Food Flavors Market to Reach $20.39 Billion by 2028 - Exclusive Report by Meticulous Research®

According to a new market research report titled "Food Flavors Market by Origin (Natural, Nature-identical, and Artificial), Type (Vanilla, Dairy, and Spices & Herbs), Form (Liquid), and Application (Beverages, Dairy Products, Confectionery Products, and Meat Products) - Global Forecasts to 2028", in terms of value, the food flavors market is expected to grow at a CAGR of 4.2% from 2021 to reach $20.39 billion by 2028, and in terms of volume, the market is expected to grow at a CAGR of 3.8% from 2021 to reach 10,935.6 thousand MT by 2028.

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

On the other hand, the number of sensations perceived through the nose (smell) is limitless. As a result, the food industry is constantly evolving by utilizing different combinations of taste and smell.
The growing demand for clean label and organic products, strong growth in the food & beverage industry, and increasing technological advancements, such as microencapsulation, are the major factors driving the food flavors market.

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Impact of Covid-19 on the Food Flavors Market
The COVID-19 pandemic affected more than 100 countries globally, with more than 308,458,509 confirmed COVID-19 cases and 5,492,595 associated deaths recorded as of 10th January 2022 (Source: World Health Organization). To curb the spread of this disease, governments across the globe announced partial or complete lockdowns, severely impacting numerous industries, including food & beverage.

The nationwide lockdowns resulted in the closure of hotels and restaurants worldwide in 2020, which shifted the focus of the population on the consumption of processed, ready-to-eat, and ready-to-cook food & beverages. For instance, according to Givaudan, its flavor division registered a 3.6% growth during the first half of 2020 due to increased sales in segments, such as dairy, sweet goods, savory, and snacks. Thus, the demand for food flavors is expected to increase in the next few years.

However, the lockdowns forced the temporary closure of numerous manufacturing facilities. Governments worldwide also enforced restrictions on operating capacities to ensure social distancing and curb the spread of the infection. Supply chains were disrupted, resulting in production limitations, complications in raw materials sourcing, and higher delivery costs, impacting the overall food flavors market.

In addition, governments announced a temporary ban on foreign air travel. These factors affected the sales of food flavor products. Furthermore, the restrictions on the export and import of non-essential products due to temporary border closures in some countries hindered the growth of this market.

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The global food flavors market is segmented based on origin, type, form, application, and geography. The study also evaluates industry competitors and analyses the market at the country level.
Based on origin, the food flavors market is segmented into natural food flavors, nature-identical food flavors, and artificial food flavors. The artificial food flavors segment accounted for the largest share of the food flavors market in 2021. The large share of this segment is mainly attributed to the higher use of artificial flavors with the availability of a wide range of flavors in this category, high demand for new kinds of tastes, and their cost-effectiveness compared to natural flavors. Additionally, the huge demand for artificial flavors in packaged food products, fast foods, and Ready-To-Eat (RTE) products further supports the growth of this segment.

However, the natural food flavors segment is expected to grow at the fastest CAGR during the forecast period due to the rising demand for unique exotic flavors, the growing health awareness among consumers, the increasing demand for organic food products, the rising preference for natural flavors as an active ingredient in bakery products, and key trend for clean label products.

Based on type, the food flavors market is mainly segmented into chocolate & browns, vanilla, fruits & nuts, dairy, spices & herbs, vegetables, and other types. The fruits & nuts segment accounted for the largest share of the food flavors market in 2021. The large share of this segment is mainly attributed to the rapidly increasing middle-class population, rising consumption of nuts, increasing demand for innovative, tasty, adventurous food & beverage products, and increasing expenditure on processed food & beverage products. However, the spices & herbs segment is expected to grow at the highest CAGR during the forecast period.

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Based on form, the food flavors market is segmented into liquid-form food flavors and dry-form food flavors. The liquid-form food flavors segment accounted for the largest share of the food flavors market in 2021. The large share of this segment is mainly attributed to its benefits, such as its capability to increase the shelf life of food products, ensure homogeneous blends with virtually no segregation, and provide 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 other applications. The beverages segment accounted for the largest share of the food flavors market in 2021. The large share of this segment is mainly attributed to the growing demand for beverages, rising disposable income in emerging countries, rapid urbanization, and changing lifestyles worldwide.

However, the savory & snacks segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the rising demand for functional snack food and increasing urbanization and busier lifestyles impacting the eating habits of consumers, who are increasingly replacing meals with more flexible, light, and convenient snacking options.

Based on geography, Asia-Pacific accounted for the largest share of the food flavors market in 2021. The large share of this region is primarily attributed to the increasing demand for processed food products in emerging and developing countries, such as India, China, Indonesia, and Thailand; shifting consumer preferences for high-quality food ingredients, and the increasing outsourcing of processed food manufacturing from the Asian region to meet the growing international demand.

In addition, Asia-Pacific is expected to grow at the highest CAGR during the forecast period. Japan is expected to dominate the Asia-Pacific market through 2028, mainly due to the increasing disposable income of consumers, the growing need for convenience, and the rising retail sales of packaged food.

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Key Players:
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. (Netherlands), BASF SE (Germany), Archer Daniels Midland Company (U.S.), Corbion NV (Netherlands), and Döhler GmbH (Germany).

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