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Food Flavors Market Driving Factors & Global Forecast to 2027

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MarketsandMarkets™
Food Flavors Market Driving Factors & Global Forecast to 2027

The Food Flavors Market is projected to reach USD 21.3 billion by 2027 growing at a CAGR of 3.5% from 2022 to 2027.


The food flavors market is growing at a rapid pace with increasing innovations to launch customized flavor blends. Thus, manufacturers are exploring new revenue streams by launching customized blends in flavors. These customized flavor blends are being increasingly used to enhance the food & beverage product appearance and flavor. Therefore, the usage of flavors by food & beverage manufacturers to help strengthen their market positioning and create new product strategies is expected to aid the growth of the market further.


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Market Driving Factors:


-      Growing consumer knowledge of their eating habits is a direct cause of the rising demand for food flavors for a key innovative trend in the food space, such as plant-based meat alternatives, plant-based dairy, plant-based ice creams, etc. One of the biggest consumer concerns and a key reason why individuals are thinking about integrating plant-based meals into their diet is environmental well-being, wherein the key challenge of manufacturers is to retain the familiar taste of traditional products that consumers are habitual, this, in turn, is driving demand for the food flavors to rope in to address the challenge, ultimately driving the demand.


-      The consumer demand for international flavors has been sparked by aggressive marketing tactics, globalization, and market liberalization. Consumers want to experience a variety of flavors and cuisines that claim to be “natural” and “safe” without expending excessive time and effort.


-      The demand for natural flavors is rising as customers increasingly choose meals and beverages with natural tastes and product formulations for health advantages, from blueberry-flavored protein drinks to chocolate- and rose-flavored teas.


-      Flavor and aroma companies are achieving unprecedented levels in their pursuit to create appealing flavors and aromas for food products due to the abrupt but steady move toward alternative products.

 

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North America is the largest market for food flavors owing to the growing demand for processed and functional food products influenced by the hectic lifestyle and changing eating habits of the consumers in this region. The growth could be attributed to its ever-expanding food & beverage processing industry and the increasing popularity of functional foods. The natural segment is witnessing a high growth rate during the forecast period owing to increasing consumer preference for natural and organic products.


Key players in this market include DuPont (US), Archer Daniels Midland (ADM) (US), Givaudan (Switzerland), Kerry Group (Ireland), International Flavors & Fragrances (US), Firmenich (Switzerland), Symrise (Germany), MANE (France), Taiyo International (Japan), T. Hasegawa (Japan), Synergy Flavors (US), Sensient (US), Bell Flavors and Fragrances (US), Flavorchem (US), Takasago (Japan), Keva Flavours (India), Huabao Flavours & Fragrances (Singapore), Tate & Lyle (UK), Robertet (France), McCormick & Company (US), Wanxiang International (China), Treatt (UK), China Flavors and Fragrances (China), Lucta (Spain), and Solvay (Belgium).

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