Food Flavors Market Forecast and Trends Analysis Research Report 2020-2027by Ashish Kumar Consultants
The flavor is the sensory impression of a food substance and is determined mainly by the chemical senses of taste and smell. The flavor of the food can be altered with natural or artificial flavorings. A food’s flavor can be easily altered by changing its smell while keeping its taste similar. The flavorants focuses on altering or enhancing the flavors of natural food product such as meats and vegetables or creating flavor for food products that do not have the desired flavors such as candies and other snacks.
The key driver contributing to the growth of the global food flavors market is the growing health concerns among consumers towards the consumption of natural food products. The increasing application of food flavors across various food items, followed by the increasing acceptability of consumers as natural flavor, will further accelerate the growth of the market. Various multinational giants are mainly focusing on the development of exotic and unique delicious food flavors, which will further attract a large number of consumers towards the adoption of food flavors to enhance the overall taste of their food. In addition to this, the changing lifestyle of consumers, strong demand for convenient food products, and the coming of innovative safe and attractive packaging, such as self-chilling beverage cans, will create innumerable growth opportunities in the market. However, the lower shelf-life of the ingredients used in the food flavors and the high cost involved in the production of natural flavors will hamper the growth of the market over the forecast period.
Based on the Application, the market is segmented into beverages, dairy products, confectionery products, baked products, meat products, savory & snacks, and frozen products. The Beverage segment is projected to lead the market over the forecast period owing to the rapid growth in the beverage industry driven by varied consumer tastes and preferences. The beverage industry mainly uses flavors, including citric acid, high fructose corn syrup (HFCS), malic acid, phosphoric acid, and sucralose acid. The growing demand for natural flavors among the consumers is encouraging the manufacturers to opt for natural flavors to capture the changing demand of the target audience.
Based on the Origin, the market is segmented into natural, natural identical, and artificial/ synthetic. The Artificial/synthetic segment is expected to grow at a higher CAGR over the forecast period. The artificial flavors help in giving a similar to that of natural ingredients. The increasing demand for flavors that replicate the taste of natural ingredients and the lower prices of these artificial flavors as compared to the natural flavors are the major factors that are boosting the demand of this segment during the forecast period.
Based on the region, the South America region is anticipated to lead the market over the forecast period. Countries such as Brazil and Argentina have a high consumption of nutritional beverages and soft drinks. The rapid growth in urbanization and the changing food habits of the consumers will increase the demand for packaged food products, thereby propelling the growth of food flavors market. Moreover, the expansion in the population rate and the increasing per capita income across the South America region will further have a positive impact on the growing demand of the market in the coming years.
Various notable players operating in the market include Givaudan, International Flavors & Fragrances, Kerry Group, Cargill Inc., Symrise, Firmenich SA, Corbion, Takasago International Corporation, Sensient Technologies Corporation, and MANE, among others.
- In 2020, Givaudan launched a new Virtual Reality tool known as The Virtual TasteTrek Citrus tool. This tool will help with the flavor creation will enabling the customers to create flavor directly from the desk.
- In 2020, Symrise announced its partnership with KitchenTown Berlin, a food and foodtech innovation network. The partnership will aim to transform food product portfolio and capture the growing demand of the target audience.
The global Food Flavors market has been segmented on the basis of Type, Application, Origin, Form and Region. Based on type, the market is segmented into Chocolate & Brown, Vanilla, Fruits & Nuts, Dairy, Spices and Others. Based on Application, the market is segmented into Beverages, Dairy Products, Confectionery Products, Bakery Products, Meat Products, Savory & Snacks and Frozen Products. Based on Origin, the market is segmented into Natural, Natural Identical and Artificial/Synthetic. Based on Form, the market is segmented into Liquid and Dry.
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Created on May 11th 2020 04:22. Viewed 265 times.