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| Global Food Flavor Market Size |
The food flavor market manufactures artificial and natural flavors that are
added to food products and beverages to enhance their taste and aroma. Food
flavors comprise various ingredients like spices, herbs, fruits and other
aromatics that impart distinctive sensory characteristics. These flavors play
an important role for food companies in developing innovative and flavored food
products as per evolving consumer demand.
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 5.1% over the forecast period
2023-2030, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
Increased consumer preference for flavored foods and beverages is one of the
key trends fueling growth in the food flavor market. Consumers nowadays prefer
foods with bold, intense and unique flavors and are willing to experiment with
different flavors. This has encouraged food companies to innovate and launch
new products with exotic and unusual taste profiles. The millennial population
in particular is driving demand for convenience food products with exciting
flavor variations. Food flavors allow companies to quickly develop products
catering to shifting consumer taste preferences. Furthermore, clean label and
natural flavors are gaining prominence as consumers pay increased attention to
ingredients. This is prompting companies to source natural flavors from
suppliers and replace artificial flavors.
Segment Analysis
The global food flavor market is segmented on the basis of type and
application. Based on type, the savory flavors segment dominates the market
owing to wide applications in snacks, soups, noodles, and sauces among others.
Savory flavors enhance the taste and flavor of food products. On the basis of
application, the processed food segment holds the largest share as flavorings
and seasonings are highly used in preparation of processed food such as frozen
foods, canned foods, and snacks.
Key Takeaways
The Global
Food Flavor Market Size is expected to witness high growth at a CAGR of 5.1% during the forecast period
of 2023 to 2030. It is projected to reach a market size of US$ 17.68 Bn by 2023.
Regional analysis: North America dominates the global food flavor market
accounting for over 30% of the overall market share. Early introduction of new
technologies for developing innovative flavors and presence of major flavor
companies in the US and Canada drives the market growth. Asia Pacific registers
the fastest growth led by expanding food processing industry in India and
China. Growing health-conscious population and rising demand for processed food
encourages flavors market in the region.
Key players: Key players operating in the food flavor market are Pfizer Inc.
(U.S.), Lupin Pharmaceuticals, Inc. (India), Vitaltec Corporation (China),
Medtronic (U.S.), Koninklijke Philips N.V. (The Netherlands), Siemens
Healthcare GmbH (Germany), Hitachi Medical Corporation (U.S.), and Canon
Medical Systems Corporation (Japan). These players are focusing on new product
launches, business expansion through collaborations and mergers to strengthen
their global presence.
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