Food Flavors Market to Grow at CAGR of 4.2% From 2021 to Reach $20.39 billion by 2028 -- According to Meticulous Research®

REDDING, Calif., March 2, 2022 /PRNewswire/ -- According to a new market research report titled "Food Flavors Market by Origin (Natural, Nature-identical, and Artificial), Type (Vanilla, Dairy, and Spices & Herbs), Form (Liquid), and Application (Beverages, Dairy Products, Confectionery Products, and Meat Products) — Global Forecasts to 2028", published by Meticulous Research®, in terms of value, the food flavors market is expected to grow at a CAGR of 4.2% from 2021 to reach $20.39 billion by 2028. In terms of volume, this market is expected to grow at a CAGR of 3.8% from 2021 to reach 10,935.6 thousand MT by 2028.

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The growth of the overall food flavors market is backed by the growing demand for clean label and organic products, strong growth in the food & beverage industry, and technological advancements, such as microencapsulation. Moreover, the emerging economies in Asia-Pacific, Latin America, the Middle East & Africa, and the increasing usage of flavors in functional foods provide significant opportunities for the growth of this market. However, the harmful health effects of flavors and stringent government regulations on the use of food flavors restrain the growth of this market to a notable extent.

Impact of COVID-19 on the Food Flavors Market

The COVID-19 pandemic affected many countries globally. To curb the spread of this disease, governments across the globe announced partial or complete lockdowns, severely impacting numerous industries, including food & beverage.

The nationwide lockdowns resulted in the closure of hotels and restaurants worldwide in 2020, which shifted the focus of the population on the consumption of processed, ready-to-eat, and ready-to-cook food & beverages. For instance, according to Givaudan, its flavor division registered a 3.6% growth during the first half of 2020 due to increased sales in segments, such as dairy, sweet goods, savory, and snacks.

However, the lockdowns forced the temporary closure of numerous manufacturing facilities. Governments worldwide also enforced restrictions on operating capacities to ensure social distancing and curb the spread of the infection. Supply chains were disrupted, resulting in reduced production, complications in raw materials sourcing, and higher delivery costs, impacting the overall food flavors market.

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In addition, governments worldwide announced temporary bans on foreign air travel. These factors affected the sales of food flavor products. Furthermore, the restrictions on the export and import of non-essential products due to temporary border closures in some countries hindered the growth of this market.

Strong Growth in the Food & Beverage Industry Drives the Growth of the Food Flavors Market

In recent years, the rapidly rising incomes and urbanization have spurred an interest in convenient packaged foods and fast food. These factors are expected to boost the food & beverage market, as packaged goods require high flavoring loadings to preserve taste lost during large-scale manufacturing. The food & beverage industry is expected to remain the key driver for the growth of the food flavors market. The global food & beverage market has witnessed a healthy growth over the last ten years and is expected to maintain this growth over the coming years.

According to Statistics Canada and Farm Credit Canada (FCC), the food & beverage manufacturing sales reached $122.9 billion in 2020, a 3.5% increase compared to 2019. With the flourishing food industry and increasing demand for processed foods, the flavor industry is expected to witness significant growth. This growth will drive the widespread use of flavors in processed food, snacks, soft drinks, candy and confectioneries, meat and seafood products, sauces and condiments, etc. Expansion of fortified food and beverages is expected to provide opportunities since flavors are required to conceal the unpalatable tastes of vitamins, minerals, antioxidants, and other added ingredients.

Moreover, increasing global interest in products that promote health benefits is also expected to drive demand for food and beverage, as masking flavors are necessary to use in conjunction with antioxidants and vitamins to make it more appetizing.

Furthermore, efforts to reduce calories, salt, and fat in foods are expected to increase the demand for flavors to improve the taste of products. There has been a rising global interest in natural and organic products across several consumer markets, including food & beverage. Therefore, the industry meets this demand by using essential oils and natural extracts in product categories. Thus, the high demand for flavors in the food & beverage industry drives the growth of the food flavors market.

Food Flavors Market Overview

Meticulous Research^® has segmented the overall food flavors market based on origin (natural food flavors, natural-identical food flavors, and artificial food flavors), type (fruits & nuts, chocolate & browns, vanilla, spices & herbs, dairy, vegetables, and other types), form (liquid-form food flavors and dry-form food flavors), application (beverages [alcoholic drinks, soft drinks, hot drinks, and other drinks], savory & snacks, dairy products [ice cream and other dairy products], confectionery products, baked products, meat products, and other applications), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).

Based on origin, the artificial food flavors segment accounted for the largest share of the food flavors market in 2021. The large share of this segment is mainly attributed to the higher usage of artificial flavors due to the availability of a wide range of flavors in this category, the increasing demand for new flavors, and the cost-effectiveness of artificial flavors compared to natural flavors. Furthermore, the huge demand for artificial flavors in packaged food products, fast foods, and Ready-To-Eat (RTE) products supports the growth of this segment.

However, the natural food flavors segment is expected to grow at the fastest CAGR during the forecast period due to the rising demand for unique exotic flavors, growing health awareness, increasing demand for organic food products, rising preference for natural flavors as an active ingredient in bakery products, and key trend for clean label products.

