Portland, OR, May 19, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global food flavors market garnered $14.6 billion in 2019, and is estimated to reach $17.4 billion by 2027, registering a CAGR of 4.6% from 2020 to 2027. The report offers an extensive analysis of the key market dynamics, driving forces & opportunities, key segments, pricing, product portfolio, and competitive scenario.
Rise in demand for RTE meal and fast foods, surge inuse of health products, rise in income levels, and technological strides drive the growth of the global food flavors market. However, surge in side effects of artificial flavors, stringent government regulations, and increase in health awareness among consumers hinder the market growth. On the other hand, opportunities in the unpenetrated and under penetrated developing countries would also increase the opportunitiesfor the global market in the coming years.
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Covid-19 scenario:
- The global lockdown has offered numerous challenges to the global food flavoring industry. Where on the one hand, various companies are witnessing a shortage of lab workers, on the other hand, it has become difficult to tackle the disruptions in the supply chain.
- Moreover, various regions are entering in recovery phase and initiating to continue their procedures. to manage the availability of the essential requirements.
Based on type, the artificial segment accounted for the highest share in 2019, accounting for more than two-thirds of the total revenue, and is estimated to maintain its lead position throughout the forecast period. However, the natural segment is expected to portray the highest CAGR of 5.6% from 2020 to 2027.
Based on end-user, the beverages segment contributed to the largest share in 2019, accounting for nearly one-third of the total market share, and is estimated to maintain its highest share during the forecast period. However, the savory and snacks segment is projected to register the highest CAGR of 6.3% during the forecast period.
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Based on region, Asia Pacific held the largest market share, accounting for nearly one-third of the total share in 2019, and will maintain its dominance during the forecast period. However, Asia-Pacific is estimated to grow at the highest CAGR of 6.0% during the forecast period.
Leading players of the global food flavors market analyzed in the study includeFrutarom Industries Ltd., Huabao International Holdings Limited, Kerry Group, Plc.,Robertet SA, S H Kelkar and Company Limited., FirmenichSA, Sensient Technologies Corporation, Symrise AG, Takasago International Corporation, and Givauda International SA.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.