Food Flavors Market is anticipated to grow at a CAGR of ~2.0% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Food Flavors Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the Global Food Flavors Market accounted for over US$ 14 billion in 2019. It is anticipated to grow at a CAGR of ~2.0% from 2020 to 2030.
A food substance having a sensory impression determined by smell and taste is termed as flavor. The taste of perishable foods tends to degraded after they have been processed and preserved. Food flavors are generally added to preserve the taste of such food products. They are also utilized to enhance or modify the taste of various food items. Flavors are derived either from natural sources, such as fruits & vegetables, spices, and nuts or from synthetic sources, such as petroleum, through chemical processing in labs.
The food flavors market is primarily driven by factors such as increasing demand from food & beverage industries, growing preference for convenience food, and changing lifestyles of consumers. The lifestyles of consumers have changed considerably across the globe owing to improved economic conditions and increasing disposable incomes. Most people who are working prefer packaged food or convenience food owing to their busy schedules. This is propelling the demand for such foods, in turn, boosting the demand for food flavors.
Recent studies have shown that several artificial additives, including benzophenone, ethyl acrylate, eugenol methyl ether, myrcene, pulegone, and pyridine, among others, have been found to be cancerous. They have been banned by the U.S. Food & Drug Administration (FDA) in October 2018 and can no longer be utilized as food preservatives. In January 2020, the U.S. FDA went further to ban mint & fruit-flavored vaping products.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Food Flavors Market By Type (Chocolate & Browns, Dairy, Fruit & Nut, Spices, and Vanilla), Application (Bakery, Confectionery, Beverages, Dairy, Meat, and Savory & Snacks), Origin (Artificial and Natural) – Global Analysis & Forecast 2020-2030 in detail along with the table of contents:https://www.marketindustryreports.com/food-flavors-market/388
On the downside, price volatility has always been a crucial factor for food & beverage as well as food flavor industries. Fluctuating raw material prices and the high bargaining power of consumers and suppliers may hamper the market growth to a certain extent. The need for nature identical food flavors will present significant growth opportunities to new as well as existing market players.
Europe will dominate the food flavors market during the forecast period owing to the presence of several key players in this region. Moreover, research & development activities focused on natural food flavors will also supplement the market growth in this region. The growing demand for natural & organic food products, especially in the U.S., is leading to increased demand for natural food flavors. The Asia Pacific region, however, will register the highest CAGR during the forecast period owing to the growing number of food processing industries in India, Japan, and China.
The key players in the global food flavors market are Archer Daniels Midland, DuPont, SENSIENT, Taiyo International, T. Hasegawa, Givaudan, Kerry Group, Symrise, MANE, and INTERNATIONAL FLAVORS AND FRAGRANCES (IFF), among others.
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