Global Food Flavor and Enhancer market- Growth, Trends, Forecast for the period (2015-2020)
Jul 21, 2015, 10:45 ET
NEW YORK, July 21, 2015 /PRNewswire/ -- The key building blocks in the food and beverages industry are the food flavors and enhancers. Growing innovation in this highly competitive market can be attributed to the growth in this segment. Region wise and country specific adoption to flavors & flavor enhancers by manufacturers is the trigger to innovation. The global market size in 2014 was estimated $8.43 billion dollar in 2014 and is estimated to increase at a compound annual growth rate (CAGR) of 3.5% and reach nearly $10 billion by 2020.
Drivers and Restrains:
Globalization and modernization, has changed the lifestyle of the people which in turn changed the food habits, thus increasing demand of the flavors and enhancers. Previously people used natural herbs and spices in culinary to get a tinge of flavor in their food which become an industrial need to cater to the big food processors. Due to increasing working women population there is a high demand for processed food which the food manufacturers need to cater to the increasing population, using different flavors and enhancers. Consumption of a low fat, low salt and low carbohydrate foods are also a key drivers to increase the consumption of flavors and enhancers. As flavors are region and country specific, manufacturers are constantly innovating to hold a larger share of the pie in the market.
Increasing consumer awareness on health is a major constraint in artificial flavors market like monosodium glutamate. MSG slowly deteriorates health and causes health issues as time passes. As in when consumers realize and grow aware about the negative side of the artificial flavors, there is a decrease in demand for artificial flavors and uptick in demand for the natural flavors. As massive natural resources are required to extract flavors, many of the new entrants face a challenge in the flavor and enhancer industry. The changing taste preferences of the consumer are also constant constraints for the manufactures. There are many regulatory bodies that are banning the use of artificial food flavors and enhancers in countries like Europe.
The food flavor and enhancer market is segmented as natural, fruit and monosodium glutamate.There is a constant decrease in demand for the artificial food flavors and enhancers from pastseveral years. Beverage industry consumes the lion share of around 36% of the flavor and enhancers followed byconfectionary, soup and bakery products.In this market, monosodium glutamate holds the maximum share, more than the natural flavors. The major constraint in the natural flavors industry is the need of huge amount of natural resources to extract the flavor and enhancers according to the consumer preferences.
The major manufacturing hubs in the globe are North America and Europe which constitute the majority share in the food flavors and enhancer market. The other three regions are Asia Pacific, South America and Africa. In Europe market beverage consumesaround 31%, Snack and confectionery 14%, Bakery 13 %, Meat and savory 12%, bakery 13% and culinary 5% and rest are others. European market is a mature market and has several regulatory bodies to regulate stringently the use of food flavors and enhancers, thereby taking care of the consumers of the nations. Germany constitutes the major share having 24% followed by the UK (23%), Spain (10%), Netherland ( 5%) and Italy (9%). $ 823 million US dollar is the market size by value of the synthetic flavor and $ 755.65 million US dollar is the market size by value of the natural in the year 2014.
Strong growth in low-fat and low-carbohydrate foods and beverages will increase demand in the North American flavor and fragrance market. However, Asia will gradually overtake the North American market due to increased growth estimated for this region. Growth in Europe, on the other hand, will continue to be moderate because of market maturity as well as consolidation in the industries that use food flavor and enhancers.
Leading players
Around 55% of the market share is covered by the four leading player named Givaudan, Firmenich, IFF, Stymies Ag. And rest other Quest, Takasago, Sensient, Danisco,and Mane are the major player.
In this report we offer :
1 Market Definition for the specified topicalong with, identification of key drivers and restraints for the market.
2 Market analysis for the GlobalFood flavor &Flavor enhancer Market, with region specific assessments and competition analysis on a global and regional scale.
3 Identification of factors instrumental in changing the market scenarios, rising prospective opportunities and identification of key companies which can influence the market on a global and regional scale.
4 Extensively researched competitive landscape section with profiles of major companies along with their share of markets.
5 Identification and analysis of the Macro and Micro factors that affect the GlobalFood flavor &Flavor enhancer Market on both global and regional scale.
6 A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
Why should you buy this report?
1 For getting a comprehensive overview of the GlobalFood flavor &Flavor enhancer Market.
2 To gain wide ranging information about the major players in this industry and the strategies adopted by them.
3 To gain an insight about the major countries/regions in which this industry is blooming and also identify the regions which are untapped.
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