FOOD FLAVOR MARKET IS ESTIMATED TO WITNESS HIGH GROWTH OWING TO INCREASING CONSUMPTION OF PROCESSED FOODS

Food Flavor Market is Estimated to Witness High Growth Owing to Increasing Consumption of Processed Foods

Food Flavor Market is Estimated to Witness High Growth Owing to Increasing Consumption of Processed Foods

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The food flavor market comprises flavoring ingredients added to foods and beverages in order to impart taste and aroma. Flavors are extensively used to enhance the taste profiles of various food products such as snacks, convenience foods, bakery items, soups, and others. Common food flavors include natural flavors as well as artificial flavors. The increasing demand for newer tastes and product variations in the food industry has propelled the need for innovative flavor solutions. Moreover, the thriving frozen and ready-to-eat food industry has also created lucrative opportunities for flavor manufacturers. The growing health-consciousness and clean label trends are fueling innovations in natural foods flavors.

The Global food flavor market is estimated to be valued at US$ 18.5 Bn in 2024 and is expected to exhibit a CAGR of 4.6% over the forecast period 2024 To 2031.

Key Takeaways

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.

The market offers massive opportunities for new product launches and innovations related to natural and organic Food Flavor Market Size . The rising number of small food processing companies focused on craft ingredients and traditional recipes also creates scope for specialized flavors.

Globally, the demand for flavors is expanding rapidly particularly in developing regions of Asia Pacific and Middle East & Africa owing to the growing disposable incomes, Western influence on food habits, and increasing consumption of packaged and processed foods.

Market drivers

The increasing consumption of processed and packaged foods across the world due to busy lifestyles and changing consumer preferences is a major market driver. Processed foods require flavorings and seasonings to enhance their taste profiles. Moreover, expansions in retail landscape with supermarket chains stocking an extensive variety of food products also supports the sale of corresponding food flavors. Changing consumer sentiments towards natural, ethnic, and clean label flavors further provide growth opportunities for food flavor manufacturers.
PEST Analysis

Political: Regulations around flavorings differ across regions. For example, the FDA has strict guidelines around flavors, additives and safety.

Economic: Global food production and consumption trends impact demand. Rising incomes in developing nations drive purchases of premium and convenient foods.

Social: Changing lifestyles and busy schedules support demand for convenience foods. Customers seek novel tastes and formats. Health and wellness influence choices toward natural, low-calorie options.

Technological: Advances in extraction methods yield new sources of natural flavors. Digital tools help design customized flavor profiles. Alternative processing aids formulation of plant-based and clean label products.

The market in terms of value is concentrated in North America and Europe. North America accounts for the largest share currently due to significant food and beverage industries in the US and copyright. Major global food companies are headquartered in these regions and invest heavily in product development.

The Asia Pacific region is projected to be the fastest growing market during the forecast period. This is driven by rising incomes, westernization of diets, and expansion of domestic food manufacturers in large developing countries like China and India. As more multinationals establish local production facilities, flavor demand is surging to meet customized tastes.

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About Author:

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)

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