Food Flavors Market was valued at USD 16.3 Billion in 2020 and is estimated to reach a value of USD 24.5 billion in 2028, registering a CAGR of 5.2% over the upcoming years (2021-2028), owing to the surging demand for ready to eat food items.

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Key Drivers

The key driver contributing to the growth of the global food flavors market is the growing health concerns among consumers towards the consumption of natural food products. The increasing application of food flavors across various food items such as such as breads, cookies, cakes, pies, rolls and pretzels, followed by the increasing acceptability of consumers as natural flavor, will further accelerate the growth of the market. A significant surge in the demand for organic food across developing countries and the augmenting adoption of clean-label products are projected to expand the organic food flavors market. As per the Organic Trade Association, the U.S. the sales of organic eatable exhibited a surge of 8.81% from 2013 to 2018. The increasing application of food flavors across the packaged food industry in order to maintain the taste and survive under acidic conditions will bolster the market share. Besides this, ongoing product development which include the advent of novel, combinational flavors, like fruits, chocolate. and nuts, to give a natural aroma to edible products will offer enormous opportunities to the market. Additionally, with the growing health awareness, the demand for organic ingredients and 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, increasing research and development (R&D) activities and the rising expenditure capacities among consumers, are likely to pave the way for market.

Various multinational giants are mainly focusing on the development of exotic and unique delicious food flavors, which will further attract a large number of consumers towards the adoption of food flavors to enhance the overall taste of their food. The 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. In addition to this, the 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 innumerable growth opportunities in the market. However, the lower shelf-life of the ingredients used in the food flavors and the high cost involved in the production of natural flavors will hamper the growth of the market over the forecast period.

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Application Segment Analysis

Based on the Application, Beverage segment is projected to lead the market over the forecast period owing to the rapid growth in the beverage industry driven by varied consumer tastes and preferences. The 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. Factors such as the growing premiumization and sustainability trend and increasing prominence of latest flavors across the beverage industry are projected to offer enormous opportunities for the market. Rising demand for plant-based beverages has augmented the use of organic flavors across the beverage sector, which is driving the market growth.

Origin Segment Analysis

Based on the Origin, the market is segmented into natural, natural identical, and artificial/ synthetic. The Artificial/synthetic segment is expected to grow at a higher CAGR over the forecast period. The 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.

Natural source is predicted to hold a higher CAGR over the upcoming years because of the increasing demand for food items that promote wellness. Other factors which include the growing demand for organic products, increasing availability of products with advanced flavours, and accelerating purchasing power are bolstering the market growth. Growing traction towards purchasing clean label goods have bolstered the demand for naturally sourced ingredients, propelling the demand for natural food flavors.

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Regional Analysis

South America region is anticipated to lead the market over the forecast period. 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 will increase the demand for packaged food products, thereby propelling the growth of food flavors market. Moreover, the expansion in the population rate and the increasing per capita income across the South America region will further have a positive impact on the growing demand of the market in the coming years.

Asia Pacific food flavor market is predicted to witness a strong growth over the forecast period, due to the 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. Increasing production and supply of the food and beverage industry, increasing purchasing power, and the strong presence of significant players in the region is driving the food flavor market in the region.

Various notable players operating in the market include 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 2021, Synergy Flavors, Inc. acquired Innova Foods Pty Ltd., a leading savory flavor ingredient producer. This acquisition is intended to help the organization expand their business worldwide, which accelerates the global food flavor market.
  • In 2021, IFF entered into a partnership with DuPont’s Nutrition and Biosciences business operation to expand its product portfolio in natural ingredients. The company invested a huge amount in a merger, which will help the company to cater the growing consumer demands for producing healthier and natural food products.
  • In 2021, Synergy Flavors, Inc. acquired Innova Foods Pty Ltd., a leading savory flavor ingredient producer. This acquisition is intended to help the organization expand their business worldwide, which accelerates the global food flavor market.
  • In 2021, IFF entered into a partnership with DuPont’s Nutrition and Biosciences business operation to expand its product portfolio in natural ingredients. The company invested a huge amount in a merger, which will help the company to cater the growing consumer demands for producing healthier and natural food products.
  • In 2020, Givaudan launched a new Virtual Reality tool known as The Virtual TasteTrek Citrus tool. This tool will help with the flavor creation will enabling the customers to create flavor directly from the desk.
  • In 2020, Symrise announced its partnership with KitchenTown Berlin, a food and foodtech innovation network. The partnership will aim to transform food product portfolio and capture the growing demand of the target audience.

The 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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Key questions answered in this research report:

• • At what pace is global Food Flavors market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Food Flavors market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Food Flavors market?
  • Which type generated maximum revenues in 2020 and identify the most promising type during the forecast period?
  • What are the various application areas of global Food Flavors market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues (2020)	USD 16.3 Billion
Market Base Year	2020
Market Forecast Period	2021-2028
Base Year & Forecast Units	Value (USD Billion)
Market Segment	By Type, By Application, By Origin, By Form, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Givaudan, International Flavors & Fragrances, Kerry Group, Cargill Inc., Symrise, Firmenich SA, Corbion, Takasago International Corporation, Sensient Technologies Corporation, and MANE; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

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