Market Research Report
Global Food Flavor Market - Growth, Trends, and Forecast (2018 - 2023)
|Published by||Mordor Intelligence LLP||Product code||613165|
|Published||Content info||105 Pages
Delivery time: 1-2 business days
|Global Food Flavor Market - Growth, Trends, and Forecast (2018 - 2023)|
|Published: October 1, 2018||Content info: 105 Pages||
The global food flavor market is expected to register a CAGR of 5.8% over the forecast period of 2018-2023. Flavor and enhancers, when added in minimal quantities, enhance and alter the taste of the food product. Flavor represents a significant share in the highly innovative, specialized, and competitive food additive market.
Increased Savory Market Boosts Demand for Flavor
The increased demand for natural ingredients in food products is the primary factor driving the market. Globally, consumers are becoming more concerned about the long-term health effects of artificial ingredients and additives in food products. Other major drivers in the market are - increasing demand for processed foods & beverages with growing disposable incomes, rising demand in various food applications, and growing popularity of exotic flavors. However, the high costs involved in the production of natural flavors is the major restraining factor for the market. Additionally, natural flavors are less stable, thereby decreasing the shelf life of products. The nature-identical flavorings segment is a great opportunity for flavor manufacturers, as it is less expensive than natural flavors. Moreover, emerging economies are anticipated to have a great potential for the market. With the rise in the number of food chain restaurants, sales of flavors have increased in the food service sector. The industrial food processing sector accounts for 57% of the total flavor sales, while 30% of the contribution is from the food service sector. Retail sale accounts for only 13% of the total flavor market.
Natural Flavor Expected to Grow at the Highest CAGR
The market is categorized based on type, application, and geography. Based on food flavor types, the market is segmented into natural, synthetic, and nature-identical flavorings. The synthetic flavor segment is mature and is witnessing a downward trend in the past few years. The nature-identical flavoring segment is growing at a fast pace, due to its lower costs and authenticity to claim the natural nature of the product. The trend of health and wellness is driving the natural flavor market all over the globe. The food flavor market finds its applications in various sectors, such as beverages, confectionery & bakery, dairy, savory, and others. Beverages hold the major share in the market, due to increasing demand for a flavored functional beverage.
Emerging Countries Display a Great Potential
China, India, Vietnam, and Indonesia are the major potential markets for food flavors in Asia-Pacific. Companies are focusing on the expansion of their business in these regions and investments in R&D facilities. Moreover, Asian flavors have gained popularity in Europe and the Americas. Companies like Nestle have introduced more than 300 flavors of the confectionery Kit-Kat in Japan, focusing on the regional and exotic taste preference. The market for flavors is extremely region-specific and varies from country to country. In fact, sometimes, different regions of a country prefer specific flavors and tastes. China sees a greater demand for meat flavors, while Japan opts for sushi and seafood flavors. The United States, Europe, and Asia-Pacific account for about 80% of the global market share.
Key Developments in the Market
Sensient has launched a product line including seasonal combinations for spring, summer, autumn, and winter. Fruit flavors are perceived by consumers as being healthier options than other flavors. Sensient's line-up allows manufacturers to reinvigorate their brands and includes concepts designed to appeal to adults as well as children.
Cargill has introduced erythritol as a flavor and has opened new avenues for the ingredient, which, till now, had been pigeonholed as a bulk sweetener.
ADM has acquired the flavor giant Wild Flavors GmbH, to expand its businesses into the wild and natural flavor market.
Takasago has opened a new R&D facility for flavors & fragrance in India, with an investment of USD 10 million.
Major Players - Givaudan, IFF, Firmenich, Wild Flavours (ADM), Symrise, and Takasago, among others.
Givaudan dominates the highly fragmented global market. Companies focus on innovation, investment, and expansion as the most powerful strategies to sustain the market competition.
Reasons to Purchase the Report
Analyzing outlook of the market with the recent trends and Porter's five forces analysis
Market dynamics, which essentially consider the factors which are impelling the present market scenario, along with growth opportunities of the market in the years to come
Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
Regional and country-level analysis integrating the demand and supply forces that are influencing the growth of the market
Competitive landscape involving the market share of major players along with the key strategies adopted for development in the past five years
Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis and strategies employed by the major market players
3 months analyst support, along with the Market Estimates sheet (in Excel).
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