The global flavors (food & beverages) market was valued at $12,474 million in 2016, and is expected to reach at $18,126 million in 2023, growing at a CAGR of 5.5% from 2017 to 2023. Flavors are essential part of the food processing industry that help to maintain the taste of a product. Food flavors are made of three components taste, smell, and color. Food & beverage industries require flavor for different purposes, such as new product development, addition of new product line, and change in the taste of existing product. High demand for new flavors from food & beverages industry, increase in demand from fast food industries, and continuous innovation have driven the global flavors (food & beverages) market. However, rise in health awareness among the global population is expected to hamper the market growth.
Companies are expanding their geographical operations in the developing regions to maintain their growth rate. For example, Givaudan SA has recently started its manufacturing plant in Nigeria to increase its customer base. Key market players are also expanding their product portfolio to maintain the market profitability. For example, Kerry Group has added barbeque flavored meat snacks brand, Meateors, which is launched to target the male consumer between the age group of 20-32.
The report offers incisive information on other market strategies, such as collaboration, acquisition, and innovation. In addition, provide a deeper understanding of the segments of the global flavors (food & beverages) market based on type, end user, and geography. The type segment includes natural flavor and artificial flavor market, while the natural flavors are expected to be used in their natural form or processed form. Beverage companies in the U.S. and Europe prefer to use natural flavors. Artificial flavors are chemically derived and widely used in beverage industries. The end user segment consists of beverages, savory & snacks, bakery & confectioneries, dairy & frozen products, and animal & pet foods.
Beverages is the leading end user industry within the global flavors (food & beverages) market. Geographically, the market is segmented into Asia-Pacific, North America, Eastern Europe, Western Europe, LAMEA. Asia-Pacific is the largest market for food flavor followed by North America and Western Europe.
Major players operating in this market include the following:
KEY BENEFITS FOR STAKEHOLDERS
Flavors (Food & Beverages) Market Key Segments:
By End User
(Companies mentioned above are not profiled in the report, but can be profiled upon client request.)
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