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

Food Flavors Market

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).

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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.

Key Development

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.

Market Segmentation

Segmentation by Type

Chocolate & brown flavors
Vanilla
Fruits & nuts
Dairy
Spices
Others

Segmentation by Application

Beverages
Hot Drinks
Soft Drinks
Alcoholic Drinks
Other Drinks

Dairy Products
Ice Cream
Other Dairy Products

Confectionery Products
Chocolates
Other Confectionery Products
Baked Products
Meat Products
Savory & Snacks
Frozen Products

Segmentation by Origin

Natural
Nature Identical
Artificial/ Synthetic
Global Food Flavors Market by Form
Liquid
Dry

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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This release was published on openPR.