The global ''food flavors'' market size is prophesized to reach USD 19.28 billion by 2027 on account of the increasing popularity of packaged food products worldwide.
According to a recently published report by Fortune Business Insights™ titled, “Food Flavors Market Size, Share & Industry Analysis, By Type (Natural, Synthetic, and Naturally-identical), By Application (Bakery, Beverages, Confectionery, Dairy, Convenience Food, Snacks, and Others), and Regional Forecast, 2020 – 2027,” the market stood at USD 14.12 billion in 2019 and is anticipated to rise at a CAGR of 4.36 % between 2020 to 2027.The emergence of COVID-19 has brought the world to a standstill.
Study Period: 2016-2027 Base Year: 2019 Forecast Period: 2020-2027 Historical Period: 2016-2018Report HighlightsA comprehensive overview of the market and its future outlookFactors propelling, repelling, creating opportunities, and challenging the marketDetailed analysis of the table of segmentationList of major players, and the key strategies adopted by them toSignificant industry developments and interesting insights into the attract the highest revenue to the market and emerge dominant in the market competitionOther food flavoring agents market trendsList of Significant Food Flavors Market Manufacturers are as follows:International Flavors and FragrancesKoninklijke DSM NVGivaudan SABASF SEArcher-Daniels-Midland Co.Kerry Group PlcSymrise AGSensient Technologies CorpCorbion NVFirmenich Market Drivers Rising Inclination Towards Clean-labelled Products will Augment GrowthThe increasing popularity of multinational cuisines all over the world is a major factor in promoting the food flavors market growth.
The continuous chain of deaths as a result of the coronavirus effect will have a major impact on the economy of all developed and emerging nations, further causing major hindrance to the world economy.Nevertheless, the rising inclination towards clean-labeled and naturally-sourced products and the growing preference for natural preservatives is poised to create lucrative growth opportunities for the market in the coming years.Regional Segmentation:Increasing Popularity of Spreads and Sauces will Promote Growth in South America and the Middle East and Africa.Geographically, Asia Pacific is covering a larger food flavor market share on account of the presence of a large population, coupled with the increasing popularity of convenient and ready-to-eat food products.
North America ranks second with the increasing number of migrant population and the consumption of various regional cuisines into the North American food and beverage industry.This includes Indian, Japanese, Chinese, and food items such as ramen, sushi, matcha, and others.
Furthermore, the increasing popularity of Middle Eastern cuisines with spreads and sauces will promote the growth of the markets in South America, and the Middle East and Africa.Segmentation:By TypeNaturalSyntheticNaturally-identicalBy ApplicationBakeryBeveragesConfectioneryDairyConvenience FoodSnacksOthersBy RegionNorth America (the U.S., Canada, and Mexico)Europe (U.K., France, Italy, Spain, Germany, Russia, and the Rest of Europe)Asia-Pacific (China, India, Japan, Australia, and the Rest of Asia- Pacific)South America (Brazil, Argentina, and the Rest of South America)Middle East & Africa (South Africa, UAE, and the Rest of the MEA) Competitive Landscape: Players to Primarily Focus on Providing Quality Product to ConsumersThe presence of various dominant players has led to perfect competition.