As per the report by MarketsandMarkets, the Global Food Flavors Market size is projected to reach US$21.3 billion by 2027, at a CAGR of 3.5% during the forecast period, 2022-2027
Chicago, Aug. 29, 2023 (GLOBE NEWSWIRE) -- The Food Flavors Market is a dynamic and influential sector within the broader food and beverage industry. This market revolves around the creation, production, and distribution of flavor compounds and additives that enhance the taste, aroma, and overall sensory experience of various food products. It plays a pivotal role in shaping consumer preferences, product differentiation, and the success of food and beverage brands. The market offers a wide range of flavor options, ranging from traditional and familiar tastes to innovative and exotic profiles. Manufacturers continually develop new flavor formulations to cater to evolving consumer preferences and global culinary trends.
Food flavor market in terms of revenue was estimated to be worth $18.0 billion in 2022 and is poised to reach $21.3 billion by 2027, growing at a CAGR of 3.5 % from 2022-2027 according to a latest report published by MarketsandMarkets™. The food flavors market is growing rapidly with the increasingly new launches of customized flavor blends by global manufacturers. The manufacturers are exploring new revenue streams by offering products customized to consumer preferences.
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Food Flavor Market Scope:
|Market magnitude in 2022||USD 18.0 billion|
|Projected Revenue in 2027||USD 21.3 billion|
|Expansion rate||CAGR of 3.5% by 2027|
|Quantitative units||Value (USD Million) and Volume (Thousand Units)|
|Regional covered||North America, Europe, Asia Pacific, South America, and Middle East & Africa|
|Market Drivers|| |
Food Flavor Market major players covered in the report, such as:
- ADM (US)
- Givaudan (Switzerland)
- Kerry Group (Ireland)
- International Flavors & Fragrances (US)
- Symrise (Germany)
- MANE SA (France)
- Taiyo International (Japan)
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The research report categorizes the market into the following segments:
Food Flavor Market by Labelling/Regulation
- Chocolate & Brown
- Fruit & Nut
- Spices & Savory
- Other Flavors
- Nature Identical/Artificial
- Chocolate & Brown
- Fruit & Nut
- Spices & Savory
- Other Flavors
Food Flavor Market by Form
- Liquid & Gel
Food Flavor Market by Application
- Dairy Products
- Confectionery Products
- Supplements & Sports Nutrition
- Bakery Products
- Meat & Seafood products
- Savory & Snacks
- Pet Foods
- Dressings & Condiments
- Juices & Juice Concentrates
- Functional Drinks
- Alcoholic Drinks
- Carbonates Soft Drinks
- Powdered Drinks
- Other Drinks (flavored water, iced tea, etc.)
Food Flavor Market by Region
- North America
- Asia Pacific
- South America
- Middle East & Africa
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The key stakeholders in the Food Flavors Market include:
- Food and Beverage Manufacturers: These companies are the primary users of food flavors. They incorporate flavors into their products to enhance taste, aroma, and overall sensory experience, driving consumer preference and loyalty.
- Flavor Suppliers: Flavor manufacturers and suppliers develop and produce a wide range of flavor compounds and blends. They work closely with food and beverage manufacturers to provide customized and innovative flavor solutions.
- Consumers: Consumers drive the demand for flavorful and appealing food products. Their preferences and changing tastes impact the types of flavors that are in demand, encouraging manufacturers and suppliers to adapt and innovate.
- Regulatory Authorities: Government agencies, such as the Food and Drug Administration (FDA) in the United States and similar bodies in other countries, regulate the safety and use of food flavors. They establish guidelines and standards for the use of various flavoring agents in food products.
- Research and Development (R&D) Departments: Both food manufacturers and flavor suppliers have dedicated R&D teams that work on developing new and improved flavor profiles, often incorporating advancements in flavor science and technology.
- Marketing and Advertising Professionals: Marketing teams create campaigns that highlight the flavors of food products, aiming to capture consumer attention and drive sales. Effective marketing strategies can significantly influence consumer choices.