Based on type, the food flavors market is mainly segmented into chocolate & browns, vanilla, fruits & nuts, dairy, spices & herbs, vegetables, and other types. The fruits & nuts segment accounted for the largest share of the overall food flavors market in 2021. The large share of this segment is mainly attributed to the rapidly increasing middle-class population, rising consumption of nuts, increasing demand for innovative, tasty, adventurous food & beverage products, and increasing expenditure on processed food & beverage products.

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However, the spices & herbs segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the rising health consciousness among consumers, interest in new tastes, convenience and sustainability, rapid change in eating preferences among consumers, and the growing awareness about medicinal properties of spices & herbs.

Based on form, the food flavors market is segmented into liquid-form food flavors and dry-form food flavors. The liquid-form food flavors segment accounted for the largest share of the overall food flavors market in 2021. The large share of this segment is mainly attributed to its benefits, such as its capability to increase the shelf life of food products, ensure homogeneous blends with virtually no segregation, and provide high microbiological stability, which is used in the food and beverage, confectionery, bakery, dairy, and other food industries. Additionally, this segment is expected to grow at the highest CAGR during the forecast period due to the growing disposable income of consumers in emerging economies, such as Asia and South America, and the rising consumption of processed food & beverages.

Based on application, the food flavors market is mainly segmented into beverages, dairy products, confectionery products, baked products, meat products, savory and snacks, and other applications. The beverages segment accounted for the largest share of the overall food flavors market in 2021. The large share of this segment is mainly attributed to the growing demand for beverages, rising disposable income in emerging countries, rapid urbanization, and changing lifestyles worldwide.

However, the savory & snacks segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the rising demand for functional snack food and increasing urbanization and busier lifestyles impacting the eating habits of consumers, who are increasingly replacing meals with more flexible, light, and convenient snacking options.

Based on geography, Asia-Pacific region accounted for the largest share of the global food flavors market in 2021. The large share of this region is primarily attributed to the increasing demand for processed food products in emerging and developing countries, such as India, China, Indonesia, and Thailand; shifting consumer preferences for high-quality food ingredients, and the increasing outsourcing of processed food manufacturing from the Asian region to meet the growing international demand.

Additionally, Asia-Pacific is slated to grow at the fastest CAGR during the analysis period due to the growing processed food industry in the region, rising investments in the food sector, and the tremendous growth in the food and beverage industry, which is attributed to increasing urbanization, growing health awareness, and rising disposable income.

Japan is expected to dominate the Asia-Pacific market through 2028, mainly due to the rising disposable income of consumers, the growing need for convenience, and the increasing retail sales of packaged food. The attitudes and consumption behaviors of the consumers in Japan make this mature market significantly different from other Asian markets. According to the United States Department of Agriculture (USDA), the Japanese food processing industry is one of the world's most advanced and sophisticated manufacturing industries. Japanese food manufacturers produce a wide variety of products ranging from traditional foods to health-oriented foods for infants and the elderly. The country's largest food processing companies traditionally engaged in brewing have expanded their portfolios to include food & beverage products.

In Japan, the demand for processed foods is rising due to the increasing disposable income of consumers and the growing need for convenience. There is a significant demand for healthy and functional foods due to the growing health consciousness among Japanese consumers. Thus, the increasing demand for convenience foods and rising per capita income drive the food & beverage industry in the country, fueling the demand for food ingredients, such as food flavors.

The key players operating in the global food flavors market are Givaudan SA (Switzerland), International Flavors & Fragrances, Inc. (U.S.), Firmenich SA (Switzerland), Symrise AG (Germany), Sensient Technologies Corporation (U.S.), MANE SA (France), Takasago International Corporation (Japan), T. Hasegawa Co., Ltd. (Japan), Robertet Group (France), Huabao International Holdings Limited (Hong Kong), Kerry Group (Ireland), Koninklijke DSM N.V. (Netherlands), BASF SE (Germany), Archer Daniels Midland Company (U.S.), Corbion NV (Netherlands), and Döhler GmbH (Germany) among others.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/food-flavors-market-5145

Scope of the report:

Food Flavors Market, by Origin                  

• Artificial Food Flavors
• Natural Food Flavors
• Natural-identical Food Flavors

Food Flavors Market, by Type                     

• Fruits & Nuts
• Chocolate & Browns
• Vanilla
• Spices & Herbs
• Dairy
• Vegetables
• Other Types

Food Flavors Market, by Form                    

• Liquid-form Food Flavors
• Dry-form Food Flavors

Food Flavors Market, by Application

• Beverages
• Alcoholic Drinks
• Soft Drinks
• Hot Drinks
• Other Drinks
• Savory & Snacks
• Dairy Products
• Ice Cream
• Other Dairy Products
• Confectionery Products
• Baked Products
• Meat Products
• Other Applications

Food Flavors Market, by Geography

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Rest of Europe (RoE)
• Asia-Pacific (APAC)
• Japan
• China
• Australia
• India
• Rest of Asia-Pacific (RoAPAC)
• Latin America
• Middle East & Africa

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Amidst this crisis, Meticulous Research^® is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here- https://www.meticulousresearch.com/custom-research

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