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Flavors are powerful measures added to food products to stimulate or inform a typical taste, maintain the flavor after processing, adjust an already existing flavor, and guise an unwanted flavor. Consumption of usual food products is increasing increase among consumers owing to increase in health awareness. Therefore, manufacturers plan to develop new & innovative formulations such as natural food flavors removed from exotic fruits, in the food flavors market. Furthermore, market players have approved new & advanced technologies such as solid-liquid extraction (SLE), supercritical carbon dioxide extraction, supercritical fluid extraction, and others, for easy extraction and to retain the original flavor.
Introduction of new flavors and acceptance of technologies boost the development of the food flavors market. Apart from this, aspects such as surge in demand for processed food & beverages with surge in disposable incomes, rise in demand in various food applications, and growth in the popularity of exotic flavors, are anticipated to provide profitable opportunities for the food flavors market in the upcoming years.
Growth of the flavors market is driven by transformed lifestyle of customers, higher demand for food which is suitable, and expansion of the global beverage industry in terms of safe and packaging logistics. Surge in demand for ready-to-eat, processed, and canned foods majorly drives the industry across the globe. Furthermore, other factors such as innovation of technologies, introduction of new flavors, and heavy inflow of investment in R&D activities, boost the market growth.
Nevertheless, cost of raw material, bargaining power of suppliers and customers, price pressure, and high entry barriers on manufacturers hampers market growth. Small-scale industries mounting by emerging technical service centers and services in various regions provide opportunities for growth of the market. This growth approach is crucial for smaller companies, enabling them to expand their technical ability through precise research and progress infrastructure provided by key players in the industry.
The global Food Flavors market is segmented based on origin, type, application and geography.
Based on origin, the market is categorised into Natural & Synthetic. Natural food flavors have expanded with high acceptance among consumers in the recent years owing to surge in demand for exclusive & exotic flavors and uncommon flavor combinations, such as exotic & classical fruits. Additionally, adverse effects such as faintness, nervous system misery, fatigue, allergies, nausea, and others, can arise on account of the chemicals used in artificial flavors. Consequently, consumers prefer natural food flavour products over the ones comprising artificial additives or flavors. This fact is complementing the growth of the natural food flavors market.
Based on type, the market is sectioned into Chocolate, Vanilla, Fruit & Nuts and others.
Based on application, the Food Flavors market has been portioned into Beverages, Savory & Snacks, Bakery & Confectionery, Dairy & Frozen Products and others. The savory & snacks segment is expected to be the major investor in the global flavors market as high demand for ethnic, fiery, and exotic flavors is anticipated to come from this segment. The savory & snacks flavors segment is likely to spectate noteworthy growth, especially in the developing nations, on account of the rise in occurrence of ethnic drinks and food products, and westernization of diet in the developing countries. In addition, upsurge in demand for exclusive & exotic flavors and unusual flavor combinations, such as unusual & classical fruits in the emerging economies, enhance the market growth.
Geographically, this market is segmented into North America, Europe, Asia-Pacific and Rest of the World. Asia Pacific was the leading regional segment inhabiting more than half of the market share in terms of revenue in 2018. This was due to growth in consumption of beverages, confectionery, dairy, and bakery products in the region. Economic development and upsurge in disposable income in countries such as China, India, and Japan, lift the consumption of processed, ready-to-eat food products, which accelerate the growth of the food flavors industry. Besides, high demand for Asian authentic & exotic food flavors from the developed markets such as Americas and Europe, enables growth of the Asia-Pacific food flavors market.
The major players involved in this market are Symrise AG, Frutarom Industries Ltd., Givaudan SA, International Flavors & Fragrances Inc., Kerry Group PLC, Sensient Technologies Corporation, Takasago International Corporation, Firmenich SA, V. Mane Fils SA, Wild Flavors GmbH, Bell Flavors & Fragrances, Ogawa Flavors & Fragrances, Kerry and Huabao International Holdings.
The global Food Flavors market is segmented by origin, type, application and geography.
Based on origin, the market is categorised into Natural & Synthetic. Natural food flavors have expanded with high acceptance among consumers in the recent years owing to surge in demand.
Based on type, the market is sectioned into Chocolate, Vanilla, Fruit & Nuts and others.
Based on application, the Food Flavors market has been portioned into Beverages, Savory & Snacks, Bakery & Confectionery, Dairy & Frozen Products and others. The savory & snacks segment is expected to be the major investor in the global flavors market as high demand for ethnic, fiery, and exotic flavors is anticipated to come from this segment.
Geographically, this market is segmented into North America, Europe, Asia-Pacific and Rest of the World. Asia Pacific was the leading regional segment inhabiting more than half of the market share in terms of revenue in 2018.
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