According to Future Market Insights’ recent report, global sales of food flavors are predicted to surpass a value of US$ 10,608 million in 2023, rising at a CAGR of around 4.9% throughout the forecast period. By 2033, the worldwide food flavors market size is expected to reach US$ 17,181 million.
Robust expansion of food processing industry, increasing popularity of ready-to-eat and convenience food products, and growing demand for clean-label flavors are key factors driving the global food flavors market.
Food manufacturers worldwide are increasingly utilizing food flavors to enhance the flavor of their products in order to make them more appealing to consumers. Hence, growing production and consumption of processed and packaged food items will eventually boost food flavor sales.
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Clean-label products are gaining wider popularity as consumers want to know what components are in the food. As a result, food manufacturers are under increasing pressure to incorporate clean-label food flavors while manufacturing goods.
Today, clean-label flavors are no longer ‘nice-to-have’ but a ‘must-to-have’ ingredients to meet rising consumer demand for healthy, natural, and sustainable foods. This has raised the demand for natural food flavors, even though their prices are slightly more than synthetic food flavors.
The combining of botanical and fruit flavors has gotten a lot of attention in recent months, which has helped the industry to expand rapidly and the trend is expected to continue during the assessment period.
Further, development of innovative food flavors due to intensive research and development activities by food flavor manufacturing companies is expected to play a key role in boosting the global market over the next ten years.
Key Takeaways from the Food Flavors Market Study:
- Global food flavor sales are projected to rise at 4.9% CAGR throughout the forecast period.
- Based on product, natural food flavors segment is forecast to expand at a significant rate between 2023 and 2033.
- By form, liquid flavors segment is anticipated to generate lucrative revenues during the projection period.
- Due to a rising dairy sector and higher demand for goods such as ice cream and yogurts, East Asia is expected to occupy about 14.3% of the global market share by the end of 2033.
- The USA food flavors market is expected to reach US$ 2,113.2 million in 2033.
- India is forecast to hold around 8.2% of the global food flavors industry by the end of 2033.
“Key market players are investing much in research and development (R&D) to introduce new products and obtain a competitive advantage. They are also forming partnerships and alliances with other companies to expand their footprint,” said a lead analyst at FMI.
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Who is Winning?
Key food flavor manufacturers are focusing on expanding their product portfolios to meet growing demand from various end users. New product launches, facility expansion, collaborations mergers, partnerships, and acquisitions are key strategies employed by companies to stay ahead of the competition.
Few of the leading companies offering food flavors are Kerry Group, Givaudan, Cargill, Sensient Technologies Corporation, Ajinomoto Group, Bell Flavours & Fragrances, A&B Ingredients, Koninklijke DSM N.V., DPO International Sdn. Bhd., ADM, and others.
Get Valuable Insights into Food Flavors Market
FMI, in its new offering, provides an unbiased analysis of food flavors presenting historical demand data (2018 to 2023) and forecast statistics for the period from (2023 to 2033). The study divulges compelling insights on the demand for food flavors based on form (powder and liquid), product (natural and artificial), and application (food & nutrition, bakery & confectionery, beverages, sauces & dressings, dairy & frozen desserts, and snacks) across several regions.
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About the Food & Beverage Division at Future Market Insights
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
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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