Demand for Food Flavors is Rising Due to Growing Demand for Sweet and Confectionery Products all Across the Globe

According to MarketsandMarkets, the global food flavors market size is estimated to be valued at USD 16.4 billion in 2020 and is projected to reach USD 20.7 billion by 2025, recording a CAGR of 4.8%, in terms of value. The growing demand for sweet and confectionery products all across the globe is causing a rise in the demand for food flavors.

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The fruit & nut flavor segment is projected to witness significant growth during the forecast period.

Based on type, the food flavors market is dominated by fruit & nut flavors. The fruit flavors are basically obtained from essence and concentrates of fruits and are quite popular. Nuts are an important source of natural oil and fibers. The demand for these flavors is rising due to the increase in health awareness among the consumers.

The food segment is projected to account for a major share in the food flavors market during the forecast period.

By application, the food flavors market is segmented into food & beverages. Food is further classified into dairy products, confectionery, bakery, meat products, and others, which includes soups, condiments, pickles, and sauces. The increase in the demand for processed food is increasing the market for food flavors in the food segment applications.

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The Asia Pacific region dominated the food flavors market with the largest share in 2019, whereas South America is expected to witness the highest growth rate.

The food flavors market in Asia Pacific is estimated to be dominant due to the increasing demand for processed food, because of the shift in lifestyle trends. People are looking for several healthy ready-to-eat options without compromising on taste. The production of dairy and meat processed food has also been increasing, which is again increasing the demand for food flavors.

The fastest-growing market is projected to be South America. As consumers have shown an inclination toward clean-label and organic products, this has enabled manufacturers to consider organic ingredients as major components of the products. Due to this, the food flavors market in the region is rising due to the demand for organic flavors.

Leading companies are DuPont (US), Archer Daniels Midland (ADM) (US), Givaudan (Switzerland), Kerry Group (Ireland), International Flavors & Fragrances (US), Firmenich (Switzerland), Symrise (Germany), MANE (France), Taiyo International (Japan), T. Hasegawa (Japan), Synergy Flavors (US), Sensient (US), Bell Flavors and Fragrances (US), Flavorchem (US), Takasago (Japan), Keva Flavours (India), Huabao Flavors & Fragrances (Singapore), Tate & Lyle (UK), Robertet (France), McCormick & Company (US), Wanxiang International (China), Treatt (UK), China Flavors and Fragrances (China), Lucta (Spain), and Solvay (Belgium).

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This release was published on openPR.