site for high-quality natural food ingredients in Banks County, Georgia, USA.
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