Food Flavors Market Worth $20.27 billion by 2027- Exclusive Report Covering Pre and Post COVID-19 Market Analysis

According to a new market research report titled "Food Flavors Market by Origin (Natural, Nature Identical, and Artificial), Type (Vanilla and Dairy), Form (Liquid, and Dry), and Application (Beverages, Dairy Products, Confectionery Products, and Meat Products) - Global Forecasts to 2027", the food flavors market is expected to grow at a CAGR of 4.5% from 2020 to reach $20.27 billion by 2027.

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The flavor is the sensation produced by a material taken in the mouth, perceived principally by the senses of taste and smell, and by the general pain, tactile and temperature receptors in the mouth. Flavor denotes the sum of the characteristics of the material which produces that sensation. The flavor is one of the three main sensory properties that help decide the selection, acceptance, and food ingestion. Nowadays, both natural and artificial substances are used as food flavors. The basic universally recognized flavors include sweet, sour, tangy, bitter, umami, hot, which can be perceived through the tongue.

On the other hand, the number of sensations that can be perceived through the nose (smell) is limitless. As a result, the food industry is ever-growing to utilizing different combinations of taste and smell. The major factors driving the growth of the overall food flavors market are growing demand for clean label and organic products, strong growth in the food and beverages industry, and technological advancements such as microencapsulation.

Impact of Covid-19 on the Food Flavors Market

COVID-19 pandemic has adversely hit many economies around the globe. Governments across the globe have announced partial or complete lockdown to control the spread of this disease and avoid related severe consequences, which has majorly impacted many manufacturing and service industries. Because of this lockdown, hotels and restaurants across the globe were closed for a longer duration in 2020, which has shifted the focus of the population on the consumption of more processed food & beverages across the globe from both the new and existing customers driving the demand for processed, ready to eat, and ready to cook food & beverages globally, and thereby indirectly driving the demand for food flavors. For instance, according to Givaudan, its flavor division has registered a 3.6% growth during the first half of 2020, owing to increased sales in segments like dairy, sweet goods, savory, and snacks during the COVID-19 pandemic situation.

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The food flavors market study presents historical market data in terms of value and volume (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented on the basis of origin, type, form, application, and geography. The study also evaluates industry competitors and analyses the market at a country level.

Based on origin, the food flavors market is mainly segmented into natural, nature identical, and artificial. The artificial segment is estimated to hold the largest share of the overall food flavors market in 2020 and is also projected to continue its dominance during the analysis period owing to the rising adoption of artificial flavors with its cost-effectiveness, wide variety of products offering several tastes & smell, and the higher stability offered by artificial flavors in a variety of foods and their processing techniques. However, the natural segment is projected to grow at the fastest CAGR during the forecast period due to the rising awareness among populations about the health benefits of natural products, rising demand for unique exotic flavors, increasing demand for organic food products, and rising clean labels trend across the globe.

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Geographically, the Asia-Pacific region is estimated to hold the leading position with a major share of the global food flavors market in 2020. This region's large share is primarily attributed to increasing demand for processed food products in emerging and developing countries such as India, China, Indonesia, and Thailand; changing regulatory environment; and shifting consumer preferences for good quality food ingredients. The Asia-Pacific region is also expected to grow at the highest CAGR during the forecast period.

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. (The Netherlands), BASF SE (Germany), Archer Daniels Midland Company (U.S.), Corbion NV (The Netherlands), and Döhler Group (Germany) among others.

Based on type, the food flavors market is mainly segmented into chocolate and browns, vanilla, fruits and nuts, dairy, spices and herbs, vegetables, and others. The fruits and nuts segment is estimated to account for the largest share of the overall food flavors market in 2020. The rapidly increasing middle-class population; rising consumption of nuts; increasing demand for innovative, tasty, adventurous food and beverage products; and increasing expenditure on processed food and beverage products are the primary factors contributing to the higher use of fruit and nut flavors. However, the spices and herbs segment is expected to grow at the fastest CAGR during the forecast period.

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Based on form, the food flavors market is segmented into liquid and dry. The liquid form segment is expected to command the largest share of the overall food flavors market in 2020. The large share of this segment is mainly attributed to its benefits such as it increases the shelf life of food products, ensures homogeneous blends with virtually no segregation, and provides high microbiological stability, which is used in the food and beverage, confectionery, bakery, dairy, and all other food industries.

Based on application, the food flavors market is mainly segmented into beverages, dairy products, confectionery products, baked products, meat products, savory and snacks, and others. The beverages segment is estimated to command the largest share of the overall food flavors market in 2020, mainly attributed to the growing demand for beverages with rising disposable income in emerging countries, rapid urbanization, and changing lifestyles worldwide. However, the savory and snacks segment is expected to witness significant growth. This segment's rapid growth is mainly attributed to rising demand for functional snack food. Increasing urbanization and busier lifestyles impact consumers' eating habits, who are increasingly replacing main meals with more flexible, light, and convenient snacking options.

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