Global Food Flavors Market Overview and Outlook
- Consumer’s preferences towards clean label and organic products, and technological advancements are driving the demand for food flavors, with the natural flavors segment expected to grow at the fastest pace in the coming years. In terms of current share, the artificial flavors segment contributed to the largest share in 2019.
- In terms of end-use segment, the beverage segment is forecast to grow at a rate higher than the industry average
- Rise in demand for Ready-to-Eat meal and fast foods, surge in use of health products, rise in income levels, and technological advances drive the growth of the global food flavors market. Based on region, Asia Pacific held the largest market share, accounting for nearly one-third of the total share in 2019.
- However, surge in side effects of artificial flavors, stringent government regulations, and increase in health awareness among consumers could pose potential risks to the industry growth
- Going forward, opportunities in the unpenetrated and under penetrated developing countries are likely to offer favorable opportunities for food flavor companies
- Leading players of the global food flavors market analyzed in the study include Givaudan, Symrise, International Flavors & Fragrances, Firmenich, and Corbion
Market Growth Drivers and Trends
Key factors driving the global food flavors market are:
- Growing urbanization and changing food habits of consumers
- Increasing population and rising income levels
- New raw material sources
Key factors likely to restrain or slow down growth in the global food flavors market:
- Lower stability of the products
- Limited availability of natural flavors
- Compliance pressures regarding quality and regulatory standards
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Global Food Flavors Market Research Scope
- The base year of the study is 2019, with forecast done up to 2024. The report provides a detailed assessment of the global food flavors market, including insights on the market dynamics, key drivers, challenges, regulations impacting the market, technology assessment and value chain analysis.
- We have also estimated the current market size for food flavor market globally and by geography, flavor type and end-use industry; 5-year outlook of the market, factors driving growth along with regional insights and trends
- The study also presents a thorough analysis of the competitive landscape, considering the market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the global food flavors market.
Author – Prasanth R Krishnan
Associate Director – Operations
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