Dublin, Dec. 10, 2018 (GLOBE NEWSWIRE) -- The "Global Food Flavor Market - Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
The global food flavor market is expected to register a CAGR of 5.8% over the forecast period of 2018-2023.
Givaudan dominates the highly fragmented global market. Companies focus on innovation, investment, and expansion as the most powerful strategies to sustain the market competition.
Increased Savory Market Boosts Demand for Flavor
The increased demand for natural ingredients in food products is the primary factor driving the market. Globally, consumers are becoming more concerned about the long-term health effects of artificial ingredients and additives in food products.
Other major drivers in the market are - increasing demand for processed foods & beverages with growing disposable incomes, rising demand in various food applications, and growing popularity of exotic flavors. However, the high costs involved in the production of natural flavors is the major restraining factor for the market.
Additionally, natural flavors are less stable, thereby decreasing the shelf life of products. The nature-identical flavorings segment is a great opportunity for flavor manufacturers, as it is less expensive than natural flavors. Moreover, emerging economies are anticipated to have a great potential for the market.
With the rise in the number of food chain restaurants, sales of flavors have increased in the food service sector. The industrial food processing sector accounts for 57% of the total flavor sales, while 30% of the contribution is from the food service sector. Retail sale accounts for only 13% of the total flavor market.
Natural Flavor Expected to Grow at the Highest CAGR
The market is categorized based on type, application, and geography. Based on food flavor types, the market is segmented into natural, synthetic, and nature-identical flavorings. The synthetic flavor segment is mature and is witnessing a downward trend in the past few years. The nature-identical flavoring segment is growing at a fast pace, due to its lower costs and authenticity to claim the natural nature of the product.
The trend of health and wellness is driving the natural flavor market all over the globe. The food flavor market finds its applications in various sectors, such as beverages, confectionery & bakery, dairy, savory, and others. Beverages hold the major share in the market, due to increasing demand for a flavored functional beverage.
Emerging Countries Display a Great Potential
China, India, Vietnam, and Indonesia are the major potential markets for food flavors in Asia-Pacific. Companies are focusing on the expansion of their business in these regions and investments in R&D facilities. Moreover, Asian flavors have gained popularity in Europe and the Americas. Companies like Nestle have introduced more than 300 flavors of the confectionery Kit-Kat in Japan, focusing on the regional and exotic taste preference.
The market for flavors is extremely region-specific and varies from country to country. In fact, sometimes, different regions of a country prefer specific flavors and tastes. China sees a greater demand for meat flavors, while Japan opts for sushi and seafood flavors. The United States, Europe, and Asia-Pacific account for about 80% of the global market share.
Developments in the Market
- Sensient has launched a product line including seasonal combinations for spring, summer, autumn, and winter. Fruit flavors are perceived by consumers as being healthier options than other flavors. Sensient's line-up allows manufacturers to reinvigorate their brands and includes concepts designed to appeal to adults as well as children.
- Cargill has introduced erythritol as a flavor and has opened new avenues for the ingredient, which, till now, had been pigeonholed as a bulk sweetener.
- ADM has acquired the flavor giant Wild Flavors GmbH, to expand its businesses into the wild and natural flavor market.
- Takasago has opened a new R&D facility for flavors & fragrance in India, with an investment of USD 10 million.
Key Topics Covered
1. Introduction
1.1 Research methodology
1.2 Market Definition
1.3 Report Description
2. Key Findings
3. Market Overview & Dynamics
3.1 Introduction
3.2 Drivers
3.2.1 Globalization and Modernization in Food Habits
3.2.2 Expanding Beverage Industry
3.3 Restraints
3.3.1 Consumers Demand for Natural Additives
3.3.2 Region Specific Customization
3.4 Opportunities
3.4.1 Innovations in Natural Flavors Segment
3.4.2 Innovations to Meet the Wellness Demand
3.5 Porter's Five Forces Analysis
4. Market Segmentation
4.1 By Type
4.1.1 Natural Flavor
4.1.2 Synthetic Flavor
4.1.3 Nature Identical Flavorings
4.2 By Application
4.2.1 Dairy
4.2.2 Bakery
4.2.3 Confectionery
4.2.4 Meat & fish products
4.2.5 Snacks & savory
4.2.6 Beverages
4.2.7 Others
4.3 By Geography
4.3.1 North America
4.3.2 Europe
4.3.3 Asia-Pacific
4.3.4 South America
4.3.5 Africa
5. Competitive Landscape Overview
5.1 Market Share Analysis
5.2 Strategies by leading players
5.3 New Product Developments &Other Innovations
6. Company Profiles
6.1 Givaudan
6.2 Firmenich
6.3 Ariake USA Inc.
6.4 Cargill Inc.
6.5 Kerry Group
6.6 Corbion Purac
6.7 Archer Daniels Midland (ADM)
6.8 FMC Corporation
6.9 Symrise AG
6.10 BASF
6.11 International Fragrance and Flavors, Inc. (IFF)
6.12 Sensient
6.13 Dupont - Danisco
6.14 D.D. Williamson & Co Inc.
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