Food Flavors Market is expected to touch USD 24.5 billion by 2028, increasing at 5.2% CAGR during 2021-2028 | Size, Share Trends & Report Forecast
The Food Flavors Market was calculated around at USD 16.3 billion in 2020 and is expected to reach USD 24.5 billion by 2028, growing at a CAGR of 5.2% over the forecast period (2021-2028).
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/food-flavors-market/
The factors driving the growth of Food Flavors Market includes growing demand for ready-to-eat products, rising consumers inclination towards organic and clean labeled products and increasing awareness about adulteration. According to the report published by Statista, the Global Ready-to-Eat Meals Market is expected to reach USD 0.51 trillion by 2022, expanding at a CAGR of 6.39% over the forecast period (2022-2027), which will accelerate the Global Food Flavors Market in the approaching years. Moreover, the growing adoption of advanced technologies by manufacturers, increasing use of food flavors in snacks, soft drinks and confectioneries, growing influence of social media platforms and rise in the production of dairy food items such as yogurt and cheese, are some of the additional factors supplementing the market growth. In addition, rise in the number of Free Trade Agreements (FTA) among Governments of different countries, increasing investments by major corporations on research and development, rapid urbanization and growing population growth rates, are further contributing to the market growth.
However, growth of the Food Flavors Market is hindered due to Government regulations regarding the use of synthetic flavors.
The major players operating in the market are Takasago International Corporation, Sensient Technologies Corporation, Givaudan, Cargill Inc., Symrise, Firmenich SA, International Flavors & Fragrances, Kerry Group, Corbion, and MANE, among others.
Based on Application, the Beverages segment is predicted to capture the largest market share during the forecast period
Rise in the launch of innovative beverage by compose, changing consumers taste and preferences and growing demand for plant-based beverages, are some of the factors responsible for the segment's growth.
Based on Origin, the Artificial/ Synthetic segment is projected to expand at a remarkable CAGR over the forecast period
Artificial flavors are cost-effective, replicate the taste of natural ingredients and are increasingly used in packaged food and ready to eat food items, are propelling the growth of the segment.
Based on Region, the South American region is anticipated to hold the highest market share during the forecast period
Growing demand for packaged food products, rise in the number of fast-food outlets and quick service restaurants, rapid urbanization and increasing population growth rates, are some of the important factors augmenting the market growth in South American region.
In 2020, Givaudan introduced a new Virtual Reality tool known as The Virtual TasteTrek Citrus tool. This tool will help customers to create flavor directly from the desk.
In 2020, Symrise partnered with KitchenTown Berlin, a food and foodtech innovation network. The partnership will expand company's product portfolio and cater the changing consumer demand.
Segmentation by Type
Chocolate & brown flavors
Fruits & nuts
Segmentation by Application
Other Dairy Products
Other Confectionery Products
Savory & Snacks
Segmentation by Origin
Global Food Flavors Market by Form
Segmentation by Region
Rest of APAC
United States of America
Rest of Europe
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