Food Flavors Market Revenue Growth Driven By Rising Demand For Organic And Natural Flavoring Ingredients And Safer And More Healthy Products: Reports and Data

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Sep 20, 2021, 08:30 ET

NEW YORK, Sept. 20, 2021 /PRNewswire/ -- Reports and Data has published its latest report titled "Food Flavors Market Size, Share & Analysis, By Origin Type (Natural, Artificial) By Product Type (Brown Chocolate & Vanilla, Dairy, Fruits & Nuts, Spices) By Application (Beverages, Dairy, Confectionery & Snacks, Meat) By Form (Liquid, Dry, Gas), And By Region, Forecasts To 2028."

According to latest report by Reports and Data, the global food flavors market size was USD 16.33 billion in 2020 and is expected to reach USD 23.09 billion in 2028 and register a revenue CAGR of 4.4% during the forecast period, 2021-2028.

Growing demand for authentic and natural flavorings and increasing research and development activities to develop superior quality food flavors are key factors driving market growth

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Drivers, Restraints, and Opportunities

Food flavors majorly focus on changing or improving flavors of natural food products including fruits and vegetables, among others. They are also used to create flavors for food products that are devoid of desired flavors such as candies or snacks. Flavors extracted from food products are generally the combination of natural flavors which enhance the smell profile of food products and artificial flavors modify the smell to accent it. Increasing research and development activities to develop a broad variety of unique flavors is a key factor contributing to market revenue growth. In addition, increasing awareness regarding sugar consumption, rapidly changing preferences for taste and flavors, and rising demand for food products packed with natural and authentic flavors are some key factors further fueling revenue growth of the market.

Flavor enhances the sensory impressions of a food, food products, or other substances and are mainly detected by chemical senses of taste and smell. Flavor of food products can be easily altered by changing its smell while retaining original taste of foods and some prime examples of this are flavored jellies, cold drinks, and chocolates or candies that taste and smell different due to different flavors. Flavors and fragrances are edible synthetic substances and extracts that can alter flavors of food and food products by sense of smell. Majority artificial flavors are intricate combinations of a single naturally flavored compound that are then mixed together to mimic or enhance the specific natural flavor. Demand for natural and authentic flavors has been high from the food and beverage industry and from pharmaceutical industry to improve the taste of bitter medicines and these key factors have significantly contributed to revenue growth of the market over the recent past.

Commercially, products are available that stimulate trigeminal senses that are sharp and efficiently detect unpleasant flavors and play an important role in determining flavor. Flavors are created by a combination of in-depth knowledge of palette and creativity to produce novel and distinctive flavors. Food and beverage companies require flavors for launching new products, extend existing product lines with introduction of new versions of existing products, or changing processes for previously launched products. Increasing innovation in food flavors to cater to consumer demands owing to changing preferences and cultural differences are some other key factors driving market growth.

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However, high costs or unavailability of natural flavor extracts and implementation of expensive technologies to extract natural flavors are some key factors expected to restrain market growth to a certain extent over the forecast period. In addition, increasing incidence of allergic reactions, volatility of raw materials prices, and higher possibility of rejection of tastes or flavors from consumers can also act as growth limiting factors and hamper market growth to a significant extent going ahead. However, development of commercial flavorants that are the chemical equivalents of natural flavors is expected to create lucrative opportunities for the key market players over the coming years.

COVID-19 Impact Analysis

Social distancing and restrictions severely disrupted businesses and operations
Lockdowns caused disruptions in transportation and logistics
impacted manufacturing activities and mining operations globally
Took a toll on economy of various countries
Caused sudden and drastic downturn in economic activity
Disrupted agriculture, fisheries, dairy, and other sectors
Caused loss of employment and financial crisis
Supply impacts were further compounded owing to reduced disposable income
Emergence of variants continue to cause concerns and impact normal routines

Artificial leads among origin type segments:

Artificial segment is expected to register significant revenue growth over the forecast period owing to increasing concerns regarding safety of flavors from natural sources. Artificial flavors are considered to be safe for consumption as compared to natural flavors with regards to purity standards and mixture consistency. Artificial flavors are required to undergo extensive testing to determine its safety before it can be commercially sold for consumption and this has significantly contributed to revenue growth of this segment.

Fruit and nut segment to account for largest revenue share:

Fruit and nut segment is expected account for largest revenue share in the global market between 2021 and 2028 owing to increasing application of fruit flavors in extracts, syrups, and in various other processed and packaged food products and beverages. In addition, fruit flavors are widely used in pharmaceutical sector to enhance the flavors of bitter tablets, vitamin supplements, and nutritional foods, among others.

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Food segment to dominate other application segments:

Food segment is expected to dominate other application segments in terms of revenue growth over the forecast period attributed to increasing use of flavors to enhance smell and taste of food, growing demand for natural and authentic flavors, and growing focus on developing products that cater to changing taste preferences of consumers worldwide. In addition, to ensure safety of flavors, food and beverage manufacturers are undertaking extensive R&D activities to develop enhanced artificial flavors that are extremely safe to consume. This is also expected to contribute to revenue growth of the segment.

Asia Pacific to lead in terms of revenue growth:

Asia Pacific is expected to register robust revenue CAGR over the forecast period owing to increasing need for safe and clean-label products, growing demand for innovative and enhanced food products, high production and sales of food and beverage industry, rising purchasing power among individuals, and increasing presence of key players in the region.

Europe to account for largest revenue share:

Europe is expected to account for largest revenue share in the global market over the forecast period attributed to rapidly rising demand and sales of organic foods and drinks that contain natural ingredients such as natural flavors. Increasing use of natural and synthetic flavors in bakery and confectionary items and growing adoption of frozen and processed foods have further boosted demand for food flavors and contributed to revenue growth of the market in the region.

Major Companies in the Market:

Givaudan
International Flavors & Fragrances
Firmenich
Symrise
Frutarom
Sensient
MANE
Takasago
T.Hasegawa
Robertet

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Market Segmentation:

For the purpose of this report, Reports and Data has segmented the global food flavors market on the basis of origin type, product, application, form, and region:

Origin Type Outlook (Revenue, USD Billion; 2018–2028)

Natural
Artificial

Product Outlook (Revenue, USD Billion; 2018–2028)

Brown Chocolate & Vanilla
Dairy
Fruits & Nuts
Spices
Others

Application Outlook (Revenue, USD Billion; 2018–2028)

Beverages
Dairy
Confectionery & Snacks
Meat
Others

Form Outlook (Revenue, USD Billion; 2018–2028)

Liquid
Dry
Gas

Regional Outlook (Revenue, USD Billion; 2018–2028)

North America

U.S.
Canada
Mexico

Europe

Germany
France
U.K.
Spain
Italy
BENELUX
Rest of Europe

Asia Pacific

China
India
Japan
South Korea
Rest of Asia Pacific

Latin America

Brazil
Rest of LATAM

Middle East & Africa

Saudi Arabia
U.A.E.
South Africa
Rest of Middle East & Africa

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Some points on how the report benefits stakeholders:

The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.

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