Global Food Flavors Markets Report 2022-2028: Opportunities in the Use of Flavors in Functional Food Products & Emerging Economies

DUBLIN, March 14, 2022 /PRNewswire/ -- The "Food Flavors Market Research Report 2022" has been added to ResearchAndMarkets.com's offering.

The food flavors market is expected to grow at a CAGR of 4.2% from 2021 to reach $20.39 billion by 2028, and in terms of volume, this market is expected to grow at a CAGR of 3.8% from 2021 to reach 10,935.6 thousand MT by 2028.

The growth of this market is backed by the growing demand for clean label and organic products, strong growth in the food & beverage industry, and technological advancements, such as microencapsulation.

Moreover, the emerging economies in Asia-Pacific, Latin America, the Middle East & Africa, and the increasing usage of flavors in functional foods provide significant opportunities for the growth of this market.

Based on origin, the food flavors market is segmented into natural food flavors, nature-identical food flavors, and artificial food flavors. The artificial food flavors segment accounted for the largest share of the food flavors market in 2021. The large share of this segment is mainly attributed to the higher usage of artificial flavors due to the availability of a wide range of flavors in this category, the increasing demand for new flavors, and the cost-effectiveness of artificial flavors compared to natural flavors.

Furthermore, the huge demand for artificial flavors in packaged food products, fast foods, and Ready-To-Eat (RTE) products supports the growth of this segment.

However, the natural food flavors segment is expected to grow at the fastest CAGR during the forecast period due to the rising demand for unique exotic flavors, growing health awareness, increasing demand for organic food products, rising preference for natural flavors as an active ingredient in bakery products, and key trend for clean label products.

Based on type, the food flavors market is mainly segmented into chocolate & browns, vanilla, fruits &nuts, dairy, spices & herbs, vegetables, and other types. The fruits & nuts segment accounted for the largest share of the food flavors market in 2021. However, the spices & herbs segment is expected to grow at the highest CAGR during the forecast period.

The rapid growth of this segment is mainly attributed to the rising health consciousness among consumers, interest in new tastes, convenience and sustainability, rapid change in eating preferences among consumers, and the growing awareness about medicinal properties of spices & herbs.

The liquid-form food flavors segment accounted for the largest share of the food flavors market in 2021.

The large share of this segment is mainly attributed to its benefits, such as its capability to increase the shelf life of food products, ensure homogeneous blends with virtually no segregation, and provide high microbiological stability, which is used in the food and beverage, confectionery, bakery, dairy, and other food industries. Additionally, this segment is expected to grow at the highest CAGR during the forecast period.

The beverages segment accounted for the largest share of the food flavors market in 2021.

The large share of this segment is mainly attributed to the growing demand for beverages, rising disposable income in emerging countries, rapid urbanization, and changing lifestyles worldwide. However, the savory & snacks segment is expected to grow at the highest CAGR during the forecast period.

Asia-Pacific accounted for the largest share of the food flavors market in 2021.

The large share of this region is primarily attributed to the increasing demand for processed food products in emerging and developing countries, such as India, China, Indonesia, and Thailand; shifting consumer preferences for high-quality food ingredients, and the increasing outsourcing of processed food manufacturing from the Asian region to meet the growing international demand.

Key questions answered in the report

• Which are the high-growth market segments in terms of origin, type, form, application, and geography?
• What is the historical market size for food flavors across the globe?
• What are the market forecasts and estimates for the period 2021-2028?
• What are the major drivers, restraints, and opportunities in the food flavors market?
• Who are the major players in the market, and what are their market shares?
• Who are the major players in various countries, and what are their market shares?
• How is the competitive landscape for the food flavors market?
• What are the recent developments in the food flavors market?
• What are the different strategies adopted by the major players in the market?
• What are the key geographic trends, and which are the high-growth countries?
• Who are the local emerging players in the food flavors market, and how do they compete with other players?

The key players operating in the food flavors market are:

• Givaudan SA (Switzerland)
• International Flavors & Fragrances Inc. (U.S.)
• Firmenich SA (Switzerland)
• Symrise AG (Germany)
• Sensient Technologies Corporation (U.S.)
• MANE SA (France)
• Takasago International Corporation (Japan)
• T. Hasegawa Co. Ltd. (Japan)
• Robertet Group (France)
• Huabao International Holdings Limited (Hong Kong)
• Kerry Group (Ireland)
• Koninklijke DSM N.V. (Netherlands)
• BASF SE (Germany)
• Archer Daniels Midland Company (U.S.)
• Corbion NV (Netherlands)
• Dohler GmbH (Germany).

Market Insights

Drivers

• Growing Demand for Clean Label and Organic Products
• Strong Growth in the Food & Beverage Industry
• Technological Advancements: Microencapsulation

Restraints

• Harmful Health Effects of Flavors
• Stringent Government Regulations on the Use of Food Flavors

Opportunities

• Emerging Economies
• Use of Flavors in Functional Food Products

The Impact of COVID-19 on the Food Flavors Market

Regulatory Analysis

• North America
• Europe
• Asia-Pacific

Scope of the report

Food Flavors Market, by Origin

• Natural Food Flavors
• Natural-identical Food Flavors
• Artificial Food Flavors

Food Flavors Market, by Type

• Fruits & Nuts
• Chocolate & Browns
• Vanilla
• Spices & Herbs
• Dairy
• Vegetables
• Other Types

Food Flavors Market, by Form

• Liquid-form Food Flavors
• Dry-form Food Flavors

Food Flavors Market, by Application

• Beverages
• Alcoholic Drinks
• Soft Drinks
• Hot Drinks
• Other Drinks
• Savory & Snacks
• Dairy Products
• Ice Cream
• Other Dairy Products
• Confectionery Products
• Baked Products
• Meat Products
• Other Applications

Food Flavors Market, by Geography

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Rest of Europe (RoE)
• Asia-Pacific (APAC)
• Japan
• China
• Australia
• India
• Rest of Asia-Pacific (RoAPAC)
• Latin America
• Middle East & Africa

For more information about this report visit https://www.researchandmarkets.com/r/5kiyxs

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SOURCE Research and Markets