PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1410193
PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1410193
The flavor enhancer market is estimated to grow at a CAGR of 5.17% to reach US$16.032 billion by 2028 from US$11.268 billion in 2021.
Flavor enhancers are often used to improve the taste and texture of the food item. The demand for flavor enhancers is increasing in the market, owing to the increased global expansion of the processed food sector. Furthermore, the increased demand among consumers for exotic food and beverages and the rising market for fusion-based food flavors are also increasing, giving the flavor enhancer market an opportunity to grow. Some of these flavor enhancers are also used for health benefits purposes and various companies are adding new products in their portfolio. Many health-conscious people are consuming flavor enhancers due to these properties as well. Hence, in the projected period flavor enhancer industry is expected to grow at a significant pace due to these developments.
There is a sharp increase in the consumption of processed food among the younger generations and that is indirectly affecting the increased demand for flavor enhancers. These flavor enhancers provide a unique taste to food and beverages. Additionally, with an increasing trend and promotion of healthy lifestyles among people the demand for natural flavor enhancers is expected to experience a rise in the projected period.
The increasing demand for clean-label products can also be attributed as one of the reasons for the natural flavor enhancer market growth. The increasing demand for clear transparent labeling and increased focus on plant-based products is also aiding the flavor enhancer market growth. Flavor enhancer manufacturers also produce seasonal flavors and with the increased number of health-conscious people, the manufacturer has started paying more attention to the manufacturing of flavors made from fruits and vegetables. Hence, in the projected period the market for natural flavor enhancers is expected to grow.
According to the government of Canada George Weston Ltd and Grupo Bimbo SAB de CV are two of the largest baked goods producers in the country. The sales in 2021 were US$783.0 million and US$ 787.0 million in 2021. Bread is considered as an ultra-processed food. The increased consumption of bread in countries such as Canada, the United States, and many parts of Europe. Hence, in the coming years such are expected to increase the market demand for flavor enhancers in the projected period.
The two main drivers of the flavor enhancer market's expansion in the North American region are rising personal disposable income and rising demand for low-fat, low-salt, and low-carbohydrate goods. Flavor enhancer market development factors include changing lifestyles, westernization, growing knowledge of the availability of naturally occurring and synthetically created flavor enhancers in emerging economies, and increased health consciousness among the populace.
It is projected that the flavor enhancer market in the United States will grow steadily.
Trends in the flavor enhancer industry follow those in the processed food industry, which includes a rising preference for high-end, all-natural, and health-conscious food options.
According to the US Department of Agriculture, with a 40% market share ($70 million in total items), the US is the main provider of flavor enhancers. In the United States, odoriferous compounds accounted for more than US$40 million in flavor-improving goods, while vegetable saps and hop extracts, which are frequently utilized by major brewers in Brazil, accounted for US$22 million.
Furthermore, in September 2021, the first collection in its new spice blends series, "Blends of the Americas," was made available by Olam Food Ingredients, a global pioneer in natural and sustainable ingredients and solutions. The 17 ready-to-use dry mixes provide food producers, food service providers, and retailers with an easy, clean-label method of developing dependable and genuine flavors.