$9.2 Billion Opportunity by 2023 in the Food Flavor Market: Global Key Vendors - GIVAUDAN, FIRMENICH, IFF, STYMIES AG, TAKASAGO, MANE SA, FRUTAROM, SENSIENT FLAVORS, ROBERTET SA.

Global Food Flavor Market - Growth, Trends and Forecast (2018 - 2023)
$9.2 Billion Opportunity by 2023 in the Food Flavor Market: Global Key Vendors - GIVAUDAN, FIRMENICH, IFF, STYMIES AG, TAKASAGO, MANE SA, FRUTAROM, SENSIENT FLAVORS, ROBERTET SA.

The global food flavor market size in 2016 was estimated USD 9.2 billion and is estimated to increase at a compound annual growth rate (CAGR) of 5.1% during the forecast period (2018 - 2023).
Food flavors are the primary building blocks in the food and beverage industry. In this highly competitive market, the growth in innovative products can be attributed to the growth of food flavors. The important trigger to these innovations is the region-wise and country-specific adoption of flavors. The major companies operating in the global food flavors market are Givaudan, Firmenich, IFF, and Stymies Ag, holding about 55% share of the market.

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Key Developments
June 2017: Ajinomoto has started the third stage of its USD 2 billion global acquisition campaign at Europe. The company aims for takeover deals, with specific attention over UK, Germany and France.

Major Players:
GIVAUDAN, FIRMENICH, IFF, STYMIES AG, TAKASAGO, MANE SA, FRUTAROM, SENSIENT FLAVORS, ROBERTET SA.

Sensient Flavors has launched a product line including seasonal combinations for spring, summer, autumn and winter. Fruit flavors are perceived by consumers as natural flavors being healthier options than other flavors. Sensient’s product line allows manufacturers to reinvigorate their brands and includes concepts designed to appeal to adults as well as children. Cargill has introduced erythritol as a flavor and it opened up new avenues for the ingredient which till now had been pigeonholed as a bulk sweetener.

Changing Consumer Food Preferences
Globalization and modernization are the primary factors that have increased the demand for flavors. The changing lifestyle of people has also impacted their food habits. Earlier, natural herbs and spices were used in home cooking to get a tinge of flavor in the food, which eventually turned into an industrial need to cater to the big food processors. Owing to the increase in working women population, there is a need in the market for processed foods, impelling food manufacturers to cater to the growing population resulting in the use of several flavors.
The consumer’s preference for low-fat and low-carbohydrate diet is a key driver in the increase of consumption of flavors. Since the flavors are region and country-specific, the manufacturers are constantly trying to hold a larger share of the demand through rigorous R&D and innovations in the market. Increase in health awareness among consumers is proving to be a major restraint in the artificial flavors market. Consumers are becoming more conscious about the negative effects of artificial flavors; it subsequently results in a decrease in their demand, thus ticking the demand for natural flavors. Many new entrants face a challenge in the flavor industry, as massive natural resources are needed to extract flavors. Also, the change in preferences and tastes of the consumers are constant constraints for the manufactures. Moreover, there are many regulatory bodies that have banned the use of artificial food flavors, especially in Europe.

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Beverage Market Holds a Prominent Share
The food flavors segment is bifurcated into natural flavors and synthetic flavors. The food flavors are further segmented by application into dairy, bakery & confectionery, meat & fish products, snacks & savories, beverages, and others. By type, the artificial flavors are expected to witness a fall in the market due to consumer preference for natural flavors. The major constraint in the natural flavors industry is the need for large amounts of natural resources to extract flavors according to consumer preference.

Europe Dominates the Food Flavors Market
The major global manufacturing hubs are North America and Europe, which hold a large share in the food flavor market. These regions are followed by Asia-Pacific, South America, and Africa. In Europe, snack and confectionary is leading the market in consumption followed by bakery items and meat. Keeping the consumers’ health in mind, the European market is mature and has several regulatory bodies for different applications of food flavors. Germany constitutes the major share in the Europe market having 23%, followed by the UK, Spain, The Netherlands, and Italy. The market value of synthetic flavors in Europe was about USD 912 million and that of natural flavors about USD 755.65 million, in the year 2014.
The strong growth in low-fat and low-carbohydrate food and beverages is expected to increase the demand in the North American flavor and fragrance market. However, Asia-Pacific is projected to gradually overtake the North American market, due to an increase in growth estimated for this region. On the other hand, growth of the European market would continue to be moderate, due to market maturity, as well as, consolidation in the industries that use food flavors.

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