DUBLIN--(BUSINESS WIRE)--The "Food Flavors Market by Type and End User: Global Opportunity Analysis and Industry Forecast, 2020-2027" report has been added to ResearchAndMarkets.com's offering.
According to the report, the global food flavors market was $14.6 billion in 2019, and is projected reach $17.4 billion by 2027, registering a CAGR of 4.6% from 2020 to 2027
Flavors are used in various products such as bakery, confectionery, meat, snacks, seafood, and poultry. By type, the global market is bifurcated into natural and artificial flavors. Rise in disposable income and change in food habits are the factors that drive the growth of the food flavors market. The beverages industry has a significant impact on the growth of the global market.
Increase in demand for ready-to-eat meals & fast foods is a key driver for the food flavors industry across the globe. Moreover, innovative technologies, introduction of new flavors, and heavy inflow of investment in R & D activities are the other factors that supplement the growth of the food flavors market. There is an upcoming trend of using natural flavors owing to rise in health awareness. Further more, high demand for flavors across European countries to produce commercialized clean label or green food products that are free of additives and other harmful chemicals has propelled the growth of the natural flavors market.
Technological strides make it possible for manufacturers to develop innovative flavors to cater to the change in customer taste requirements. The applications of advanced technologies provide innovative and novel tastes in food. However, stringent government regulations and adverse effects of synthetic flavors on human health are expected to hamper the food flavors market growth. Innovation in flavors and their growth in demand across emerging economies are expected to open new avenues for the market players in the future.
- By region, Asia-Pacific dominates in terms of food flavors market share and is expected to retain its dominance during the forecast period.
- By type, the artificial segment led in terms of market share, in 2018; however, natural segment is expected to gain market share in the upcoming years
- By end user, the beverage segment accounted for more than one-fourth share of the food flavors market in 2019; however, the savory & snacks segment is poised to grow at highest CAGR during the forecast period.
- By end user, the dairy and frozen products segment is expected to gain market share in the upcoming years and is estimated to grow at a CAGR of 5.3% during the forecast period.
- By region, Middle East is anticipated to grow with robust CAGR of 5.8% during the forecast period.
Key Players Profiled
- Firmenich SA
- Frutarom Industries Ltd.
- Givauda International SA
- Huabao International Holdings Limited
- Kerry Group, PLC
- ROBERTET SA
- S.H. Kelkar and Company Limited
- Sensient Technologies Corporation
- Symrise AG
- Takasago International Corporation
For more information about this report visit https://www.researchandmarkets.com/r/pbmbg0