Food flavors have become an integral part of modern-day cooking and the food & beverage industry. Flavors such as citrus and vegan-based food have international appeal, while dairy-derived flavors are valuable in applications meant for food & beverages. The dairy industry has witnessed exponential growth, especially the yogurt segment. Dairy product manufacturers are offering various flavors in yogurts, which has gained immense popularity. Consumers are increasingly giving positive responses to café-inspired flavors, especially for yogurts. With innovative experiments and advancements of new in the food & beverage industry, consumption of food flavors is expected to increase. Efforts of manufacturers in the food flavors market in offering point of differentiation for their customers through innovative taste and mouthfeel with the help of food flavors are expected to continue, and the global food flavors market is anticipated to witness a significant value CAGR of over 5% through 2030.
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Key Takeaways from Food Flavors Market Study
- The market value for food industry application is expected to witness 1.7X growth during the forecast period, and reach a market value of US$ 7.5 Bn by the end of 2030, attributable to growing demand for processed food with flavors. Changing culture of consuming ready-to-eat meals is expected to contribute toward increased growth during the forecast period.
- Europe is the largest market for players operating in the global food flavors market, followed by North America. Together, these regions hold more than 60% share in the global food flavors market, owing to increased consumer demand for innovative taste and mouthfeel, and these regions being home to key manufacturers of food flavors.
- Vegan flavors are expected to hold the largest value share of 63.5% in the year 2020, which is more than the total share of citrus and dairy-derived flavors together. Vegan flavors dominate the market owing to increased demand for plant-based food and ingredients, along with the growing natural ingredient trend across the globe.
- Owing to easy availability and higher production volume, the powder form of food flavors is expected to exhibit a market volume CAGR of close to 6% during the forecast period.
- With the outbreak of COVID-19, the supply chain has been severely hampered with interruptions in trade flow. However, demand for processed food, convenience food and beverages, and packaged food has remained high, owing to their longer shelf life. Addition of food flavors as an essential ingredient in these food is expected to positively impact sales.
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Global Food Flavors Market: Competitive Landscape
Key manufacturers in the food flavors market are focused on innovation, and thus, are investing in R&D with a mindset of offering innovative flavors to food & beverage manufacturers.
- In 2018, Givaudan SA invested approximately 7-8% of its revenue on research & development. The company is incurring high expenditure on R&D to create new and innovative flavors for consumers.
In addition, manufacturers in the food flavor market landscape are also following the strategy of expansion of production facilities as well as strategic alliances/partnerships, mergers, and acquisitions with regional flavor and food manufacturers, to increase their market presence and product offerings in the global food and beverage market.
- In August 2018, Archer Daniels Midland Company opened its new regional office and state-of-the-art flavor and ingredient creation, application, development, and customer innovation center in Shanghai, China, to continue its growth and innovation in the Asia Pacific region.
- In July 2017, McCormick & Company, Inc. acquired the food division of Reckitt Benckiser Group plc for US$ 4.2 billion. This acquisition enabled the company to strengthen its position in the flavor segment.
- In 2018, Takasago International Corporation opened a new flavor and fragrance manufacturing plant in Indonesia.
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