According to a new market research report "Food Flavors Marketby Type (Chocolate & Browns, Vanilla, Fruits & Nuts, Dairy, Spices), Application (Beverages, Dairy, Confectionery, Bakery, Meat, Savory & Snacks), Origin (Natural and Artificial), Form, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market is estimated to be USD 13.56 billion in 2018 and is projected to reach USD 17.10 billion by 2023, at a CAGR of 4.8% during the forecast period.
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The demand for processed food & beverages is on the rise, due to which demand for food flavors is also growing. The demand for natural food flavors is increasing significantly across all regions with rising health awareness. Natural flavors offer varied health benefits and are widely accepted by consumers who are ready to pay premium prices for natural foods.
The fruits & nuts segment is estimated to account for the largest share of the Food Flavors Market, by type, in 2018.
On the basis of type, the fruits & nuts segment is estimated to account for the largest share of the Food Flavors Market in 2018. Fruit & nut flavors are common in beverages, bakery products, dessert items, puddings, and energy bars. Fruits & nuts have numerous health benefits. Various energy drinks and non-carbonated drinks also have fruits & nuts flavors added to it.
The beverages segment, by application, is estimated to account for the larger share in 2018.
On the basis of application, the beverages segment accounted for the larger share of the market in 2018. Increasing demand for carbonated and non-carbonated energy drinks are key drivers of the segment.
On the basis of form, the liquid segment is projected to be the faster-growing during the forecast period.
Based on form, the liquid segment is projected to be the faster-growing. Liquid flavors are generally available in water-soluble and oil-soluble forms. Food flavors in the liquid form are used for food items such as beverages, dairy products, protein drinks, and pharmaceuticals. They are easy to mix and provide flavor consistency.
On the basis of origin, the natural segment is projected to be the faster-growing during the forecast period.
Based on origin, the natural segment is projected to be the faster-growing. Liquid flavors are generally available in water-soluble and oil-soluble forms. Consumer preference toward clean label and organic products drives the natural Food Flavors Market.
AsiaPacific is estimated to dominate the Food Flavors Market in 2018.
Asia Pacific is estimated to be the largest market for food flavors in 2018. This is due to the rising consumption of beverages, confectionery, dairy, and bakery products increasing in this region. China is witnessing economic development and rise in disposable income, due to which there is an increase in consumption of processed food items. This leads to the growth of the food flavors industry.
This report includes a study of marketing and development strategies, along with the product portfolios of the leading companies. It includes profiles of leading companies such as Givaudan (Switzerland), International Flavors & Fragrances (US), Firmenich (Switzerland), Symrise (Germany), Frutarom (Israel), Sensient (US), MANE (France), Takasago (Japan), T.Hasegawa (Japan), and Robertet (France).
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