Pune, India, May 27, 2021 (GLOBE NEWSWIRE) -- The Global Food Flavors and Enhancers Market Size was valued at USD 7.92 billion in 2020 and is projected to grow at a CAGR of 5.9% during the forecast period till 2030.
Increasing efforts taken by food and beverage producers for the utilization of innovative raw materials for manufacturing flavors are estimated to promote market growth. Changing consumer lifestyle and a shift in their utilization habits due to the continuously increasing job opportunities in the corporate sector is raising customer dependence on processed convenience food in the last few years.
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Processed foods need increased utilization of flavoring substances for their manufacturing, thereby increasing the industry outlook. Changing consumer taste perceptions are expected to increase the demand for a mix of different taste imparting ingredients during food preparation to enhance the overall taste profile of the food. This is expected to drive the food flavors and enhancers market during the predicted period.
Food flavors are not a direct component but are used to improve the taste profile of food products. They also support maintaining the existing taste profile of perishable food after processing and preservation stages of the production process. Enhancers execute the function of increasing or improving the original natural flavor of food products. Monosodium glutamate (MSG), sweeteners, and NaCl are some of the enhancers that are generally added to food products.
An increase in disposable income of people and the rising need for improved flavors that can impart unique taste profiles to food are expected to increase the market share through the predicted period. The increasing trend of using exotic flavors in food products is expected to offer promising opportunities for innovation in the area of flavors and enhancers.
Rapid technological developments in the production procedures of flavors by flavor producers through the development and execution of procedures, such as solid-liquid extraction (SLE) and supercritical fluid extraction to preserve the natural taste and flavor of fruit flavors, are expected to further contribute to market growth in the upcoming years.
The continuously changing quality and regulatory standards for ensuring and protecting customer health and security pose a challenge to flavor producers. Strict rules and policies laid down by the government of various nations can cause delays in modern product launches and the execution of innovative ideas by producers, which can hinder food flavors and enhancers market growth during the forecast period.
Some Noted Developments Considered in the Report:
- In April 2020, Symrise declared its association with KitchenTown Berlin, a food and food tech invention network, to change the food product portfolio and meet the increasing demand of the target market
- In February 2020, Givaudan declared a modern virtual reality tool known as the virtual taste trek citrus tool to assist with the flavor creation, allowing the consumers to generate flavor directly from the desk.
- In July 2021, PureCircle, the major producer and inventor of great-tasting stevia sweeteners for the global beverage and food industry launched modern stevia, leaf-based flavor enhancers in cocoa and vanilla flavors, allowing companies to manufacture products at a manageable price point.
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COVID-19 Impact on Global Food Flavors and Enhancers Market
The QMI team has closely monitored the impact of COVID-19 on the global food flavors and enhancers market, and it is observed that the demand for food flavors and enhancers has decreased during the pandemic time. It is anticipated to grow at a healthy pace from mid-2021. To control the pandemic, many countries across the globe have enforced strict lockdown norms, which have hampered all kinds of business activities, resulting in a significant fall in the demand for food flavor enhancers from the commercial segment which is an important contributor to market demand. All these factors are mentioned and analyzed in detail in this report.
Global Food Flavors and Enhancers Market, by Product
Based on product, the global food flavors and enhancers market is segmented into natural and artificial. The natural flavor segment is projected to dominate the market during the forecast period. Increasing concerns regarding the ill effects associated with the use of artificial flavors on human health, including attention deficit hyperactivity disorder (ADHD) in children and other general symptoms like allergic reactions and food hypersensitivity, abdominal pain, vomiting, worsening of asthma, are likely to pave the way for the utilization of natural flavors in food products, thereby increasing market share.
The increasing clean label needs due to rising customer awareness concerning the ingredient quality utilized in food products have prompted the food and beverage producers to use natural flavors and enhancers in producing their products, which is estimated to drive market growth.
Global Food Flavors and Enhancers Market, by Application
Based on applications, the market is segmented into bakery and confectionery, food and nutrition, beverage, and sauces and dressings. The beverage segment is estimated to dominate the market. An increase in the consumption of beverages high in nutrients that support immune function and improve digestive functions of the body is expected to augment the product demand from the beverage industry. The increasing utilization of advanced procedures like encapsulation technology for producing flavors to decrease the overall manufacturing time is estimated to drive the growth of the food flavors and enhancers market during the evaluation period.
Increasing customer awareness about personal health and the importance of proper body hydration is creating awareness towards the utilization of beverage products in the last few years. The increasing prevalence of health issues like diabetes, high blood pressure, and obesity are estimated to raise the need for healthier and specialty beverage products like sugar-free drinks, sports drinks, fruit juices, and functional drinks. It is expected to increase the demand for modern innovative flavors for a superior taste profile, thereby contributing to market growth.
Global Food Flavors and Enhancers Market, by Region
Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific is expected to dominate market development during the forecast period. It can be attributed to the rapid development of the dairy industry and the increasing demand for products like ice creams, yogurts, and creams in the region. Rising investments in the food and beverage sector and a shift in customer pattern from conventional foods to convenience foods is estimated to drive the Asia Pacific market growth.
Some Major Findings of the Global Food Flavors and Enhancers Market Report Include:
- Major global market trend and forecasts analysis along with a country-specific market analysis for up to 25 countries
- In-depth global food flavors and enhancers market analysis by the aforementioned segments along with an analysis of trend-based insights and factors
- Profiles of the major key market players that are operating in the global food flavors and enhancers market, which include Archer-Daniels-Midland, Givaudan, International Flavors and Fragrances, Firmenich SA, MANE, Kerry Group plc. Symrise AG, Synergy Flavors, Inc., Sensient Technologies, Taiyo International, Takasago International Corporation, Solvay, and Robertet.
- Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players, along with their major investments in the last five years
- Key impact factor analysis across regions that includes analysis, along with drivers, restraints, opportunities, and challenges that are prevailing in the global food flavors and enhancers market
- Impact of COVID-19 on the global food flavors and enhancers market.
Browse key industry insights spread across 155 pages with 85 market data tables and 41 figures & charts from the report, “Food Flavors and Enhancers Market, by Product (Natural, Artificial), by Application (Bakery and Confectionery, Food and Nutrition, Beverage, Dairy and Frozen Desserts, Sauces and Dressings), by Region (North America, Europe, Asia-Pacific, Middle East, and Africa, and South America)- Market Size and Forecasting (2021-2030)” in-depth analysis along with the table of contents (ToC).
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