Food flavors find extensive application in the food and beverage industry for enhancing the taste and aroma of various food products. Flavors are widely used in processed foods, beverages, dairy products, confectioneries, baked goods, and other convenience foods. With rapid urbanization and changing lifestyles, the demand for packaged and convenience food products has increased significantly over the years. As consumers opt for ready-to-eat meals to save time, the consumption of processed foods has accelerated. The global food flavor market is estimated to be valued at US$ 17.68 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased demand for processed and packaged foods has augmented the consumption of food flavors over the past decade. Flavor manufacturers are innovating new natural and clean label flavors to cater to the changing consumer preferences. For instance, companies are developing plant-based flavors extracted from fruits and vegetables to meet the growing demand for vegan and sustainable products. Additionally, manufacturers are focusing on multi-functional flavors that can both enhance the taste and act as preservatives. These innovations are expected to support the market growth over the forecast period.
Segment Analysis
The Global Food Flavor Market Analysis is segmented by type and application. The type segment is further divided into natural flavors and artificial flavors. Natural flavors dominate the market as they are obtained from natural sources like plants and animals. Consumer preference for clean label products that contain natural ingredients is driving the demand for natural flavors over artificial flavors.
Key Takeaways
The global food flavor market is expected to witness high growth over the forecast period of 2023 to 2030 supported by changing consumer preference for flavored food and beverages. Rising disposable income is allowing consumers to experiment with different flavors in their diet.
Regional analysis: Asia Pacific dominates the global food flavor market and is expected to continue its dominant position during the forecast period. Rapidly growing economies, increasing population, and rising affordability are fueling the demand for processed and packaged food products in Asia Pacific. China and India are expected to be the fastest growing markets in the region.
Key players operating in the food flavor market are Schlumberger Limited, Goodwin International Ltd, Honeywell International Inc., General Electric Company, Emerson Electric Co., Rotork Plc, KITZ Corporation, AVK Holding A/S, BÃ1⁄4rkert Fluid Control Systems, and Flowserve Corporation.
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