Flavors are essential part of the food processing industry that help to maintain the taste of a product.
The global flavors (food & beverages) market was valued at $12,474 million in 2016, and is expected to reach at $18,126 million in 2023, growing at a CAGR of 5.5% from 2017 to 2023.
Food flavors are made of three components taste, smell, and color. Food & beverage industries require flavor for different purposes, such as new product development, addition of new product line, and change in the taste of existing product.
High demand for new flavors from food & beverages industry, increase in demand from fast food industries, and continuous innovation have driven the global flavors (food & beverages) market. However, rise in health awareness among the global population is expected to hamper the market growth.
Companies are expanding their geographical operations in the developing regions to maintain their growth rate. For example, Givaudan SA has recently started its manufacturing plant in Nigeria to increase its customer base.
Key market players are also expanding their product portfolio to maintain the market profitability. For example, Kerry Group has added barbeque flavored meat snacks brand, Meateors, which is launched to target the male consumer between the age group of 20-32.
The report offers incisive information on other market strategies, such as collaboration, acquisition, and innovation. In addition, provide a deeper understanding of the segments of the global flavors (food & beverages) market based on type, end user, and geography.
The type segment includes natural flavor and artificial flavor market, while the natural flavors are expected to be used in their natural form or processed form. Beverage companies in the U.S. and Europe prefer to use natural flavors.
Artificial flavors are chemically derived and widely used in beverage industries. The end user segment consists of beverages, savory & snacks, bakery & confectioneries, dairy & frozen products, and animal & pet foods.
Beverages is the leading end user industry within the global flavors (food & beverages) market. Geographically, the market is segmented into Asia-Pacific, North America, Eastern Europe, Western Europe, LAMEA.
Asia-Pacific is the largest market for food flavor followed by North America and Western Europe.
KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the global flavors (food & beverages) market and the current and future trends to elucidate the imminent investment pockets.
- Major countries in each region are mapped according to individual market revenue.
- The report provides information regarding key drivers, restraints, and opportunities and their impact analyses.
- Quantitative analysis of the current market and estimations for the period of 2015‐2023 have highlighted the financial caliber of the market.
- Porter’s Five Forces model and SWOT analysis of the industry illustrate the potency of the buyers and suppliers participating in the market.
- Value chain analysis in the report provides a clear understanding of the roles of stakeholders involved in the value chain.
Flavors (Food & Beverages) Market Key Segments:
- Artificial (Synthetic)
By End User
o Hot Drinks
o Soft Drinks
o Alcoholic Drinks
- Dairy & Frozen Products
o Dairy Products
- Bakery & Confectionery
o Ice Cream
- Savory & Snacks
- Animal & Pet Food
o Animal Feed
o Pet Food
o South Korea
o Rest of Asia-Pacific
- North America
- Western Europe
o The Netherlands
o Rest of Western Europe
- Eastern Europe
o Czech Republic
o Rest of Eastern Europe
- Latin America
o Rest of Latin America
- Middle East
o Saudi Arabia
o Rest of Middle East
o South Africa
o Rest of Africa
Major players operating in this market include the following:
- Firmenich SA
- Frutarom Industries Ltd.
- Givaudan SA
- Huabao International Holdings Limited
- International Flavors & Fragrances Inc.
- Kerry Group, Plc.
- V. Mane Fils SA
- Robertet SA
- Sensient Technologies Corporation
- Symrise AG
- Takasago International Corporation
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