Food Flavors Market Analysis, Size, Share, Growth, Trends, and Forecast – 2023

Food Flavors Market Analysis, Size, Share, Growth, Trends, and Forecast - 2023

The food flavors market is projected to grow at a CAGR of 4.8%, to reach USD 17.10 billion by 2023

The report Food Flavors Market by Type (Chocolate & Browns, Vanilla, Fruits & Nuts, Dairy, Spices), Application (Beverages, Dairy, Confectionery, Bakery, Meat, Savory & Snacks), Origin (Natural and Artificial), Form, and Region – Global Forecast to 2023″, The Food Flavors Market Is Projected To Account for a Value of USD 17.1 Billion By 2023 High consumption of processed food products among consumers has encouraged manufacturers to opt for ingredients that enhance the taste and texture. Manufacturers are increasingly opting for a range of food flavors to cater to the increasing preferences and demands of customers. According to MarketsandMarkets, the food flavors market is projected to account for a value of USD 17.1 billion by 2023, recording a CAGR of 4.8%.

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Consumer inclination toward clean-label and organic products drives the natural food flavors market

Marketing using a clean label is common in the natural flavors industry. With rising health awareness, consumers are moving towards natural food products. Natural flavors offer varied health benefits and are widely accepted by consumers who are ready to pay premium prices for natural foods. It has been observed that a majority of the population thoroughly checks the label of a product before buying it. This awareness among consumers has prompted manufacturers to undertake the replacement of synthetic flavors with natural flavors.

Manufacturers are planning marketing campaigns to increase consumer awareness regarding health benefits of food products incorporated with natural flavors. Natural and organic concepts are two tools that are predominantly utilized in the food industry by marketers to increase the demand for natural flavors in the market.

The major reason to replace synthetic flavors with natural ones is their ill-effects on health, such as nervous system depression, dizziness, chest pain, headaches, fatigue, allergies, brain damage, seizures, and nausea. According to the Environmental Working Group (EWG), it was found that a few synthetic flavors obtained from petroleum have a permanent impact on an individual’s health. For instance, amyl acetate, which is a prime contributor to banana flavors, causes nervous problems, headaches, and indigestion. Such factors are increasing demand for natural flavors in food & beverage applications.

Lower stability & limited availability of natural flavors

Conventionally, natural flavors, being perishable in nature, are unstable during processing, handling, and storage when compared to synthetic flavors. They are unstable to variations in pH, temperature, and light. Natural flavors are volatile to heat, and at higher temperatures, there is a possibility that the flavor will be lost. The dosages of natural flavorings used in frozen and baked products are higher to compensate its loss at low and high temperatures. This serves as a restraint for the natural flavors market.

Innovative raw material sources

The consumption of natural foods is becoming a trend, and the food industry strives to introduce new sources of flavors. Castoreum extract, a natural flavoring that is obtained from the anal glands of a beaver, is used as a natural flavor in beverage, confectionery, dairy, and desserts. Knowledge regarding the biogenesis of plant volatiles, their enzymes and genes, will pave the way for the production of innovative food flavors.

Microorganisms have a higher capacity of production for natural pigments and extracts. Sea sources are used on a commercial level for flavor extraction; seaweed is one of the most innovative sources that are used by well-established flavor houses. Varieties of super fruits from rainforests are in demand for the use of natural flavors. Such innovations present opportunities for market growth.

This report includes estimations of the market size in terms of value (USD million). Both, top-down and bottom-up approaches have been used to estimate and validate the size of the global food flavors market and to estimate the size of various other dependent submarkets. The key players in the market have been identified through secondary research (from sources such as press releases and paid databases such as Factiva and Bloomberg), annual reports, and financial journals; their market shares in respective regions have also been determined through primary and secondary research. All percentage shares, splits, and breakdowns have been determined using secondary sources and were verified through primary sources. The figure below shows the breakdown of profiles of industry experts that participated in the primary discussions.

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Asia Pacific To Be a Leading Region in the Food Flavors Market Through 2023

Consumption patterns of consumers are increasingly influenced by the weather conditions in their countries, due to which they are willing to opt for new flavors in food & beverages. Banking on the diverse preferences of consumers, manufacturers focus on allocating their budget to the development of novel and innovative flavors. Through new product developments, manufacturers in this region focus on expanding their customer base. Due to these factors, Asia Pacific is projected to lead in the food flavors market during the forecast period.

International Flavors & Fragrances (US), Givaudan (Switzerland), Firmenich (Switzerland), Frutarom (Israel), and Symrise (Germany) are some of the leading players operating in the food flavors market. Key players in this market are opting for strategies such as expansions, new product launches, and partnerships to improve their brand image.

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