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FOOD FLAVOR MARKET - GROWTH, TRENDS, AND FORECAST (2019 - 2024)

The Food Flavor Market is segmented by Type (Natural Flavor, Synthetic Flavor, and Nature Identical Flavoring), Application (Dairy, Bakery, Confectionery, Snack and Beverage, and Other Applications), and Geography.

Market Snapshot

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Study Period:

2016-2024

Base Year:

2018

Fastest Growing Market:

Asia Pacific

Largest Market:

Europe

CAGR% (2019-2024):

5.6%

Key Players:

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Market Overview

The food flavor market is projected to reach USD 19.84 billion by 2024, registering a CAGR of 5.6% 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.
  • 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 (natural flavor, synthetic flavor, and nature identical flavoring), application (dairy, bakery, confectionery, snack and beverage, and other applications), and geography.

By Type
Natural Flavor
Synthetic Flavor
Nature Identical Flavoring
By Application
Dairy
Bakery
Confectionery
Snack
Beverage
Other Applications
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
Spain
United Kingdom
Germany
France
Italy
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
South Africa
Saudi Arabia
Rest of Middle East & Africa

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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 a USD 5,286.25 million market in 2018. In order to address the growing demand for natural flavors, manufacturers are publicly committing to remove artificial flavorings and shifting toward natural ingredients. Continuing interest in foods with exotic or ethnic flavors is one of the factors driving the demand for natural flavor blends, which are forecast to register the fastest gains. 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.

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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. 

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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 Symrise Ag, Takasago, and Sensient. 

Major Players

  1. Kerry Group PLC
  2. BASF SE
  3. Archer Daniels Midland Company
  4. Koninklijke DSM NV
  5. Corbion NV

* Complete list of players covered available in the table of contents below

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Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

    1. 3.1 Market Overview

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Opportunities

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Type

      1. 5.1.1 Natural Flavor

      2. 5.1.2 Synthetic Flavor

      3. 5.1.3 Nature Identical Flavoring

    2. 5.2 By Application

      1. 5.2.1 Dairy

      2. 5.2.2 Bakery

      3. 5.2.3 Confectionery

      4. 5.2.4 Snack

      5. 5.2.5 Beverage

      6. 5.2.6 Other Applications

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

        4. 5.3.1.4 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 Spain

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 Germany

        4. 5.3.2.4 France

        5. 5.3.2.5 Italy

        6. 5.3.2.6 Russia

        7. 5.3.2.7 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 India

        4. 5.3.3.4 Australia

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle East & Africa

        1. 5.3.5.1 South Africa

        2. 5.3.5.2 Saudi Arabia

        3. 5.3.5.3 Rest of Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Share Analysis

    2. 6.2 Most Adopted Strategies

    3. 6.3 Most Active Companies

    4. 6.4 Company Profiles

      1. 6.4.1 Koninklijke DSM NV

      2. 6.4.2 Kerry Group PLC

      3. 6.4.3 BASF SE

      4. 6.4.4 Archer Daniels Midland (ADM)

      5. 6.4.5 Givaudan

      6. 6.4.6 Firmenich SA

      7. 6.4.7 Frutarom Industries Ltd

      8. 6.4.8 Corbion NV

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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