Food Flavors Market is Generating Revenue of $19,223.7 Million by 2030 | Top Companies and Industry Growth Insights

Food flavoring industry

Applications of advanced technologies make it possible to innovate and produce new and interesting tastes in food. It makes continuous technological innovation

Portland, Oregon, US, November 30, 2021 / – Food Flavors Market by Type, End User, and Region: Global Opportunity Analysis and Industry Forecast, 2021-2030, “The global food flavors market size was $12,712.7 million in 2020, and is expected to reach $19,223.7 million by 2030, registering a compound annual growth rate of 3.6%.The Asia Pacific region was the largest contributor to revenue, accounting for the majority of the share in 2020, estimated at a compound annual growth rate of 4.6 %, flavors are used in various products such as baked goods, confectionery, meat, snacks, seafood and poultry.By type, the food flavoring market is divided into natural and artificial flavors.Rise in disposable income and change in dietary habits are among the factors driving the growth of the food flavoring market.

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Increasing demand for ready meals and fast foods is a major driver of the food flavoring market worldwide. Moreover, innovative technologies, introduction of new flavors, and heavy influx of investment in research and development activities are the other factors that complement the growth of the food flavors market. There is an upcoming trend of using natural flavors, due to the increased health awareness. Moreover, the growing demand for flavors across European countries to produce clean label or green food products that are free of additives and other harmful chemicals is driving the growth of the natural flavors market. Technological steps allow manufacturers to develop innovative flavors to meet the changing demands of customers’ tastes. Applications of advanced technologies provide innovative and new tastes in food. However, strict government regulations and adverse effects of artificial flavors on human health are expected to hamper market growth. The innovation in flavors and the growth in demand for them across emerging economies is expected to open new horizons for future market players.

The food flavoring market is segmented into type, end user, and region. By type, they are divided into natural and artificial flavors. According to the end user, it is divided into beverage, dairy, frozen, bakery, sweet, salty, snack, animal and pet food. The beverage market is further categorized into hot beverages, carbonated beverages, and alcoholic beverages. Dairy and frozen section is divided into dairy and meat products. The bakery and confectionery segment is also categorized as bakery, chocolate, confectionery and ice cream. The salty and snack market is divided into salty and snacks. Animal and pet food is categorized into animal feed and pet food. By region, it is analyzed across North America, Europe, Asia Pacific, Latin America, Middle East and Africa.

Based on the Food Flavors Market analysis by type, the industrial segment remained the dominant segment in the global market in 2020, and this trend is expected to continue throughout the forecast period. The growth of this segment can be attributed to the increased use of artificial flavors in juices and soft drinks.

Based on the end user of food flavors market forecast, the bakery and confectionery segment remained the dominant segment in the global food flavors market in 2020, and this trend is expected to continue throughout the forecast period. The growth of this segment can be attributed to the increasing consumer affinity towards fast food and packaged baked goods.

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Based on the region, the Asia Pacific region has been the largest and fastest growing segment of the food flavors market and is expected to grow at a significant growth rate during the forecasts. The growth of this regional part can be attributed to the changes in the food consumption patterns of the people in this region. Moreover, the increasing consumer affinity towards packaged and convenience food items, is conducive to the growth of the market.

The food flavors market is mostly an organized market dominated by a few players. The major players in the Food Flavors industry depend on strategies like product launch and acquisitions to stay relevant for their global Food Flavors market share. The major players profiled in the report are Firmenich SA and Frutarom Industries Ltd. and Givaudan International SA, Huabao International Holdings Limited, Kerry Group, Plc. and Robertet SA and S. H. Kelkar and Company Limited. and Sensient Technologies Corporation, Symrise AG, and Takasago are global corporations.

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David Correa
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