Food Flavors Market to Reach $19.2 billion, Globally, by 2030 at 3.6% CAGR: Allied Market Research

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Jan 26, 2023, 07:00 ET

The surge in demand for RTE meals and fast foods, increase in the use of health products, technological strides in the industry, and rise in income levels drive the global food flavors market growth.

PORTLAND, Ore., Jan. 26, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Food Flavors Market by Type (Natural and Artificial), Application (Beverages, Dairy, Nutrition and Health, Savory, Sweet Good, and Others]: Opportunity Analysis and Industry Forecast, 2021-2030". According to the report, the global food flavors industry was valued at $12.7 billion in 2020, and is projected to reach $19.2 billion by 2030, registering a CAGR of 3.6% during the forecast period.

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Prime determinants of growth

The rise in demand for RTE meals and fast food, the increase in the usage of health goods, industry technological advancements, and increased income levels all contribute to the expansion of the world market for food flavors. However, the market's growth is constrained by the rise in artificial taste adverse effects, strict governmental controls, and increased consumer health consciousness. In addition, opportunities in underdeveloped and underpenetrated developing nations provide fresh prospects for market expansion in the following years.

Covid-19 Scenario

The outbreak of the Covid-19 pandemic had a moderate impact on the global food flavors market, owing to the continuation in the production of food products across the world.
Food was classified as an essential commodity during the pandemic, which enabled food production for the entire pandemic, leading to continued market operations.

The synthetic food flavor segment will maintain its leadership position throughout the forecast period.

Synthetic flavor dominated the market, accounting for nearly three-fourths of the total. Synthetic/artificial flavors are chemical compounds used to enhance of natural food flavors or add flavor to food. Unlike natural flavors, artificial flavors are subjected to more stringent regulatory scrutiny. Chemicals used in artificial flavors have a lower processing cost than natural flavors. Furthermore, the processing time for artificial flavors is short and environmentally friendly. Synthetic flavors are widely used in various industries, mainly beverage and processed food. They, like natural flavors, are created in laboratories by flavorists. There are also synthetic flavors, such as natural identical and artificial flavors. The key factors driving the growth of the artificial flavor market include economic viability and an easy & less-lengthy manufacturing process compared to natural flavors. The rise in demand for processed foods in Asia-Pacific and developments in the fast-food industry is anticipated to create food flavors market demand in the future. Natural identical flavor and artificial flavor are two synthetic flavors. The key factors driving the growth of the artificial flavor market include economic viability and a more straightforward and shorter manufacturing process than natural flavors.

The beverages segment to maintain its dominance throughout the forecast period

The beverages segment held the largest food flavors market share based on the end user. The beverage industry is known for its distinct flavors and ever-changing flavor trends. Flavorists at beverage companies work hard to create the perfect blend of flavors that will add to and cater to changing consumer preferences. Generally, the flavor is not processed by beverage manufacturers. They contract them out to flavor companies. Cold non-alcoholic beverages are made up of RTD coffee, RTD juices, carbonated water, a flavoring agent, and a sweetener and are packaged in cans or bottles. The most popular cold drinks worldwide include cold drinks, soda, soda pop, fizzy drinks, and others. Soft drinks include ready-to-drink fruit juices and energy drinks.

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Asia-Pacific to maintain its leadership in the market by 2031

Based on region, Asia-Pacific dominated the market in 2021 and is expected to do so throughout the food flavors market forecast period. The Asia-Pacific region has a significant potential for growth in the global food flavors market due to rising income levels and a large consumer base for food products. Because of increasing customer purchasing power and demand for high-quality goods, the market is expected to follow the premiumization trend. Numerous Asia-Pacific countries have seen an increase in their economies due to industry growth in the last 1-2 decades. Because of their high productivity and large workforce, China and India compete with developed countries in terms of development. Western fast-food chains have expanded dramatically in many Asia-Pacific countries. Europe has the third largest market for food flavors. Countries such as the UK, Germany, France, the Netherlands, Spain, and Belgium contribute significantly to the region's revenue.

Leading Market Players: -

Firmenich SA
Frutarom Industries Ltd
Givaudan International SA
Huabao International Holdings Limited
Kerry Group, Plc
Robertet SA
S H Kelkar and Company Limited
Sensient Technologies Corporation
Symrise AG
Takasago International Corporation
Synergy Flavors

The report analyzes these key players of the global ascorbic acid market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

Want to Access the Statistical Data and Graphs, Key Players' Strategies: https://bit.ly/3HuBy5X

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