Food Flavors Market 2020: Explore Top Factors that Will Boost the Global Market by 2027

Food Flavors Market by Type (Natural and Artificial) and End User (Beverages, Dairy & Frozen Products, Bakery & Confectionery, Savory & Snacks, and Animal &Pet Food): Global Opportunity Analysis and Industry Forecast, 2020–2027". According to the report, the global food flavors industry was pegged at $14.62 billion in 2019, and is anticipated to reach $17.42 billion by 2027, growing at a CAGR of 4.6% from 2020 to 2027.

Covid-19 scenario:
• The global lockdown has offered numerous challenges to the global food flavoring industry. Where on the one hand, various companies are witnessing a shortage of lab workers, on the other hand, it has become difficult to tackle the disruptions in the supply chain.
• Moreover, various regions are entering in recovery phase and initiating to continue their procedures. to manage the availability of the essential requirements.

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Rise in demand for RTE meal and fast foods, increase in use of health products, and surge in income levels drive the growth of the global food flavors market. Moreover, rapid technological advancements supplemented the market growth. However, increase in side effects of artificial flavors, stringent government regulations, and surge in health awareness among consumers hamper the market growth. On the contrary, untapped potential in unpenetrated and under-penetrated developing countries is expected to create lucrative opportunities for the market players in the coming years.

By type, the artificial food flavors segment held the largest share in 2019, accounting for nearly two-thirds of the global food flavors market, owing to less processing time compared to natural flavors. However, the natural food flavors segment is expected to register the highest CAGR of 5.6% during the forecast period, due to their increased demand in the food & beverage industry and rise in demand for clean label products globally.

By end user, the savory & snacks segment is expected to reach the fastest CAGR of 6.3% during the study period, owing to their growing demand across developing countries. However, the beverages segment held the largest share in 2019, contributing to more than one-fourth of the global food flavors market, due to rise in awareness among the population regarding the side effects of carbonated drinks.

The market across Asia-Pacific, held the largest share in 2019, accounting for nearly one-third of the market. Moreover, the region is expected to manifest the highest CAGR of 6.0% during the forecast period, owing to change in taste for fast food & beverages in the region and rise consumption of dairy, bakery, and beverage products. The global food flavors market across North America held the second-highest share in 2019, contributing to more than one-fourth of the market.

Leading players of the global food flavors market analyzed in the study includeFrutarom Industries Ltd., Huabao International Holdings Limited, Kerry Group, Plc.,Robertet SA, S H Kelkar and Company Limited., FirmenichSA, Sensient Technologies Corporation, Symrise AG, Takasago International Corporation, and Givauda International SA.

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