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Flavor Enhancer Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends
Flavor Enhancer Global Market Report 2024
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According to The Business Research Company's, The flavor enhancer market size has grown strongly in recent years. It will grow from $9.94 billion in 2023 to $10.6 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to increase in demand for natural taste enhancers, increasing plant-based sources, rising preference for natural ingredients, rapid expansion of food and beverage industry, and increasing consumption of low-salt food.
The flavor enhancer market size is expected to see strong growth in the next few years. It will grow to $13.76 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to rising output of processed meals, rising low-carbohydrate foods, growing health awareness, increasing consumer preference for exotic flavors, and rapid urbanization and busy lifestyles. Major trends in the forecast period include launching plant-based products, introducing powdered and liquid flavor enhancers, developing low-calorie sweeteners, flavor modulation technologies, and hybrid flavor systems.
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Market Drivers and Trends:
The growing need for processed meals is expected to propel the growth of the flavor enhancer market going forward. Processed meals are pre-packaged dishes cooked or prepared in advance, often requiring minimal preparation before consumption. With the rise of dual-income households and busy lifestyles, consumers are looking for quick and easy meal options that can be prepared with minimal effort without compromising taste or nutrition, making processed meals a popular choice. Flavor enhancers can reduce the need for excessive salt or sugar while still maintaining taste, thereby helping to extend the shelf life of processed meals without compromising quality. For instance, in 2023, according to the United States Department of Agriculture, a US-based federal agency, the total value of US processed food products exported increased to $38.11 billion in 2022, an increase from $34.19 billion compared to 2021. Therefore, the growing need for processed meals drives the flavor enhancer market.
Major companies operating in the flavor enhancer market are developing animal-free flavor enhancers to meet the growing demand for vegan and plant-based food products, addressing consumer concerns about sustainability and animal welfare while catering to dietary restrictions and preferences. Animal-free flavor enhancers are ingredients used to boost the taste of food and beverages without relying on animal-derived components. For instance, in February 2022, International Taste Solutions (ITS), a UK-based company specializing in food ingredients, launched an animal-free flavor enhancer, Vegan Boost. It provides a rich, creamy, and indulgent mouthfeel without the use of animal-derived ingredients. These plant-based flavor enhancers are designed to mimic the taste and texture of traditional butter, making them suitable for a wide range of applications, including baked goods, sauces, and spreads.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Cargill, Associated British Foods PLC, DuPont de Nemours Inc., International Flavors & Fragrances Inc., Fermenish SA, Fufeng Group, Novozymes A/S, Eppen Biotech Co. Ltd., Mane SA, Tate & Lyle PLC, Corbion N.V., Sensient Technologies Corporation, Takasago International Corporation, Angel Yeast Co. Ltd, Meihua Holdings Group Co. Ltd., Quest Nutrition LLC, Bell Flavors & Fragrances, Lycored, Lesaffre Et Compagnie, MOGUNTIA FOOD GROUP AG, Innova Flavors, Nikken Foods Co. Ltd
Flavor Enhancer Market 2024 Key Insights:
• The flavor enhancer market size is expected to see strong growth in the next few years. It will grow to $13.76 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.
• Flavor Enhancers In Processed Meals Enhancing Taste And Shelf Life
• Animal-Free Flavor Enhancers Boost Vegan Baking
• Asia-Pacific was the largest region in the flavor enhancer market in 2023, and is expected to be the fastest-growing region in the forecast period
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