Flavor Enhancer Market to Reach $20.4 Billion at a CAGR of 5.7% by 2032: Allied Market Research

Increased consumption of processed foods is predicted to drive the global flavor enhancer market growth

PORTLAND, Ore., Nov. 14, 2023 /PRNewswire/ -- Allied Market Research published a report, "Flavor Enhancer Market by Type (Acidulants, Glutamates, Hydrolyzed Vegetable Proteins, Yeast Extracts, and Others), and Application (Processed Convenience Foods, Beverages, Meat & Fish Products, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032". As per the report, the global flavor enhancer market is expected to gather a revenue of $20,414.6 million by 2032. The market accounted for $11,400.0 million in 2022 and is forecasted to surge at a CAGR of 5.7% during the 2023-2032 period.

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Primary growth drivers of the market

Increased consumption of processed foods is anticipated to propel the growth rate of the global flavor enhancer market higher. On the contrary, negative health impacts of flavor enhancers are projected to restrict market growth. Nevertheless, widespread utilization of new natural ingredients with high umami content is predicted to create numerous growth opportunities in the market.

Report coverage & details:

The glutamates segment to grow substantially in the analysis period

Based on type, the glutamates segment accounted for the largest market share in 2022 and will continue on its growth trajectory to push the growth of the market. The rising popularity of processed foods and international cuisines is anticipated to push the market ahead. The acidulants segment, on the other hand, is expected to demonstrate the highest CAGR of 6.5% during the analysis timeframe. Increasing use of acidulants in flavor enhancers to impart a tangy or acidic taste to the food items is estimated to result in expansion of the industry.

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The processed convenience food segment to be highly profitable

Based on application, the processed convenience food segment garnered the maximum revenue in 2022 and is likely to continue to dominate during the analysis period. Increasing demand for processed convenience foods as an easy meal solution is expected to play a huge role in the growth of the market. The meat and fish products segment, on the other hand, is set to grow at a CAGR of 6.4% in the 2022-2032 period. Extensive use of flavor enhancers in meat and fish items is sure to impact the market growth positively.

Asia-Pacific to be the most lucrative by 2032

By region, the Asia-Pacific flavor enhancer market accounted for the largest market share in 2023. Furthermore, the same region is expected to have the highest CAGR of 6.8% during the forecast period. Changing consumer habits and shifting taste preferences is predicted to widen the scope of the market in this region.

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Major Companies in the Market

• AJINOMOTO CO., INC.
• KERRY GROUP PLC
• MEIHUA HOLDINGS GROUP CO., LTD.
• ANGEL YEAST CO., LTD.
• LESAFFRE ET COMPAGNIE
• TATE AND LYLE PLC
• FUFENG GROUP COMPANY LIMITED
• INTERNATIONAL FLAVORS AND FRAGRANCES INC.
• DSM-FIRMENICH AG
• GIVAUDAN SA

The report provides a comprehensive study of the business performance of these companies and their strategies to highlight the competitive scenario in the industry.

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