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


Food Flavors  Market
  • Published On : Oct-2020 |
  • Pages : 345 Pages |
  • Format : Food Flavors  Market Food Flavors  Market Food Flavors  Market Food Flavors  Market

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.

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.

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.

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.

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.

Food Flavors Market: Report Scope

A latest market report by Persistence Market Research on the global food flavors market evaluates the opportunities and current market scenario, providing insights and updates about the corresponding segments involved in the food flavors market for the forecast period of 2020-2030. The report provides detailed assessment of key market dynamics and comprehensive information about the structure of the global food flavors market. This market study contains detailed insights how the global food flavors market is anticipated to grow during the forecast period of 2020-2030.

The primary objective of the global food flavors market report is to provide insights regarding opportunities in the market that are supporting the transformation of global businesses associated with food flavors. It is very important to consider that, in an ever-wavering economy, we provide estimated (Y-o-Y) year-on-year growth rate in addition to the compound annual growth rate (CAGR) for overall forecasts, to enable readers better understand the analysis and evaluation of the global food flavors market, and to discover lucrative opportunities in the market.

This report also provides an estimate of the global food flavors market size and corresponding revenue forecasts carried out in terms of absolute $ opportunity. It also offers actionable insights based on the future trends in the food flavors market. Furthermore, new and emerging players in the global food flavors market can make use of the information presented in the study for effective business decisions, which will provide momentum to their businesses as well as the global food flavors market.

The study is relevant for manufacturers, suppliers, distributors, and investors in the global food flavors market. All stakeholders in the global food flavors market, as well as industry experts, researchers, journalists, and business researchers can leverage the information and data represented in PMR’s report.

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

Type

Form

Application

Region

Natural

Citrus Flavors

  • Orange
  • Lemon
  • Grapefruit
  • Others

Powder

Food Industry

  • Bakery
  • Confectionery
  • Dairy & Desserts
  • Snacks & Meal
  • Others

North America

Artificial

Vegan Flavors

  • Vegetable
  • Fruit
  • Fusion
  • Spice and Herbs

Liquid

  • Alcoholic Beverages
  • Non-alcoholic Beverages

Latin America

Dairy-derived Flavors

Nutraceuticals

Europe

Food Service Industry

South Asia

Pharmaceuticals

East Asia

Oceania

Middle East and Africa

Key Questions Answered in PMR’s Global Food Flavors Market

  • Which region will hold the highest market share in the global food flavors market during the forecast period?
  • Which regional market will experience the highest growth (CAGR)?
  • Which factors are impacting the global food flavors market?
  • What are the global trends impacting the food flavors market?
  • What strategies must emerging players adopt to capture opportunities in various regions in the food flavors market?
  • What is the market structure of the global food flavors market?

Global Food Flavors Market: Research Methodology

Persistence Market Research is committed to providing unbiased market research solutions to its clients. PMR follows a robust methodology for the deduction of data included in this report. A unique research methodology is utilized to conduct extensive research on the global food flavors market, and reach conclusions about the future growth factors of the market. PMR’s research methodology comprises primary research methods coupled with secondary research methods, which ensure the accuracy and reliability of the conclusions in this report.

A demand-side approach is followed to estimate the sales of target products, followed by an in-depth supply-side assessment of value generated, key trends, and events over a predefined period. This methodology is based on standard market structures, methods, and definitions that are based on inputs from local sources in over seven regions - North America, Latin America, Europe, South Asia, East Asia, Oceania, and the Middle East & Africa, which PMR considers for segmenting the global market. Statistics, characteristics, and variances are collected at a regional level, aggregated at the same level, and then synthesized at a worldwide level to create global market measurements. Our main sources of research include:

  • Primary Research
  • Secondary Research
  • Trade Research
  • Social Media Research

Companies covered in Food Flavors Market Report

  • 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)
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