Food Flavors Market Segmented By Citrus Flavor, Vegan Flavors, Dairy-derived Flavors Type in Natural and Artificial Nature in Powder and Liquid form
Industry: Food and Beverages
Published Date: January-2022
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 300
Report ID: PMRREP32024
The global food flavors market is currently valued at around US$ 12.4 Bn, and is anticipated to progress at a CAGR of 4.9% to reach US$ 20 Bn by 2032.
| Attribute | Key Insights |
|---|---|
|
Food Flavors Market Size (2022E) |
US$ 12.4 Bn |
|
Projected Sales of Food flavor (2032F) |
US$ 20 Bn |
|
Value CAGR (2022-2032) |
4.9% |
|
Value Share of Top 5 Countries (2022E) |
55% |
Food flavor consumption accounted for 50%-55% share of the global flavors & fragrances market in 2021. The largest market for key manufacturers of food flavors is Europe, which holds 31.1% of the global market share, followed by North America, which accounts for 27.8% share.
From 2017-2021, the global market of food flavors expanded at 4.7% CAGR. Increasing health consciousness among consumers along with the ongoing trend of innovative and exotic food flavors are driving food flavor sales.
As more consumers are desiring natural food flavors and chemical-free food flavors, plant-based food flavors are becoming increasingly popular. Citrus flavors have gained immense popularity and have become a favourite. Citrus is also one of the most popular food flavors for sweet products.
Major demanding regions of food flavors Europe and North America. In both regions, well-established supply chains and logistics systems are driving market growth.
The global market for food flavors is slated to expand at 4.9% CAGR through 2032.
“High Popularity of Citrus Flavours Favoring Market Growth”
Citrus flavor food ingredients are becoming increasingly prominent across the world. This is due to the fact that they have a delicate and well-balanced flavor profile that harmonizes sweetness and acidity. Citrus flavors are commonly found in beverages, pastries, and confectionary, and have grown in popularity among millennials as well as older consumers who prefer more mature tastes.
Citrus flavors are increasingly being used by manufacturers of flavored water and alcoholic beverages such as beer, spritzer, vodka, and a variety of other beverages to attract more customers.
Furthermore, for the production of premium category products, a majority of major alcoholic beverage manufacturers are leaning toward citrus flavors. Food flavor sales are being driven by rising use of citrus flavors in the flavored water sector.
“Dairy-derived Food Flavours a Hit among Consumers”
Dairy-derived food flavors are benefiting from increasing demand for premium food flavors that go beyond conventional vanilla and chocolate flavors. Rising consumer demand for better nutrition and taste is another contributing factor.
The market for dairy-derived flavors is fueled by consumers’ changing buying patterns, which has compelled manufacturers to use more natural ingredients such as dairy-derived food ingredients.
Dairy flavored food products are also gaining popularity owing to increased usage for the manufacturing of bakery and confectionary items such as cakes and cookies.
“Plant-based Products and Flavours Gaining Immense Popularity”
Consumer inclination toward information technology and social media has raised awareness about the impact of food consumption on the environment. Consumers' purchasing decisions are increasingly influenced by health concerns and animal cruelty, particularly in industrialized regions such as North America and Europe. This has also resulted in a recent surge in the organic and natural products market.
In addition, people are becoming more aware of the relationship between meat eating and non-communicable illnesses. Consumers are eliminating meat from their diets in an effort to reduce the risk of illnesses such as cancer and obesity, which will eventually lead them to become vegetarians. Plant-based foods and flavors are ideal for satisfying these desires.
There are other such consumer attitudes, such as reducing carbon emissions and conservation of water, since a large quantity of water is utilized for meat production and processing, which will drive demand for plant-based food products. Besides, a spurt in population growth is also likely to create the need for alternative food and flavors.
“Declining Sales of Artificial Food Flavors”
Although the popularity of food flavors is growing at a very fast pace, lack of acceptance of artificial food flavors among consumers is posing a threat to overall market expansion. Consumers around the world are looking for more nutrients in their diets, but intense competition, changing preferences, and less awareness might retrain market growth of food flavors to some extent.
Moreover, plant-based food flavors are highly vulnerable due to volatility in the prices of raw materials. Raw materials such as vegetables, fruits, fruit extracts, and others are used for the production of plant-based food ingredients. The prices of these raw materials depend on seasonality and weather conditions, due to which, there are price fluctuations, and this impacts the ultimate price of the products.
Additionally, the complexity associated with the extraction process of dairy-derived flavors and increasing lactose intolerant population are hindering market growth.
Which Country Accounts for the Largest Share in the Europe Food Flavors Market?
“Germany Food Flavors Market Leads the European Region”
The Germany food flavors market is set to witness significant growth at a value CAGR 5.4%. Rapid growth of the food & beverage segment in the country is offering promising opportunities of food flavor manufacturers.
Which Country Holds the Largest Share in the East Asia Market?
“China - Demand Hub for Food Flavors in East Asia”
China holds a major share in the East Asia market for food flavors. This is due to increasing demand for convenient foods and high usage of natural products in the food & beverage industry. Market growth in China is anticipated at 6% CAGR through 2032.
Which Type of Food Flavor is Most Demanded in the Global Market?
“Vegan Flavors Gaining Ground across the World”
Based on type, vegan flavors are mostly demanded and consumed in the food flavor category. Market value share of vegan flavors is around 62.8%. Demand for vegan flavors is high owing to their popularity among consumers, offering numerous health benefits.
Which Application is Offering New Growth Opportunities for Food Flavor Manufacturers?
“Beverage Sector Accounts for High Consumption of Food Flavor Ingredients”
Demand for food flavors is increasing rapidly in the beverage. Market value of food flavors in the beverage category is expected to top US$ 8.9 Bn by the end of the forecast period.
Companies are focused on innovation, and thus, are investing in R&D with a mind-set of offering innovative flavors to food & beverage manufacturers engaged in the business of offering natural and safe flavors for nutraceuticals products.
| Attribute | Details |
|---|---|
|
Forecast period |
2022-2032 |
|
Historical data available for |
2017-2021 |
|
Market analysis |
US$ million for value |
|
Key regions covered |
|
|
Key countries covered |
|
|
Key market segments covered |
|
|
Key companies profiled |
|
|
Report coverage |
|
|
Customization & pricing |
Available upon request |
Food Flavors Market by Type:
Food Flavors Market by Nature:
Food Flavors Market by Form:
Food Flavors Market by Application:
Food Flavors Market by Region:
To know more about delivery timeline for this report Contact Sales
The global food flavors market is currently valued at close to US$ 12.4 Bn.
Consumption of food flavors is expected to rise at 4.9% CAGR over the next ten years.
As per Persistence Market Research’s projections, Europe holds dominance with a market value of US$ 3.86 Bn in 2022.
Liquid food flavors hold 59.2% of the global market share.
Key manufacturers of food flavors account for an approximate share of 60% to 75% in the global market.
Top shareholder countries in the global market for food flavors are the U.S., Germany, U.K., China, and Brazil.
