Food Flavors Market

Analysis from GMI Research finds that the Food Flavors Market earned revenues of USD 17.9 billion in 2022 and estimated to touch USD 25.4 billion in 2030 will grow at a CAGR of 4.5% from 2023-2030 attributed to growing demand for natural and sustainable food flavors.

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Key Food Flavors Market Drivers

Major factors driving the global food flavors market are increasing consumption of convenience food products and functional beverages and growing demand for ready-to-eat processed food items around the world. Food flavors are widely used in breads, pies, rolls and cookies to enhance the taste of these baked items. Moreover, organic food products are becoming increasingly popular in many countries due to health benefits offered by these products. United States is one of the largest organic products markets worldwide, as per Organic Trade Association estimates, organic food sales in United States shown a 2% growth between 2020 to 2021 to reach USD 57.5 billion in 2021.  since organic food products are manufactured without using artificial flavors or any preservatives, demand for natural food flavors, is expected to increase in organic food flavors in future, which will create lucrative growth opportunities for food flavors market.

Increasing application of food flavors across the packaged food industry in order to maintain the taste and survive under acidic conditions will accelerate the market growth. Additionally, with the growing health awareness, the demand for plant-based food flavors has increased as it helps in reducing the harmful effects of chemical additives on the body, driving the market growth. Other factors, such as surging demand for commercialized and clean-label food products with natural flavors, increase in research and development (R&D) activities and the rising expenditure capacities among consumers, are propelling the growth of flavor food market.

Various multinational giants are mainly focusing on the development of exotic and unique delicious food flavors, to attract large number of consumers towards food flavors. In addition, ongoing innovations of new technologies and innovative experiments across the food & beverage sector, the consumption of flavors is increasing, which is estimated to boost the market growth. Changing lifestyle of consumers, strong demand for convenient food products, and the coming of innovative safe and attractive packaging, such as self-chilling beverage cans, will create growth opportunities for food flavoring industry. However, strict regulatory standards related to labelling of ingredients, is hampering the market growth.

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Based on the Application, Beverage segment is projected to lead the market

Beverage industry mainly uses flavors, including citric acid, high fructose corn syrup (HFCS), malic acid, phosphoric acid, and sucralose acid. The growing demand for natural flavors among the consumers is encouraging the manufacturers to opt for natural flavors to capture the changing demand of the target audience. In addition, growing premiumization and sustainability trend and increasing demand for latest flavors in the beverage industry are driving the segment’s growth.

Based on Origin, Artificial/Synthetic segment is projected to hold a major share

Artificial flavors help in giving a similar to that of natural ingredients. The increasing demand for flavors that replicate the taste of natural ingredients and the lower prices of these artificial flavors as compared to the natural flavors are the major factors that are boosting the demand of this segment during the forecast period. Additionally, natural source segment is driven by growing demand for organic products, increasing availability of products with advanced flavours, and rising disposable incomes of consumers.

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Based on Region, North American region is estimated to capture the largest market share

North American food flavors market is propelled by growing demand processed meat products, presence of massive food processing units and growing concerns related to health and environmental impact of synthetic ingredients amongst consumers. Additionally, countries such as Brazil and Argentina have a high consumption of nutritional beverages and soft drinks. The rapid growth in urbanization and the changing food habits of the consumers, are boosting the demand for packaged food products in these countries. Increasing population growth rates, rising per capita incomes of consumers will positively impact the South American food flavors market.

Asia Pacific food flavor market is driven by growing consumption of processed edible products and beverages and rising working professionals. In addition, increasing investments from several multinationals, especially leading countries such as China, India, and Japan will create enormous opportunities for the market.

Top Market Players

Various notable players operating in the food flavor market are Givaudan, International Flavors & Fragrances, Kerry Group, Cargill Inc., Symrise, Firmenich SA, Corbion, Takasago International Corporation, Sensient Technologies Corporation, and MANE, among others.

Key Developments:

• • In February 2022, Archer Midland Company completed the acquisition of Comhan, which is one of the lading flavor distributors in South Africa. This acquisition will help the company to expand its footprint in flavour industry in South Africa.
  • In August 2021, Taiyo International, a major manufacturer of functional ingredients for food and beverage industry announced that it has partnered with Ito En to supply matcha to food and beverage and supplement industries in North American region.
  • In July 2021, Ingredion Incorporated announced that it has acquired PureCircle Limited, a major manufacturer of plant-based stevia sweeteners and flavors. This acquisition will help company, to increase sales of stevia.
  • In May 2021, Synergy Flavors, Inc., a major manufacturer and supplier of flavorings and extracts completed the acquisition of Innova Foods Pty Ltd., to expand its savoury capabilities.
  • In January 2021, IFF partnered with DuPont’s Nutrition and Biosciences business to expand its natural ingredients portfolio. This partnership will the company to meet the increasing demand for natural food products.
  • In February 2020, Givaudan introduced Virtual TasteTrek Citrus Tool, which will allow customers to create flavors from the desk.
  • In April 2020, Symrise, a manufacturer of flavour and fragrances based out of Germany partnered with KitchenTown Berlin, which is a food foodtech innovation network, to support food start-ups.

Segments Covered in the Report

Global Food Flavors market has been segmented on the basis of Type, Application, Origin, Form and Region. Based on type, the market is segmented into Chocolate & Brown, Vanilla, Fruits & Nuts, Dairy, Spices and Others. Based on Application, the market is segmented into Beverages, Dairy Products, Confectionery Products, Bakery Products, Meat Products, Savory & Snacks and Frozen Products. Based on Origin, the market is segmented into Natural, Natural Identical and Artificial/Synthetic. Based on Form, the market is segmented into Liquid and Dry.

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Market Segmentation:

Global Food Flavors Market by Type

• • Chocolate & brown flavors
  • Vanilla
  • Fruits & nuts
  • Dairy
  • Spices
  • Others

Global Food Flavors Market by Application

• • Beverages
    • Hot Drinks
    • Soft Drinks
    • Alcoholic Drinks
    • Other Drinks
  • Dairy Products
    • Ice Cream
    • Other Dairy Products
  • Confectionery Products
    • Chocolates
    • Other Confectionery Products
    • Baked Products
    • Meat Products
    • Savory & Snacks
    • Frozen Products

Global Food Flavors Market by Origin

• • Natural
  • Nature Identical
  • Artificial/ Synthetic
  • Global Food Flavors Market by Form
  • Liquid
  • Dry

Global Food Flavors Market by Region

• • North America Food Flavors Market (Option 1: As a part of the free 25% customization)

    • By Type
    • By Application
    • By Origin
    • By Form
    • United States of America (US) Market All-Up
    • Canada Market All-Up

  • Europe Food Flavors Market (Option 2: As a part of the free 25% customization)

    • By Type
    • By Application
    • By Origin
    • By Form
    • United Kingdom (UK) Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Food Flavors Market (Option 3: As a part of the free 25% customization)

    • By Type
    • By Application
    • By Origin
    • By Form
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Food Flavors Market (Option 4: As a part of the free 25% customization)

    • By Type
    • By Application
    • By Origin
    • By Form
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Food Flavors Leading Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Givaudan
  • International Flavors & Fragrances
  • Kerry Group
  • Cargill Inc.
  • Symrise
  • Firmenich SA
  • Corbion
  • Takasago International Corporation
  • Sensient Technologies Corporation
  • MANE