Overview and Scope
Food flavorings are ingredients added to food to intensify or improve its flavor. Food flavor causes a sensory phenomenon that is a combination of the sensations of taste, odor or aroma, heat or cold, and texture.
Sizing and Forecast
The food flavors market size has grown strongly in recent years. It will grow from $13.63 billion in 2023 to $14.55 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increasing consumer awareness regarding natural food flavors and rise in demand for processed foods.
The food flavors market size is expected to see strong growth in the next few years. It will grow to $18.59 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to increasing government support, rising demand for food products and increasing demand from the fast food industry. Major trends in the forecast period include increasing investments, product innovations, launches of innovative snack flavors, focusing on artificial intelligence for optimizing food and flavor formulation, technology advancements and strategic partnerships and collaborations.
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Segmentation & Regional Insights
The food flavors market covered in this report is segmented –
1) By Type: Chocolate And Brown, Vanilla, Fruit And Nut, Dairy Type, Spices And Savory, Other Types
2) By Origin: Natural, Synthetic
3) By Form: Powder, Liquid
4) By Application: Dairy, Bakery, Confectionery, Snack, Beverage, Other Applications
Asia-Pacific was the largest region in the food flavors market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the food flavors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
An increase in demand for ready-to-eat meals and fast food is expected to propel the growth of the food flavor market going forward. Ready-to-eat food is food intended by the producer or the manufacturer for direct human consumption without the need for cooking and is quickly prepared and served. The growing economy and rising standard of living have changed purchasing power, and rising incomes and urbanization have spurred interest in convenient packaged foods and fast food. For instance, according to the Food and Beverage Report, 2021 published by the Federal Communications Commission, an independent agency of the United States federal government, food and beverage manufacturing sales increased 3.5% year over year (YoY) in 2020 from $118.7 billion to $122.9 billion. Therefore, an increase in demand for ready-to-eat meals and fast food is driving the growth of the food flavor market.
Key Industry Players
Major companies operating in the food flavors market report are International Flavors & Fragrances Inc, Givaudan, Kerry Group Plc, Sensient Technologies Corporation, Archer-Daniels-Midland Co,Takasago International Corporation, Ajinomoto Co., Inc, BASF SE, Symrise AG, Koninklijke DSM NV, Jining Nature Group, Nanchang Duomei Bio-Tech Co., Ltd, Gangyang Flavor-chemistry Co.,Ltd, Shandong Tianbo Food Ingredients Co., Ltd, Robin Chemicals Ltd, Agilex Flavors & Fragrances Pvt. Ltd, Create Flavors, Flavourworks, Nestle, Metarom, Aromatique Food SRL, FlavorSum, LLC, Meridian Flavors, Inc, T. Hasegawa USA Inc, Bell Flavors and Fragrances, Firmenich SA, ARSTE FI, Ars Technica, Ingredion Incorporated, First Choice Ingredients, Afribon, AJWA Group Food Industries
The food flavors market report table of contents includes:
1. Executive Summary
2. Food Flavors Market Characteristics
3. Food Flavors Market Trends And Strategies
4. Food Flavors Market – Macro Economic Scenario
5. Global Food Flavors Market Size and Growth
………………
32. Global Food Flavors Market Competitive Benchmarking
33. Global Food Flavors Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Food Flavors Market
35. Food Flavors Market Future Outlook and Potential Analysis
36. Appendix
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