According to the recent FMI report, the sales for food flavors are expected to surpass a value of USD 16.6 Bn in 2032, rising at a CAGR of around 6.2% through the end of 2032.
Processed foods require more flavoring ingredients in their processing, which will boost the industry’s prospects. In order to improve the overall taste profile of the food, changing consumer taste perceptions are projected to raise demand for a mix of different flavor imparting components during food preparation. During the forecast period, this is projected to drive the market for food flavors.
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.
Consumption Analysis of Food Flavors (2017-2021) Vs Market Outlook (2022-2032)
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 6.2% CAGR through 2032.
Key participants in the food flavor industry use mergers, acquisitions, collaborations, and alliances to expand their operations. The use of new technologies to develop innovative goods, as well as the expansion of sales and distribution channels, are among the tactics that key market players are focusing on.
PureCircle, the world’s leading producer and innovator of great-tasting stevia sweeteners for the beverage and food industries, introduced modern stevia, leaf-based flavor enhancers in cocoa and vanilla flavors in July 2021, allowing companies to manufacture products at a more affordable price point.
Key Companies Profiled in food flavors Market are ADM, Cargill, Sensient Technologies Corporation, Givaudan, Ajinomoto Group, Koninklijke DSM N.V., Bell Flavours & Fragrances, A&B Ingredients, DPO International Sdn. Bhd., , Kerry Group, Others
Food flavors Market by Category
By Form, Food Flavors Market is segmented as:
By Product, Food Flavors Market is segmented as:
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By Application, Food Flavors Market is segmented as:
- Food & Nutrition
- Bakery & Confectionery
- Sauces & Dressings
- Dairy & Frozen Desserts