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Food Flavor Market - Growth, Trends, and Forecast (2019 - 2024)

Food Flavor Market - Growth, Trends, and Forecast (2019 - 2024)

  • September 2019
  • 133 pages
  • ID: 5821464
  • Format: PDF
  • By Mordor Intelligence LLP

Summary

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Market Overview
The global food flavor market is projected to reach USD 18.40 billion by 2024, registering a CAGR of 4.8% during the forecast period (2019 - 2024).

- The increasing 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 and beverages (with growing disposable incomes), rising demand in various food applications, and the growing popularity of exotic flavors.The increasing product launches related to exotic and unique flavors are further driving the demand for compounded flavors.
- However, the high cost 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.

Scope of the Report
The food flavor market report includes study on segmentation by type into natural flavor, synthetic flavor, and nature identical flavoring. On the basis of application, the market has been segmented into dairy, bakery, confectionery, snack and beverage, and other applications.The study also covers the global level analysis of the major regions North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.

Key Market Trends
Rising Demand for Natural Ingredients

A significant number of consumers have gained interest toward purchasing clean label goods, which offer a wide scope for naturally sourced ingredients, hence propelling the demand for natural food flavors. As a result, the natural flavor market witnessed the highest growth rate accounting for USD 5.2 billion in 2018. In order to address the growing demand for natural flavors, manufacturers are offering products free from artificial flavorings and gradually shifting toward natural ingredients. Continuing interest in foods with exotic or ethnic flavors is one of the key factors driving the demand for natural flavor blends. In recent years, artificial flavorings, such as benzophenone, ethyl acrylate, pyridine, and styrene, are identified as carcinogens, and thus, are being replaced by natural flavorings across the global market.

The Snack Market is Expected to Supplement the Food Flavor Market

Owing to the growing snacking habit among work professionals and young generation, the snack market is expanding very rapidly, registering the highest growth rate in the application segment. Consumers are exploring and experimenting with new taste flavors without altering nutrition. The rising health trend has led consumers to choose among healthy snacks available in the market. As a result, many manufacturers are introducing snacks incorporated with clean label health-effective ingredients in product formulation. Moreover, the demand for savory snacks is recorded greater than sweet snacks. In savory snacks products, standard flavor combinations, such as cheese and onion, and more diverse flavorings, such as beef jerky, are in huge demand.

Competitive Landscape
The food flavor market is consolidated. Kerry Group, Cargill Inc., and BASF are few key players present in the market. Major companies are adopting strategies, such as introducing clean label and organic flavor ranges, and acquiring and partnering with local players to increase market penetration in the untapped markets. For instance, in 2017, Firmenich has officially launched its Protein Shield Flavors, a new line of natural flavor solutions aimed to help developers address the challenges they face when creating beverage products with high protein content. Some of the other prominent players present in the food flavor market include Givaudan, Firmenich, Symrise Ag, Takasago, and Sensient.

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