Food Flavors Market

Global Market Study on Food Flavors: Veganism Trend Giving Impetus to Market Growth

Market Overview

Millennials are looking for high-quality products in food, without compromising on flavor and mouthfeel, which can be customized according to their need. Awareness about high-quality food that contributes to good health, convenience, and has good unique taste has inclined food manufacturers to include healthy food flavors in their products. Consumers today demand food ingredients that are naturally-derived, nutritious, and clean label.

Food and beverages with unique dairy, vegan, and citrus-based flavors are expected to receive much attention across the world. The trend of new flavor experimentation is about consumers exploring new and exciting flavors. This factor is boosting the growth of dairy-derived flavors, thereby expanding the global food flavors market size.

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Companies

  • Givaudan SA
  • International Flavors & Fragrances, Inc.
  • Symrise AG
  • Takasago International Corporation
  • Sensient Technologies Corporation
  • CP Ingredients
  • FONA International Inc.
  • Innova Flavors
  • Flavor Producers, LLC
  • Firmenich SA
  • Döhler
  • Kerry Group
  • Archer Daniels Midland Company
  • Mane Group
  • Citromax Flavors
  • McCormick & Company, Inc. 
  • Ungerer & Company Inc.
  • Edlong Corporation
  • Gold Coast Ingredients, Inc. 
  • R.C. Treatt & Co. Ltd
  • Others (On Additional Request)

Food Flavors Market Trends

Rising Demand for Customized Flavors from Food Manufacturers to Drive Growth: With awareness regarding flavor, taste, and color, and changing preferences among consumers, food and beverage manufacturers are offering their products with specific taste and flavor that are preferred by consumers as per regional trends. End users of food flavors are increasingly asking manufacturers in the food flavors market to customize their flavors in accordance with customer demand.

  • For instance, International Flavours and Fragrances, Inc. has special professionals that are employed to understand consumer trends and requirements all across the world. It has developed 22 creative centers around the world so as to understand regional flavor trends and develop innovative products accordingly. There are various other companies such as Sensient Technologies Corporation‎, Symrise AG, etc., that provide customized flavors to enhance their sales prospects.

Consumer-driven Trend of Veganism to Bolster Sales of Food Flavors: The vegan population is increasing at a very high rate across various countries in the world. According to Google Trends, the vegan trend increased four times from 2012 to 2017. Also, according to a study conducted by the Vegan Society in partnership with Vegan Life magazine, in the U.K., the number of people identifying themselves as vegan has increased by 350% as compared to a decade ago. Major reasons for the growth of the vegan population are increasing health awareness and animal concerns. Manufacturers in the food and beverage industry are trying to develop vegan products to attract more consumers, which is proving to benefit the sales of vegan flavors.

  • For instance, in July 2019, Baskin-Robbins launched two vegan-flavored ice creams in the U.S. Such initiatives by manufacturers are estimated to increase the sales of vegan flavors in the food flavors market.

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Regional Outlook of Global Food Flavors Market

The global food flavors market share is dominated by established markets such as North America and Europe, with a projected value share of 25.7% and 29.3%, respectively, in the year 2020.

With an organized food service industry that demands the use of flavors for various cuisines, and being home to key manufacturers, increased demand for innovative taste and flavor, and penetration of natural flavors are major factors contributing toward the high market share of these regions. The application of food flavors in the food service industry is expected to witness a significant 1.9X value growth over the next decade.

Increase in disposable income, rising awareness, and increasing inclination toward healthy products are some of the factors that have brought a change in consumer lifestyles in Asian countries. Hence, tier-1 players are targeting the potential markets of Asia. Growing food and beverage industry in the Asian market is expected to exhibit an impressive value CAGR of 7.5% in South Asia and 6.1% in East Asia, as far as the food flavors market is concerned.

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COVID-19 Impact on Food Flavors Market

The COVID-19 outbreak has affected most industries across regions, with many manufacturing companies either closed or operating with limited production and staff. However, demand for food and beverages has remained high, especially demand for healthy food ingredients. Supply chain and trade flow disruptions have compelled manufacturers to change their operational methods and refine the supply chain structure.

Manufacturers in the food flavors market are changing their sourcing patterns and are focusing on sourcing from local providers. Demand for processed and packaged food remains high, with a positive impact on the sales of food flavors expected in the near term.

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Analysts’ Viewpoint

The global food flavors market is expected to witness a value growth of 1.7X over the next ten years. The beverage segment is expected to create increased sales opportunities for food flavor manufacturers. In the beverage industry, non-alcoholic beverages is the major segment that accounts for a high market share of 90%. Collaboration across the value chain is needed in order to meet demand, especially where infrastructure capacity becomes end-point agnostic.

Nutraceuticals is expected to be the emerging market for food flavors, expanding at an impressive value CAGR of more than 7%, owing to the rapidly growing flavored supplements trend across the globe.

Key Segments of Global Food Flavors Market

PMR’s report on the global food flavors Market offers information divided into five segments – type, nature, form, application, and region.

Nature
  • Natural
  • Artificial
Type
  • Citrus Flavors

    • Orange
    • Lemon
    • Grapefruit
    • Other
  • Vegan Flavors

    • Vegetable
    • Fruit
    • Fusion
    • Spice and Herbs
  • Dairy-derived Flavors
Form
  • Powder
  • Liquid
Application
  • Food Industry

    • Bakery
    • Confectionery
    • Dairy & Desserts
    • Snacks & Meal
    • Others
  • Alcoholic Beverages
  • Non-alcoholic Beverages
  • Nutraceuticals
  • Food service Industry
  • Pharmaceuticals
Region
  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania

  • Middle East and Africa

 

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