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The flavors industry remains very countryspecific and complex, with product formulations and flavors varying from country to country, as well as from region to region within countries. Processed foods, their flavors and textures, are adapted to local consumer preferences. Traditional foods have unique flavors evolving from the indigenous climate, land, etc.
Growing innovation in this highly competitive market can be attributed to the growth in this segment. U.S market records a revenue of USD 1.17 billion in 2016 and is estimated to grow at a CAGR of 4.1% for the period 2018 2023.
Changing Consumer Tastes and Preferences
The changing lifestyle of the consumers in the US has in turn changed the food habits, thus increasing demand of unique flavors. Traditionally, people use natural herbs and spices in culinary to get a tinge of flavor in their food which became an industrial need to cater to the big food processors. Due to increasing working women population in the US, there is a high demand for processed food which the food manufacturers need to cater to the increasing population, using different flavors. Consumption of a low fat, low salt and low carbohydrate foods are also a key drivers to increase the consumption of flavors. As flavors are region and country specific, manufacturers are constantly innovating to hold a larger share of the market.
When consumers realize and have awareness about the negative side of the artificial flavors, there is a decrease in demand for artificial flavors and uptick in demand for the natural flavors. The changing taste preferences of the consumer are also constant constraints for the manufactures. There are many regulatory bodies that constantly regulate the flavors market in North America.
Food and Beverage Hold a Prominent Share
The food flavor market is segmented as natural, artificial and nature identical flavorings. The market for natural flavor accounted for nearly 27% in 2015. There is a constant decrease in demand for the artificial food flavors from past several years due to the negative effects caused by the artificial flavors. Meat and Fish is the fastest growing segment in the US. Beverage industry holds highest share in the flavor followed by confectionary, soup and bakery products. In the US, artificial flavors hold a prominent share more than the natural flavors. The US holds a major share among North American countries. Strong growth in lowfat and lowcarbohydrate foods and beverages will increase demand in the North American flavor market.
Major players: GIVAUDAN, FIRMENICH, IFF, STYMIES AG.,QUEST, TAKASAGO, SENSIENT, DANISCO, MANE, ARIAKE U.S.A.,Inc., CARGILL Inc., KERRY GROUP, CORBION PURAC, BASF
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Analyzing outlook of the market with the recent trends and Porter's five forces analysis
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
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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