The global Food Flavor Market is estimated to be valued at US$ 17.68 Bn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The food flavor market involves products that enhance or modify the taste of food items. Flavors are added to process and prepared foods to improve their sensory properties. Some common food flavoring agents include natural extracts, spice oils, oleoresins, and artificial flavors. They mainly impact attributes like smell, texture, and even the visual appearance of foods. This helps food manufacturers develop innovative food products with desirable tastes and aromas.
Market key trends:
One of the major trends in the food flavor market is the increasing demand for clean label and natural flavors. Consumers are wary of artificial ingredients and preservatives in their food products. They prefer foods with labels showcasing natural or organic claims. As a result, flavor companies are investing in plant-based, natural extracts to develop clean and recognizable flavor profiles. Furthermore, customized and niche flavors catering to regional preferences are also gaining traction. Industry players are focusing on novel flavor innovations to meet the dynamic tastes of global consumers.
Segment Analysis
The food flavor market is segmented into natural and artificial. Within natural, the fruits & vegetables sub-segment dominates and is expected to grow at the highest rate during the forecast period. This is attributed to rising demand for natural ingredients and clean label products among consumers.
Key Takeaways
The Global Food Flavor Market Size is expected to witness high growth, exhibiting CAGR of 4.6% over the forecast period, due to increasing health consciousness among consumers.
Regional analysis
North America dominated the global market in 2022 and is expected to exhibit significant growth during the forecast period. Rapid urbanization and changing consumer preferences are major factors driving market growth in the region. Asia Pacific is expected to be the fastest growing region owing to growing population and rise in disposable income.
Key players
Key players operating in the food flavor market are Givaudan SA, International Flavors & Fragrances Inc., Firmenich SA, Symrise AG, Takasago International Corporation, Sensient Technologies Corporation, T. Hasegawa Co., Ltd., Kerry Group, Mane SA, and Huabao International Holdings Limited.
Read MORE: https://www.ukwebwire.com/food-flavor-market-insights-trends/
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