The global food flavors market accounted for a value of USD 14.1 billion in 2019. The global food flavors market is projected to grow at CAGR of 4.7% during the forecast period.
However COVID-19 has affected food flavors market immensely. The population across the globe is avoiding eating anything from outside due to fear of corona virus. The products like ice-cream, yogurt and other dairy & confectionary product has seen decline. The production of items was halted for sometimes. The supply of raw material and finished products was also become difficult due to movement restrictions. Thus, food flavors market is likely to observe decline in market share during forecast period to virus outbreak.
For more details, visit: Global Food Flavors Market By Type (Natural flavor, Artificial Flavor), By Product (Fruit & Nut, Spices & Savor, Vanilla, Chocolate & brown, Others), By Application (Food, Beverages), By Region–Forecast & Opportunities to 2026
The demand for different flavors in dairy products has been increasing. Along with dairy products the different flavored confectionery products are also much in demand. This is likely to drive growth in food flavors market during the forecast period.
On the basis of the type, the global food flavors market is segmented into natural and artificial. The artificial sector accounted for maximum market share in 2019 however the rising concerns towards effects of artificial ingredients leading to rise in natural food flavors market. It is expected to register growth at highest CAGR of XX% during forecast period.
On the basis of type, the food flavors market is segmented into vanilla, chocolate & brown, fruit & nut, spices & savory and others. The fruit & nut segment is projected to register growth at highest CAGR during the forecast period. Fruits flavors are present as syrups, fruit concentrates and extracts. This is used in various industrious such as food, dairy, beverages, confectionary, pharmaceuticals, vitamin supplement industries and nutritional food. Fruits processed to make fruits extract and syrups which is used as flavor for food.
On the basis of application, the food flavors market segmented into food and beverages. The food segment is estimated to account for highest market share during the forecast period. In food segment people are demanding natural flavors because of health benefits. The demand for flavors in also increases immensely in dairy products. Thus, gives boost to food segment in food flavors market during the forecast period.
Asia-pacific region is projected to register growth at highest CAGR of XX% during the forecast period. This region has very high production of dairy and dairy-based products such as ice-cream, yogurt and cheese. The manufacturers in this region are also exporting the products. The increase in demand in this region along with export of the products together drives the growth in Asia-Pacific region during the forecast period.
The key market players in Asia-Pacific region are Givaudan, DuPont, Kerry Group, Archer Daniels Midland, Firmenich, International Flavors & Fragrances, Takasago, Keva Flavors, Bell Flavors & fragrances, Tate & Lyle, China Flavors & Frangrances, Robertet, Takasago, Solvay and Lucta. The players are strategically focusing on providing best quality products with maximum innovation. They are also focusing on mergers and acquisition in order to strengthen their market presence.
- What are the expected industry trends over the next three to five years?
- Which of the food flavors type is likely to lead by 2025?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?