Rising demand for clean label products and convenience food & beverages are expected to create huge demand for Global Food Flavors Market, Says Research Cosmos
Food Flavors Market Overview
Food flavor is a food additives or ingredients, which is commercially used in the food and beverages products and others. It is added to food and drinks to enhance the sensory impression of the food.
Food flavor can be segmented into two types: natural flavor and synthetic flavor. It decides the sensual impression of food or other applications such as beverages, cosmetic & personal care, nutraceuticals and other end-use applications.
Over the few years, food flavors has gained popularity based on its diverse application in the food industry.
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Food Flavors Market Forecast
Food flavors are additives, which enhances the overall sensory appearance of food and beverages, and other products. It has a wide range of applications in frozen dairy and confectionary products.
The demand for the food flavors is growing mainly in emerging economies owing to increasing awareness about the product and its various usage, thereby, providing opportunities for the manufacturer to expand the market. Regulatory authorities, for instance, FDA has permitted the use of natural food flavors, consisting of oleoresin, essence or extractive, protein hydrolysate, essential oil, which comprises the flavoring element derived from fruit or fruit juice, vegetable or vegetable juice, edible yeast, spice, herb, bark, bud, root, leaf or similar plant material or meat, seafood, poultry, dairy products, eggs.
The increasing consumers’ awareness regarding health & wellness and their growing interest to adopt food flavors of natural origin instead of synthetic flavors is driving the market growth.
Manufacturers invest in research and technical development and investigative activities to improve existing products and procedures in order to develop new products. Research and development will lead to development of new product to improve the quality of the product and improve its functionality by including better formulation.
Key industrial players have been developing better-for-you products to accommodate the healthy food movement in convenient packaging, meeting labelling requirements to ensure food safety and quality.
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The food flavors market is projected to grow at a CAGR of 5.60% during the forecast period 2017-2023.
By Downstream Analysis
Among the type, synthetic segment is anticipated to retain its dominance throughout the forecast period. Also, the segment is projected to register a healthy CAGR of 5.03% during the given period due to increasing usage of synthetic food flavors in the food & beverages products, dairy, bakery, and other products to make their end product.
Furthermore, the demand for natural food flavors in food and beverage products is increasing the growth of the natural food flavors market.
Among the application, beverages is accounting for 34% of the global food flavors market and the segment is estimated to retain its dominance throughout the forecast period 2017-2023. The segment is projected to register a healthy CAGR of 6.07% during the forecast period 2017-2023.
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Food Flavors Market - Competitive Analysis
This report includes a study of strategies used in the market, mergers, and acquisitions and multiple product launch by food flavors market players. It further includes product portfolios and developments of leading players, which includes
- Givaudan SA (Switzerland)
- International Flavors & Food flavors, Inc.(U.S.)
- Firmenich International SA (Switzerland)
- Symrise AG (Germany)
- Takasago International Corporation (Japan)
- MANE FILS SA (France)
- Sensient Technologies Corporation (U.S.)
Key manufacturers are more focused on strategic product launch to seek consumers’ attention towards their product range. They are also involved in the acquisition of small players, which is projected to further support the companies to expand and reach out to consumers across the regions.
Food Flavors Market - Region Analysis
The global food flavors market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). Among these, Europe region is expected to lead the market over the forecast period.
The market is projected to grow at a CAGR of 5.57% in the review period. This is attributed by the high consumption rate of food and beverage products.
Among the Asia Pacific countries, India is estimated to hold 26% share in the year 2017.
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