Drivers and Constraints Impacting the Market:
The demand for food flavors is stimulating especially in the emerging countries due to the growing awareness regarding the product and its different usage. This is further offering opportunities to the manufacturers to expand their market. Regulatory authorities like for instance, FDA has granted permission for the use of natural food flavors, comprising essence or extractive, oleoresin, essential oil, and protein hydrolysate, which constitutes the flavoring element derived from the fruit or fruit juice, edible yeast, vegetable or vegetable juice, herb, spice, bud, bark, leaf, root, or similar plant material or seafood, meat, dairy products, poultry, and eggs. This is considered to be a major factor fueling the market growth. Moreover, the augmenting consumer awareness associated with health & wellness and high adoption of food flavors of natural origin instead of synthetic flavors is further contributing to the market growth. Manufacturers are also highly investing in research and technical development along with investigative activities in order to improve the existing procedures and products to develop new products. R&D activities will further lead to development of new products with improved quality, thereby contributing to the market growth.
The global food flavors market is predicted to register 5.600% CAGR during the forecast period (2017-2023) owing to the high availability of different flavored beverages, asserts Market Research Future (MRFR).Food flavor is referred to as an ingredient or food additive, which is generally used in the production of food and beverages. Flavor is the sensory impression of any food items that is determined by the chemical senses of smell and taste. Flavor indicates the sensual impression of food or any other applications like cosmetic & personal care, beverages, nutraceuticals, and other end-use applications. Food flavors have gained immense popularity over the years based on its diverse application in the food industry.
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On the flip side, limited availability and low stability of natural flavors are considered to dampen the market growth. As natural flavors are perishable in nature, they are unstable during processing, storage, and handling, compared to synthetic flavors. They are unstable to temperature, variations in pH, and light. Being volatile to heatand higher temperatures, there is a high possibility that the flavor will be lost. Such concerns are anticipated to impede the market growth during the assessment period.
The prominent players operating the global food flavors market are Givaudan SA (Switzerland), International Flavors & Food flavors Inc. (U.S.), Firmenich International SA (Switzerland), V. MANE FILS SA (France), Symrise AG (Germany), Takasago International Corporation (Japan), and Sensient Technologies Corporation (U.S.).
January 08, 2019: Snack company, Santé Specialty Foods is likely to expand its product line of spiced nuts and gourmet roastedwith a new trio of flavors;pumpkins spice pecans, bourbon pecans, and chocolate almonds. The three brand new flavors are perfect pick for on-the-go snacking.
Global Food Flavors Market: Segmental Analysis:
The global food flavors market has been segmented on the basis of type, application, and region.
By mode of type, the global food flavors market has been segmented into synthetic and natural. Among these, the synthetic segment is anticipated to occupy the maximum market share and is considered to expand at 5.03% CAGR during the appraisal period.
By mode of application, the global food flavors market has been segmented intodairy & frozen products, beverages, savory & snacks, bakery & confectionery, and others. Among these, the beverages segment is presumed to experience the highest growth rate at 6.07%CAGR during the appraisal period. The growth in this segment is attributed to the high demand for non-carbonated and carbonated energy drinks.
Geographically, the food flavors market span across regions namely, Asia Pacific, North America, Europe, and Rest-of-the-World.
Among all the regions, the European region is estimated to retain its dominance throughout the appraisal period. The growth is attributed to the robust economic growth coupled withrising health conscious population in this region. Europe is predicted to garner USD 6366.20 million by the end of 2023.
The Asia Pacific region is estimated to expand at the highest CAGR of 6.11% owing to thegrowing middle-income population with more disposable income and rapid urbanization in the developing countries.Such factors are considered to trigger the sales of food flavors in this region.
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