Global Food Flavors Market Size 2024, Forecast To 2033
11 Mar, 2024
The food flavors market size has shown strong growth, increasing from $13.63 billion in 2023 to $14.55 billion in 2024, with a compound annual growth rate (CAGR) of 6.7%. The historic period's growth is attributed to strong economic growth in emerging markets, increasing consumer awareness regarding natural food flavors, and a rise in demand for processed foods. Looking ahead, the food flavors market is anticipated to witness strong growth, reaching $18.59 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. This growth in the forecast period is driven by increasing government support, rising demand for food products, and increasing demand from the fast-food industry. Major trends include increasing investments, product innovations, launches of innovative snack flavors, focus on artificial intelligence for optimizing food and flavor formulation, technology advancements, and strategic partnerships and collaborations.
Global Food Flavors Market Key Driver
The increasing demand for ready-to-eat meals and fast food is expected to drive the growth of the food flavor market in the future. Ready-to-eat food, designed for direct human consumption without cooking, has gained popularity due to economic growth, rising standards of living, and urbanization. These factors have spurred interest in convenient packaged foods and fast food. For instance, the Food and Beverage Report of 2021 published by the Federal Communications Commission highlights a 3.5% year-over-year increase in food and beverage manufacturing sales in 2020, reaching $122.9 billion. As a result, the escalating demand for ready-to-eat meals and fast food emerges as a key driver propelling the growth of the food flavor market, with market sizes in 2023, 2024, and 2028 shaping its trajectory.
Get A Free Sample Of The Global Food Flavors Market ReportGlobal Food Flavors Market Segments
The food flavors market covered in this report is segmented –
1) By Type: Chocolate And Brown, Vanilla, Fruit And Nut, Dairy Type, Spices And Savory, Other Types
2) By Origin: Natural, Synthetic
3) By Form: Powder, Liquid
4) By Application: Dairy, Bakery, Confectionery, Snack, Beverage, Other Applications
By Geography:The regions covered in the food flavors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
Asia-Pacific was the largest region in the food flavors market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the food flavors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Food Flavors Industry Players
International Flavors & Fragrances Inc, Givaudan, Kerry Group Plc, Sensient Technologies Corporation, Archer-Daniels-Midland Co,Takasago International Corporation, Ajinomoto Co., Inc, BASF SE, Symrise AG, Koninklijke DSM NV, Jining Nature Group, Nanchang Duomei Bio-Tech Co., Ltd, Gangyang Flavor-chemistry Co.,Ltd, Shandong Tianbo Food Ingredients Co., Ltd, Robin Chemicals Ltd, Agilex Flavors & Fragrances Pvt. Ltd, Create Flavors, Flavourworks, Nestle, Metarom, Aromatique Food SRL, FlavorSum, LLC, Meridian Flavors, Inc, T. Hasegawa USA Inc, Bell Flavors and Fragrances, Firmenich SA, ARSTE FI, Ars Technica, Ingredion Incorporated, First Choice Ingredients, Afribon, AJWA Group Food Industries
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Food Flavors Market Overview
Food flavorings are ingredients added to food to intensify or improve its flavor. Food flavor causes a sensory phenomenon that is a combination of the sensations of taste, odor or aroma, heat or cold, and texture.
Food Flavors Global Market Report 2023 provides data on the global food flavors market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The food flavors market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.