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Natural Flavors Market Segmented By source such as Fruits, Vegetables, Nuts, Herbs and Spices, Meat with product type such as Oleoresins, Aroma Chemicals, Distillates, Essential Oils, Extracts and Protein Hydrolysate
Natural flavors are included in edible as well as non-edible items for sensory impressions which act as elite additives for various applications and are derived from sources that are natural such as fruits, plants, herbs and spices, flowers, animals, and others. The function of natural flavors is to enhance the taste of the food while keeping up with the health benefits of being naturally derived.
Natural flavors are the craving factor behind many of the recipes. It makes the food more appealing and is a signature ingredient in many famous recipes making it consistently tasty universally. Different chemists and flavourists make different formulations by blending various natural extracts available, to create unique flavors with distinctive taste and odor.
Increased number of life-style based disorders like obesity, cardiovascular diseases, diabetes, and osteoporosis has inclined the consumers towards natural alternatives. Natural, clean-label, sustainable are some of the buzz words in the food and beverage industry today and with the health and wellbeing awareness megatrend, the overall natural flavors market is expected to show potential growth in the forecasted period.
The increased cost of natural flavors as compared to synthetic flavor may push potential customers away and may prove to restrain the growth of the natural flavors market.
The increasing number of health-conscious customers to drive the natural flavors market
The growing trend of consumers demanding natural ingredients with the increase in awareness about the harmful effects of synthetic ingredients is expected to trigger the market for global natural flavors.
Consumers have become more concerned about the long-term health effects of artificial additives causing digestive disorders, nervous disorders, respiratory, and skin problems thus driving the market for natural flavors.
The natural flavors have been made available easily with the strong command of the retailers in the supply chain coupled with increased application of natural flavors in the processed food and beverages industry, the demand for natural flavors is expected to increase.
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Some of the players operating in the natural flavors market include Takasago International Corporation, Givaudan SA, Sensient Technologies Corporation, Firmenich SA, Kerry Group PLC, Dohler Group, Frutarom Industries Ltd., International Flavors & Fragrances Inc., Wild Flavors GmbH, Symrise AG, and others.
With the introduction of different exotic food flavors by the manufacturers and increased application of natural flavors in food and well as pharma industry the opportunities for increased revenue exist for existing players. Manufacturers are involved in constant research and development with upgraded technologies to bring more innovative natural flavors to serve the customers.
Givaudan SA acquired Vietnamese flavor company Golden Frog to strengthen its position in Asia-Pacific region thus established companies are using the strategy of expansion and are investing huge capital in natural flavors but the growing population and their increasing demand for processed foods and beverages can prove to be a great opportunity for the other players too.
Owing to the awareness among consumers in Europe and North America regarding healthy eating-regimes the regions are expected to hold large market growth for natural flavors.
With growing urbanization and increased consumption of soft drinks and beverages in countries like Brazil and Argentina, the growth for the market is expected to be the fastest.
Rising income levels and increased spending for quality food along with the growing population in Asia-Pacific may prove to be influential for the sales of natural flavors in this region.
Workforce issues, cash-flow problems, market volatility, supply-chain disruption have occurred owing to the outburst of COVID-19 which has greatly impacted businesses along with the food industry also witnessing difficulty in serving.
Some of the key manufacturers for natural flavors are still operating amid lockdown but with comparatively less capacity as flavors are ingredients for many food items. Thus the impact of COVID-19 for the natural flavors market will be moderate for the next year.