(I-BusinessNews.Com, May 19, 2021 ) The Food Flavor Market size is estimated to reach $25.7 Billion by 2025, growing at a CAGR of 7.9% during the forecast period 2020-2025. The flavor is the sensory impression of a food substance and is determined mainly by the chemical senses of taste and smell. The flavor of the food can be altered with natural or artificial flavorings. A food’s flavor can be easily altered by changing its smell while keeping its taste similar. The increasing application of food flavors across various food items and increasing acceptability of consumers as natural flavor are the driving market growth during the forecast period 2020-2025.
Food Flavors Market Segment Analysis - By Flavour Type
Based on Flavour Type, Food Flavor Market is segmented into Natural Flavor, Synthetic Flavor, and Nature Identical Flavoring, and others. The Synthetic Flavor segment holds the largest share in terms of revenue in 2019. This is owing to increasing consumption of artificial flavor in many food and confectionary items. However, Natural Flavors I set to be the fastest growing with a CAGR of 8.1% during the forecast period 2020-2025. This is owing to increasing adoption of healthy lifestyle and many beverages and food manufacturing companies using botanical extracts.
Food Flavors Market Segment Analysis - By Application Type
Based on Application type, Food Flavor Market is segmented into Dairy, Bakery, Confectionery, Snack, Beverage, and Others. The beverages segment held the largest share in 2019. This is owing to rising consumption of flavored beer, milk, canned juices, energy drinks and other beverages across the globe. However, The Bakery segment is set to be the fastest growing CAGR during the forecast period 2020-2025. This is owing to increasing consumer preferences for products such as bread, cakes pies, rolls, pastries, cookies, crackers, and pretzels and is estimated to fuel the segment growth during the forecast period 2020-2025.
Food Flavors Market Segment Analysis - By Geography
Based on Geography, Food Flavor Market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. Europe region dominated the Food Flavor Market in 2019 with a share of 31.7%. This is owing to increased consumption of convenience foods, dairy and frozen dessert products in the region. However, Asia Pacific is set to be the fastest growing CAGR during the forecast period 2020-2025. This is owing to high production of increasing consumption of flavors and addition of flavors by food manufacturers in different food items.
Increasing demand for Natural Flavor for the food flavor market
As health awareness increases, there is more demand for the use of natural flavors. Consumers are moving towards natural food. Increasing awareness among consumers for the consumption of natural ingredients, rise in demand for processed foods, growing demand for beverages with natural ingredients and natural flavors, increase in spending power of consumers, and the increasing popularity of exotic natural flavors on the global scale. However, the enormous growth in the food industries, rising habit of consuming fast-food items, changing patterns of food consumption, and extensive advancements in the natural flavoring and extracting agents are some of the prime propellers of this market.
Food Flavors Market Challenges
The food flavor industry faces challenges and global obligations to abide by the various industries standards. However, they have the common target of ensuring the safety of consumers. The regulations set by different countries also emphasize the usage of flavors and proper labeling of food products. These stringent regulations can delay or prevent the launch of new products, increase the prices of any new product introduced in the market, and is set to lead product recalls. Thus, the execution of new regulations and modifications in the existing regulations negatively affect the growth of the market.
Food Flavors Market Industry outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Food Flavor Market. Key companies of this market are Kerry Group PLC, BASF SE, Archer Daniels Midland (ADM), Firmenich SA, Givaudan, International Flavors & Fragrances (IFF), Robertet, Hasegawa, Takasago, and Symrise among others.
In 2020, Symrise announced its partnership with KitchenTown Berlin, a food and foodtech innovation network. The partnership is set to transform food product portfolio and capture the growing demand of the target audience.
In 2020, Givaudan launched a new Virtual Reality tool known as The Virtual TasteTrek Citrus tool. This tool is set to help with the flavor creation enabling the customers to create flavor directly from the desk.
Geographically, The Europe region held the highest market share in 2019. This is owing to the increase in the export of processed meat and meat products in the Asia pacific region.
The factors such as high production of dairy and dairy-based products such as yogurt, ice-cream, and cheese lead to growth of the market during the forecast period 2020-2025.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Food Flavor Market.
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