The global market for food flavors is set to witness growth at a value CAGR of 4.9% and reach close to US$ 20 Bn by 2032. Food flavors are increasingly being used in the food & beverage industry for creating different types of products with exotic taste, flavor, and aroma. Food manufacturers are also using various types of fruits, vegetables, and others to create these flavor profiles. The consumption pattern of consumers is shaping toward healthy and natural food ingredients, which is subsequently impacting the food flavor category. Consumer preference is inclining toward new and innovative flavor profiles, which is pushing manufacturers to launch new flavors in order to satisfy rapidly changing consumer taste and retain existing customers. Citrus flavors are becoming the best solutions in the food and beverage industry. Citrus flavors have several health benefits with highly sensory taste and appearance, and thus, citrus flavors are the most preferred ingredients by food & beverage manufacturers around the world.
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In some regions, such as Asia Pacific, the Middle East, and Africa, consumers’ discretionary income is rising, making it easier for them to try out unique and innovative food products made with ingredients such as food flavors. These food flavors help in the manufacturing of products with less fat and sugar, and impart health-promoting properties that attract health-conscious customers.
Major market players are focusing on acquisitions and mergers to expand their product portfolios and increase their regional as well as international presence. These strategic alliances by key players would also drive market growth of food flavors.
Key Takeaways from Market Study
- The market for food flavors is expected to expand at CAGRs of 5.3% and 4.3% in countries of Latin America and the Middle East & Africa, respectively, during the forecast period.
- Market volume share of East Asia and Oceania is 15.7% and 2.2%, respectively, in 2022.
- The European food flavors market is currently pegged at 292,855 tons.
- Growing consumer preference for healthy and nutritious beverages is driving the sales of food flavors across global markets. Based on type, the dairy-derived segment is expected to expand at a value CAGR of 5.9%.
- Although by end use the beverages segment holds the highest market share, the nutraceutical segment is set to expand faster at a CAGR of 7%.
- Based on form, volume of liquid food flavors is currently pegged at 7,338 tons.
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Competitive Landscape
Companies are focusing on acquisitions to expand their product portfolios and manufacturing capabilities. They are also investing in research & development by utilizing cutting-edge manufacturing techniques and technologies. This helps them develop new flavors and products in order to obtain a competitive advantage.
- In June 2020, Edlong expanded its line of authentic dairy-based flavors by focusing on sensory features, applications, and R&D. The line includes products such as authentic cheese, sour cream, and buttermilk flavor profiles that are sourced from real dairy and offer multiple benefits.
- In February 2020, Givaudan SA acquired Ungerer & Company, a U.S.-based flavor, fragrance, and specialty ingredients company.
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