Global Food Flavor Market Growth, Trends and Forecast 2018 2023 [Report Updated: 01032018] Prices from USD $4250

23:34 EDT 10 Aug 2018 | BioPortfolio Reports

Food flavors are the primary building blocks in the food and beverage industry. In this highly competitive market, the growth in innovative products can be attributed to the growth of food flavors. The important trigger to these innovations is the regionwise and countryspecific adoption of flavors. The major companies operating in the global food flavors market are Givaudan, Firmenich, IFF, and Stymies Ag, holding about 55% share of the market.

The global food flavor market size in 2016 was estimated USD 9.2 billion, and it is estimated to increase at a compound annual growth rate CAGR of 5.1% during the forecast period 2018 2023.

Sensient Flavors has launched a product line including seasonal combinations for spring, summer, autumn and winter. Fruit flavors are perceived by consumers as natural flavors being healthier options than other flavors. Sensient's product line allows manufacturers to reinvigorate their brands and includes concepts designed to appeal to adults as well as children. Cargill has introduced erythritol as a flavor and it opened up new avenues for the ingredient, which till now had been pigeonholed as a bulk sweetener.

Changing Consumer Food Preferences

Globalization and modernization are the primary factors that have increased the demand for food flavors. The changing lifestyle of people has also impacted their food habits. Earlier, natural herbs and spices were used in home cooking to get a tinge of flavor in the food, which eventually turned into an industrial need to cater to the big food processors. Owing to the increase in working women population, there is a need in the market for processed foods, impelling food manufacturers to cater to the growing population resulting in the use of several flavors.

The consumer's preference for lowfat and lowcarbohydrate diet is a key driver in the growth of the consumption of food flavors. Since the flavors are region and countryspecific, the manufacturers are constantly trying to hold a larger share of the demand through rigorous RD and innovations in the market. Increase in health awareness among consumers is proving to be a major restraint in the artificial flavors market. Consumers are becoming more conscious about the negative effects of artificial flavors; it subsequently results in a decrease in their demand, thus ticking the demand for natural flavors. Many new entrants face a challenge in the flavor industry, as massive natural resources are needed to extract flavors. Also, the change in preferences and tastes of the consumers are constant constraints for manufactures. Moreover, there are many regulatory bodies that have banned the use of artificial food flavors, especially in Europe.

Beverage Market Holds a Prominent Share

The food flavors segment is bifurcated into natural food flavors and synthetic food flavors. The food flavors are further segmented by application into dairy, bakery confectionery, meat fish products, snacks savories, beverages, and others. By type, the artificial food flavors are expected to witness a fall in the market due to consumer preference for natural flavors. The major constraint in the natural flavors industry is the need for large amounts of natural resources to extract flavors according to consumer preference.

Europe Dominates the Food Flavors Market

The major global manufacturing hubs are North America and Europe, which hold a large share in the food flavor market. These regions are followed by AsiaPacific, South America, and Africa. In Europe, snack and confectionary is leading the market in consumption followed by bakery items and meat. Keeping the consumers' health in mind, the European market is mature and has several regulatory bodies for different applications of food flavors. Germany constitutes the major share in the Europe market having 23%, followed by the United Kingdom, Spain, The Netherlands, and Italy.

The strong growth in lowfat and lowcarbohydrate food and beverages is expected to increase the demand in the North American flavor and fragrance market. However, AsiaPacific is projected to gradually overtake the North American market, due to an increase in growth estimated for this region. On the other hand, growth of the European market would continue to be moderate, due to market maturity, as well as, consolidation in the industries that use food flavors.

Cooperative Landscape.


Key Developments

June 2017: Ajinomoto has started the third stage of its USD 2 billion global acquisition campaign at Europe. The company aims for takeover deals, with specific attention over the United Kingdom, Germany and France.

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Market dynamics, which essentially consider the factors which are impelling the present market scenario, along with growth opportunities of the market in the years to come

Market segmentation analysis including qualitative and quantitative research, incorporating the impact of economic and noneconomic aspects

Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market

Competitive landscape involving the market share of major players, along with the key strategies adopted for development in the past five years

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