Food Flavor Market is expected to reach $19,223.6 million by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Food Flavor Market by Type and End User: Opportunity Analysis and Industry Forecast, 2021–2030,” The global Food Flavor Market size was valued at $12,712.7 million in 2020, and is projected to reach $19,223.6 million by 2030, registering a CAGR of 3.6%.             

Flavor are used in various products such as bakery, confectionery, meat, snacks, seafood, and poultry. By type, the Food Flavor Market is bifurcated into natural and artificial flavors. Rise in disposable income and change in food habits are the factors that drive the growth of the food flavors market. The beverages industry has a significant impact on the Food Flavor Market growth.  

Increase in demand for ready-to-eat meals & fast food is a key Food Flavor Market trends across the globe. Moreover, innovative technologies, introduction of new flavors, and heavy inflow of investment in R&D activities are the other factors that supplement the growth of the food flavors industry. There is an upcoming trend of using natural flavors, owing to rise in health awareness. Furthermore, high demand for flavors across European countries to produce commercialized clean label or green food products that are free of additives and other harmful chemicals propel the growth of the natural flavors market.   

Technological strides make it possible for manufacturers to develop innovative flavors to cater to the change in customer taste requirements. The applications of advanced technologies provide innovative and novel tastes in food. However, stringent government regulations and adverse effects of synthetic flavors on human health are expected to hamper the market growth. Innovation in flavors and their growth in demand across emerging economies are expected to open new avenues for the market players in the future, which in turn, creates the Food Flavor Market demand.

According to the Food Flavor Market analysis, the market is segmented into type, end user, and region. By type, it is bifurcated into natural and artificial flavors. By end user, it is divided into beverages, dairy, nutrition & health, savory, sweet goods, and others. The beverages segment is further segmented into alcoholic beverages, hot non-alcoholic beverages, cold non-alcoholic beverages (RTD Coffee, RTD juices, and others), and alcoholic free beverages.  Dairy segment is further segmented into cheese, dairy drinks (flavored milk, yogurt drinks, and others), and dairy foods. Nutrition & health segment is further segmented into weight management, infant & baby nutrition, maternal health, sports nutrition (Sports protein & sports non-protein). Savory segment is further segmented into bakery, snacks, soups, sauces & dressings, and others. Sweet goods segment is further segmented into bakery sweets, confections and desserts. By region, it is analyzed across North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa.  

Based on type, the synthetic segment held the major Food Flavor Market share in 2021, and is expected to continue the trend throughout the Food Flavor Market forecast period. The growth of this segment can be attributed to growing application of synthetic flavors in the juices, and aerated drinks.

Based on end user, beverages segment remained the dominant segment in the global Food Flavor Market in 2021, and is expected to continue the trend throughout the forecast period. The growth of this segment can be attributed to growing affinity of consumers towards fast food and packaged baked goods.

Some of the key players analyzed in this market are Firmenich SA, Frutarom Industries Ltd., Givaudan International SA, Huabao International Holdings Limited, Kerry Group, Plc., Robertet SA, S H Kelkar and Company Limited., Sensient Technologies Corporation, Symrise AG, Takasago International Corporation, and Synergy Flavors

Key findings of the study  

• The global Food Flavor Market was valued at $12,712.7 million in 2020, and is projected to reach $19,223.6 million by 2030, registering a CAGR of 3.6%.     
• Based on type, the natural segment is expected to witness rapid growth, registering a CAGR of 4.5% during the forecast period.
• Based on end user, the beverages segment held the highest share in the market in 2021.