The global natural flavors market is anticipated to amass a revenue of US$ 12070.20 million by 2032, rising from US$ 6400 million in 2022. The market is set to register a positive and restored CAGR of 6.6% from 2022 to 2032. Historically, the market for natural flavors registered an average CAGR of 4.1% from 2017 to 2021. Escalating demand for clean-label products and increasing industrialization in the food sector are responsible for the growth of the natural flavors market during the forecast period.
The prevailing health-conscious trends across the globe have emphasized the importance of staying hydrated. As a result, more and more people are becoming aware of the advantages of staying hydrated. This factor fuels the adoption of natural flavors across the beverage sector. In addition, rising end-use applications across various sectors will further aid the expansion of the natural flavors market in the upcoming years.
Increasing demand for healthier and specialty beverages like fruit juices, sugar-free beverages, sports drinks, and functional drinks augurs well for the market. Growing concerns regarding lifestyle diseases like obesity, diabetes, hypertension, and others along with ongoing health trends are bolstering the demand for the natural flavor market as the demand for healthy beverages will surge over the upcoming years. Furthermore, the increasing adoption of natural flavors in order to enhance the experience is expected to stimulate market growth. Flavor and appearance are key to the success of any new food product. Thus, these sensory characteristics are primary aspects that numerous brands focus on which will have a positive influence on the natural flavors market.
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More and more consumers are focusing on adopting sustainable sources and using clean-label products which are projected to underpin the growth of the natural flavors market. The increasing awareness of the origin of food items among consumers is driving the demand for sustainable sources of food products. Again, greater food safety and hygiene awareness highlight the need for clean-label products. Overall, heightened demand for beverages and functional drinks, coupled with all of the aforementioned factors will drive the growth of the natural flavors market during the forecast period.
Key Takeaways:
- High prices of production and inconsistencies in government regulations will likely limit the growth of the natural flavors market during this period of observation.
- In 2022, North America accounted for 34.3% of the global natural flavors market share and is expected to continue to display strong growth over the assessment.
- The natural flavors market in the US will witness immense demand owing to the rising popularity of organic and vegetarian products.
- Greater awareness of the dangers of consuming synthetic or artificial food products will strengthen the prospects of the natural flavors market.
Competitive Landscape
Firmenich SA, Givaudan, Cargill, Tate & Lyle PLC, International Flavors & Fragrances Inc., Sensient Technologies Corporation, Associated British Foods plc, and Corbion N.V., among others, are some of the key players in the natural flavors market profiled in the full version of the report.
Leading market players are concentrating on product innovation and the launch of novel products. These firms employ strategic mergers, acquisitions, collaborations, and alliances. Many of the participants adopt state-of-the-art production techniques and develop new distribution channels to gain the upper hand.
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More Insights into Natural Flavors Market
In its latest report, FMI offers an unbiased analysis of the global natural flavors market, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032. For a comprehensive understanding of the global market potential, growth, and scope, the market is segmented on the basis of form, end-use, and region.
According to the same reports, based on segmentation, the food and beverages end-use industry will dominate the global marketplace. The usage of natural flavors across different7 sub-sectors of the food and beverage industry will drive the growth of the segment which, in turn, will propel the overall market forward.
Based on region, the natural flavors market in North America will demonstrate significant growth during the observation period. The target market in this region accounted for 34.3% of market share in 2022 and will continue to exhibit robust growth between 2022 and 2032. Rising demand for organic, clean-label, and vegetarian food items, particularly in the US, will account for the growth of the natural flavors market in North America. Thus, increasing focus on sustainable food sources, demand for clean-label goods, and the contribution of North America will fuel the growth of the natural flavors market during the projection period.
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Key Segments
By Form:
- Powder
- Liquid
By End Use:
- Food & Beverages
- Processed Foods
- Instant Food Products
- Soups
- Sauces and Dressings
- Bakery & Confectionary
- Foodservice (Horeca)
- Beverages
- Others (Infant Formula, Sports Nutrition)
- Pharmaceuticals
- Cosmetic & Personal Care
Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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