The market for natural flavours is expected to develop at a 6.6% compound annual growth rate (CAGR) between 2022 and 2032, with revenues of US$6400 Mn in 2022 and US$12070.20 Mn in 2032.
Natural flavors are organic-based raw materials often used in the processing of food. They act as ingredients to enhance the taste of food products. For a substance to be listed as a natural flavor, it must be obtained from either plant or animal sources; therefore, it must be organic. Natural flavors are usually derived from ingredients such as meat, seafood, eggs, dairy products, poultry, vegetable, fruits, bark, bud, root, and other organic sources through distillation or fermentation. These ingredients’ function is to add flavor rather than nutrients to foods.
The rise in demand for natural ingredients, increasing health concerns, and disregard towards the consumption of chemical or artificial food products are factors fueling the growth of the global natural flavors market in the food and beverage industry.
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Natural Flavors Market Growth Driven by Consumers’ Growing Demand for Natural Products
With the rise in awareness regarding the adverse effect of consuming artificial or synthetic ingredients, the natural flavors market should expect a tremendous growth over the forecast period. Consumers are conscious about their health and are willing to spend on healthy food products.
Also, the rise in demand for clean label products is another factor to watch out for as it is projected to boost the market significantly during the forecast period and aftermath
Growing Disposable Income
The rise in disposable income and the high population size of consumers is a strong force fueling the growth of the natural flavor market globally. Developing nations like India, China, and Japan are currently witnessing an upsurge in their economies, and this has facilitated the rise in the disposable income of individuals within the nations.
Food and Beverage Industry in Steady Demand for Natural Flavor
The food and beverage industry finds natural flavors as an essential product essential for the enhancement of taste and quality of foods and beverages produced from the industry. Natural flavors are a composition of a variety of organic compounds that are volatile in nature capable of enhancing the taste and quality of food. The rise in consumer demand for natural ingredients is a crucial factor in fueling the growth of the industry.
Natural Flavors Market Restraint
The global natural flavors market is not without its challenges. Some of the forces expected to impact the market negatively include the high cost of production and instability of natural flavor. The cost of obtaining the raw materials required for the production of natural flavors is threatening the growth of the natural flavors market globally. Consumers might be forced to shun the natural flavors market owing to the high cost of natural products.
Natural Flavor Market: Region-wise Analysis
Europe remains the largest market for the natural flavor market, with the United Kingdom acting as a driver. The region will remain in dominance even after the forecast period owing to the rise in demand for organic ingredients within the UK and other European countries like Germany and France.
The Asia Pacific region will record a double-digit CAGR over the forecast period. And this is due to the rise in demand for natural flavor in countries like China, India, and others. With the increase in demand for organic products, North America is projected to witness significant growth within the forecast period.
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Natural Flavor Market: Competitive Landscape
The natural flavor market is highly consolidated. Some of the key characteristics of the market are the introduction of clean label and organic flavor ranges, and the merging of major players with local players to extend market to places where there is little or no recognition.Some of the major players in the global natural flavor market are:
- Kerry Group
- Givaudan
- Firmenich
- Sensient Technologies Corporation
- Symrise AG
Frutarom Industries to understand their influence on the overall market. Other key players listed in the report are
- Hasegawa Co.
- International Flavors & Fragrance Inc.
- Wild Flavors Inc
- Huabao International
- Takasago International Corp
Region-wise Analysis
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, U.K., France, Italy, Spain, Poland, Russia)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
Report Highlights
The research report presents a comprehensive assessment of market and contains thoughtful insights, facts, historical data, and statistically supported and industry validated market data and projections with suitable set of assumptions and methodology. Research report provides analysis and information by categories such as market segments, geographies, types, technology and applications.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Global Natural Flavor Market Segment Analysis
The global natural flavor market can be segmented on the following basis:
By Type
- Natural Flavor
- Synthetic Flavor
- Natural Identical Flavoring
By Application
- Dairy
- Bakery
- Snack
- Confectionery
- Beverage
- Others
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