Food Flavors Market Is Projected to Grow at a CAGR over 5.6% from 2017 to 2023

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Pune, India — 11/09/2017 — Market Research Future published a Cooked Research Report on Global Food Flavors Market value which is estimated to grow at 5.60% by 2023

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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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.
 
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.

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,

– Firmenich International SA (Switzerland)
– Symrise AG (Germany)
– Takasago International Corporation (Japan)
– V. MANE FILS SA (France)
– Givaudan SA (Switzerland)
– International Flavors & Food flavors, Inc.(U.S.)
– 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.

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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Market Segmentation

Global food flavors market is segmented by type, applications, and region.

About Market Research Future
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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Brad Bennett

Brad Bennett

Brad grew up in a small town in northern Iowa. He studied chemistry in college, graduated, and married his wife one month later. They were then blessed with two baby boys within the first four years of marriage. Having babies gave their family a desire to return to the old paths – to nourish their family with traditional, homegrown foods; rid their home of toxic chemicals and petroleum products; and give their boys a chance to know a simple, sustainable way of life. They are currently building a homestead from scratch on two little acres in central Texas. There’s a lot to be done to become somewhat self-sufficient, but they are debt-free and get to spend their days living this simple, good life together with their five young children.
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