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
Report ID : 388 | Published Date : Aug 2020 | Pages : 150 | Region : Global | Report Code : FB-32
Food Flavors Market Overview and Introduction
Food flavors refer to sensory impressions that the food possesses, which are usually determined by smell and taste. Processing and preserving of food items are generally responsible for degrading the taste of perishable foods. Food flavors preserve the taste of food products and are utilized to enhance or even modify their taste.
The rising demand from food & beverage industries, growing preference for convenience food, and changing lifestyle of consumers are among factors that are primarily influencing the growth of the food flavors market. Fluctuating raw material prices and the high bargaining power of consumers & suppliers will have adverse effects on market growth. On the other hand, the interest of food manufacturers in nature-identical food flavors will offer significant growth opportunities to new & existing market players.
The food flavors market has been segmented based on type, application, origin, and region.
Food Flavors Market By Type
Based on type, the food flavors market can be segmented into chocolates & browns, fruit & nut, spices, and vanilla. The fruit & nut segment is expected to dominate the food flavors market during the forecast period. Fruit & nut-based preservatives find applications in a broad spectrum of foods & beverages such as bakery, confectionery, beverages, and dairy. The growing utilization of fruit & nut-based preservatives owing to their widespread popularity across the globe will propel the growth of this segment.
Food Flavors Market By Application
Based on the application, the food flavors market can be segmented into bakery, beverages, confectionery, dairy, meat, and savory & snacks. The beverages segment will dominate the food flavors market during the forecast period. Various types of preservatives, including vanilla, chocolate, fruit & nut, and others, are utilized extensively to prepare health drinks, soft drinks, and flavored milk, among others. The growing demand for preservatives from beverage manufacturers will play a significant role in boosting the growth of this segment.
Food Flavors Market By Origin
Based on the origin, the food flavors market can be segmented into artificial and natural. Natural preservatives will register the highest CAGR during the forecast period owing to rising consumer awareness. The growing preference for organic foods and natural preservatives among health-conscious consumers across the globe is a key factor that will drive the growth of this segment. Moreover, the rising inclination of consumers toward meat and other protein-rich foods will also supplement the growth of natural preservatives.
Food Flavors Market By Region
Based on the region, the global food flavors market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World. Europe is expected to hold the highest share of the food flavors market during the forecast period. This large market share is owing to the presence of several key players in the region. Moreover, these players are investing heavily in research & development activities to produce new variants of 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, China, and Japan.
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.