LONDON--(BUSINESS WIRE)--The global food flavors market is expected to grow by USD 2.75 billion as per Technavio. This marks a significant market growth compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. Steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of over 4%.
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Market estimates include pre- and post-COVID-19 impact on the food flavors market - Request free sample pages
The global food flavors market will have a positive impact due to the spread of COVID-19. The extension of containment efforts is leading to increased demand and reduced production. Hence, the prices are expected to remain elevated during the short term, thereby resulting in an improved topline growth of market players.
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The market is driven by the premiumization in the food and beverage industry. In addition, the increasing demand for food flavors from the processed foods industry is anticipated to boost the growth of the food flavors market.
The growing health consciousness among consumers has increased the demand for premium food products with new flavors. This is encouraging players in the market to offer different varieties of premium flavors for a wide range of food products and expand their customer base. For instance, Mane, a France-based manufacturer of premium high-performing natural flavors, is offering new premium natural flavors such as Amarena, Burnt Sugar, Crema Fiorentina, and Mascarpone. Similarly, Germany-based Symrise offers a wide range of exotic and premium flavors, which are available in liquid, powder, and seasoning forms. Therefore, the ongoing premiumization in the F&B industry is expected to fuel the growth of the global food flavors market during the forecast period.
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Major Five Food Flavors Companies:
Archer Daniels Midland Co.
Archer Daniels Midland Co. operates its business through segments such as Ag Services and Oilseeds, Carbohydrate Solutions, Nutrition, and Other. The company offers natural food flavors under its portfolio, WILD Flavors.
BASF SE operates its business through segments such as Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care, Agricultural Solutions, and Other. The company offers flavors for the food and beverage industry under its portfolios Divergan and omega-3.
Firmenich SA operates its business through segments such as Perfumery, Flavors, and Ingredients. The company provides a wide range of food flavors under TasteGEM portfolio for different kinds of products such as dairy, confectionery, soups, and noodles.
Givaudan SA operates its business through segments such as Fragrance and Flavour. The company produces different types of food flavors for various categories, which include sweet goods, savory, snacks, and dairy. Some of the food flavors offered by the company include citrus and vanilla.
Kerry Group Plc
Kerry Group Plc operates its business through segments such as Taste & Nutrition and Consumer Foods. The company offers different varieties of flavors such as sweet flavors and their extracts, savory extracts, and distillates.
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Food Flavors Market Product Outlook (Revenue, USD Billion, 2020-2024)
- Natural flavors
- Artificial flavors
Food Flavors Market Geography Outlook (Revenue, USD Billion, 2020-2024)
- North America
- South America
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