MarketsandMarkets™The Asia Pacific segment is poised to dominate the market due to its high production of processed food, whereas the South American region is projected to be the fastest-growing, owing to new technologies and an increase in the export of food & beverages.
The report "Food Flavors Market by Type (Chocolate & Browns, Vanilla, Fruit & Nut, Dairy, Spices), Application (Beverages, Dairy, Confectionery, Bakery, Meat, Savory & Snacks), Origin (Natural, Nature identical, Artificial), Form, and Region - Global Forecast to 2025", According to MarketsandMarkets, the global food flavors market size is estimated to be valued at USD 16.4 billion in 2020 and is projected to reach USD 20.7 billion by 2025, recording a CAGR of 4.8%, in terms of value. The growing demand for sweet and confectionery products all across the globe is causing a rise in the demand for food flavors.
Drivers: Consumer interest in organic products
The United States Department of Agriculture (USDA) has defined organic food products or ingredients: “Organic is a labeling term that indicates that the food or other agricultural product has been produced through approved methods. These methods integrate cultural, biological, and mechanical practices that foster cycling of resources, promote ecological balance, and conserve biodiversity. Synthetic fertilizers, sewage sludge, irradiation, and genetic engineering may not be used.”
According to the USDA, the US organic food industry was valued at ~USD 47 billion in 2018 and is projected to grow at a high rate until 2030. With the rising awareness of adulteration and health hazards due to synthetic food ingredients, consumers have shown a preference to pay more for certified organic food products.
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Natural flavors that are compliant with the USDA National Organic Program can be certified as organic flavors. USDA Organic Certification helps organic product producers quote a relevant premium price, along with access to the fast-growing local, regional, and international markets. The USDA monitors and conducts audits for food products certified as organic to ensure that the farms or facilities of the certified products comply with the USDA’s organic standards.
The fruit & nut flavor segment is projected to witness significant growth during the forecast period.
Based on type, the food flavors market is dominated by fruit & nut flavors. The fruit flavors are basically obtained from essence and concentrates of fruits and are quite popular. Nuts are an important source of natural oil and fibers. The demand for these flavors is rising due to the increase in health awareness among the consumers.
The food segment is projected to account for a major share in the food flavors market during the forecast period.
By application, the food flavors market is segmented into food & beverages. Food is further classified into dairy products, confectionery, bakery, meat products, and others, which includes soups, condiments, pickles, and sauces. The increase in the demand for processed food is increasing the market for food flavors in the food segment applications.
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Asia Pacific is projected to account for the largest market share during the forecast period.
Due to the high production of dairy and dairy-based products such as yogurt, ice-cream, and cheese in the Asia Pacific countries are driving the market. The manufacturers are meeting not only the regional demand but the international demand as well. The increase in the export of processed meat and meat products are also one of the major drivers for the food flavors market in the region.
Key Market Players:
DuPont (US), Archer Daniels Midland (ADM) (US), Givaudan (Switzerland), Kerry Group (Ireland), International Flavors & Fragrances (US), Firmenich (Switzerland), Symrise (Germany), MANE (France), Taiyo International (Japan), T. Hasegawa (Japan), Synergy Flavors (US), Sensient (US), Bell Flavors and Fragrances (US), Flavorchem (US), Takasago (Japan), Keva Flavours (India), Huabao Flavors & Fragrances (Singapore), Tate & Lyle (UK), Robertet (France), McCormick & Company (US), Wanxiang International (China), Treatt (England), China Flavors and Fragrances (China), Lucta (Spain), and Solvay (Belgium).
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