According to a new report published by Allied Market Research, titled "Food Flavors Market - By Type and End User: Opportunity Analysis and Industry Forecast, 2021-2030," the global food flavors market size was valued at $12,712.7 million in 2020 and is expected to reach $19,223.6 million by 2030, registering a CAGR of 3.6%.
Flavors are used in a variety of products, including bakery, confectionery, meat, snacks, seafood, and poultry. Based on type, the food flavors market is bifurcated into natural flavors and artificial flavors. Increasing disposable income and changing eating habits are the factors driving the growth of the food flavors market. The beverage industry has a major impact on the growth of the food flavors market.
Increasing demand for ready-to-eat meals and fast food is a key trend in the food flavors market across the globe. Moreover, influx of innovative technologies, introduction of new flavors, and heavy investments in research and development activities are other factors complementing the growth of the food flavors industry. Rising health consciousness has led to an increasing trend in using natural flavors. Moreover, growing demand in European countries for flavors to commercially produce clean-label or green foods that are free of additives and other harmful chemicals is driving the growth of the natural flavors market.
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Technological advancements enable manufacturers to develop innovative flavors to cater to the changing taste requirements of customers. The application of advanced technology brings innovative and novel tastes in food products. However, stringent government regulations and adverse effects of synthetic flavors on human body are expected to hinder the market growth. Innovations in flavors and increasing demand in emerging economies are expected to open new avenues for market players in the future, which in turn creates demand for the food flavors market.
According to the analysis of the food flavors market, the market is segmented into type, end user, and region. By type, it is divided into natural flavors and artificial flavors. By end user, it is segmented into beverages, dairy, nutrition and health, salty, sweet, and others. The beverages segment is further segmented into alcoholic beverages, hot non-alcoholic beverages, cold non-alcoholic beverages (RTD coffee, RTD juice, etc.), and non-alcoholic beverages. The dairy segment is further segmented into cheese, dairy beverages (flavored milk, yogurt drinks, etc.), and dairy products. The nutrition and health segment is further segmented into weight management, infant and toddler nutrition, maternal health, and sports nutrition (sports protein and sports non-protein). The salty segment is further segmented into bakery, snacks, soups, sauces, dressings, and others. The sweet segment is further segmented into bakery sweets, confectionery, and desserts. By region, it is analyzed across North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
By type, the synthetic segment accounted for the major share of the food flavors market in 2021, and is expected to continue this trend throughout the food flavors market forecast period. The growth of this segment can be attributed to the increasing application of synthetic flavors in juices and carbonated beverages.
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Based on end user, the beverage segment was the dominant segment in the global food flavors market in 2021 and is expected to continue this trend throughout the forecast period. The growth of this segment can be attributed to the increasing consumer affinity towards fast food and packaged baked goods.
Key companies analyzed in this market include Firmenich SA, Frutarom Industries Ltd., Givaudan International SA, Huabao International Holdings Limited, Kerry Group, Plc., Robertet SA, SH Kelkar and Company Limited., Sensient Technologies Corporation, Symrise AG, Takasago International Corporation, and Synergy Flavors.
Key Findings of the Study The global food flavors market was valued at $12,712.7 million in 2020 and is projected to reach $19,223.6 million by 2030, at a CAGR of 3.6%.
By type, the natural segment is expected to witness the fastest growth, registering a CAGR of 4.5% during the forecast period. By end-user, the beverage segment held the highest share of the market in 2021.
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