- Retailers: Grocery stores, supermarkets, and other retail outlets are vital in connecting consumers with flavored food products. Retailers' decisions regarding product placement and shelf space allocation can impact which products gain visibility and popularity.
- Food Scientists and Flavorists: These professionals have expertise in flavor chemistry and sensory perception. They play a crucial role in creating new flavor formulations and improving existing ones to meet consumer preferences and industry trends.
- Supply Chain Partners: From ingredient suppliers to distributors, various partners are involved in the supply chain of flavor ingredients. Their efficiency affects the availability and cost of flavor components.
- Environmental and Sustainability Advocates: With a growing emphasis on sustainability, these stakeholders encourage the food flavors industry to adopt environmentally friendly practices, reduce waste, and source ingredients responsibly.
Food Flavors Market Frequently Asked Questions (FAQs):
Q1. Which region is projected to account for the largest share of the food flavors market?
Q2. What is the forecasted size of the global food flavors market?
Q3. Which food flavor types are considered in the study and which segments are projected to have promising growth rates in the future?
Q4. Which are the key players in the food flavors market?
Q5. What kind of information is provided in the competitive landscape section?
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This report provides insights on the following pointers:
- Growing Consumer Demand for Natural Flavors: Consumers are increasingly seeking natural and clean label products, driving the demand for natural flavors derived from real ingredients such as fruits, herbs, and spices. This trend is pushing flavor manufacturers to develop more authentic and transparent flavor options.
- Innovation in Flavor Profiles: Food and beverage manufacturers are focusing on creating unique and exotic flavor profiles to stand out in a competitive market. Unconventional flavor combinations and international influences are gaining popularity as consumers become more adventurous in their culinary choices.
- Health-Conscious Choices: With rising awareness about health and wellness, there's a demand for flavors that align with healthier eating habits. Low-sugar, low-sodium, and functional flavors that offer nutritional benefits are gaining traction.
- Customization and Personalization: Consumers are seeking products that cater to their individual tastes. This demand for personalization is pushing manufacturers to offer customizable flavor options, allowing consumers to tailor their food and beverage experiences.
- Plant-Based and Vegan Flavors: As the popularity of plant-based diets and veganism grows, there's a demand for flavors that enhance plant-based food and mimic traditional animal-derived flavors, such as dairy and meat.
- Sustainability and Ethical Sourcing: Consumers are showing interest in flavors that are sourced ethically and sustainably. This trend is prompting flavor manufacturers to focus on responsible sourcing of raw materials and environmentally friendly production processes.
- Global and Ethnic Flavors: Consumers are exploring flavors from various cultures, leading to a rise in the popularity of global and ethnic cuisines. This trend is driving the demand for flavors that represent different regions and traditional culinary practices.
- Advancements in Flavor Technology: Flavorists are utilizing cutting-edge technologies such as molecular gastronomy and encapsulation to create novel flavor experiences. These technologies enhance the release of flavors and aromas, contributing to more immersive sensory experiences.
- Regulatory Scrutiny and Transparency: Regulatory authorities are placing greater emphasis on the safety and transparency of flavor ingredients. This is leading to increased scrutiny of flavor formulations and labeling practices to ensure compliance with food safety standards.
- E-Commerce and Direct-to-Consumer Trends: The rise of e-commerce and direct-to-consumer models allows flavor manufacturers to reach consumers more directly. This trend offers opportunities for smaller or niche flavor brands to gain visibility and attract a dedicated customer base.
With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:
- Detailed analyses and profiling of additional food flavors market players (up to five)
- Further breakdown of the Rest of Europe includes Switzerland, Sweden, and Belgium.
- Further breakdown of Southeast and Rest of Asia Pacific includes Bangladesh, Vietnam and Indonesia.
- Further breakdown of the Rest of South America includes Chile, Paraguay, Peru, Uruguay.
- Further breakdown of the Rest of Middle East & Africa includes, Egypt, and Kenya.
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plant-based kerry group kerry