According to forecasts, the food flavor enhancer market will be worth US$ 8,736 million in 2023 and US$ 16,251.1 million by 2033. Initially, from 2018 to 2022, the global market was growing at a CAGR of 2.4%.
Limited-edition flavours and seasonal flavours have the potential to revitalise businesses and provide a great approach to introducing new products to customers. Fruits and vegetables are becoming more and more well-liked, particularly in powder form. The use of food flavour enhancers market is likely to be pushed in the future by the market’s increasing savoury tastes and desire for vegan foods.
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As individuals become more concerned about eating nutritious foods and maintaining a healthy lifestyle, the demand for natural and organic food flavour enhancers has skyrocketed. The Food Safety and requirements Authority of India (FSSAI) and the United States Food and Drug Administration (FDA) have both enacted stringent requirements, increasing demand for safe flavour enhancers.
Customers in rising economies have greater disposable income, making pet adoption easier. As a result, the need for dog and cat food flavor enhancers has soared.
Challenges Reducing Market Profitability
Artificial food flavour enhancer production needs a significant investment in R&D as well as premium raw ingredients. The fluctuating cost of these components may have an impact on the profitability of enterprises who manufacture flavour enhancers.
Governments and health organizations have tight regulations governing the use of some artificial taste enhancers, and these regulations must be adhered to. Any modifications to these rules may alter the availability and application of specific food flavor enhancers, which could impact the market.
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Key Takeaways
- In 2022, the United States accounted for 7.1% share in the food flavor enhancer market.
- The food flavor enhancer market was significantly expanding, with a size of US$ 8,400 million in 2022.
- Market shows amazing opportunities due to the diversity in flavors, and expects a growth rate of 1.04x between 2022 and 2023.
- The market in China is anticipated to expand at an adequate CAGR of 4.8% by 2033.
- In 2022, Germany accounted for 4.8% CAGR in the food flavor enhancer market.
- In 2022, Australia accounted for 2.9% CAGR in the food flavor enhancer market.
- By 2033, it is expected that the United Kingdom market expansion is likely to expand at a respectable CAGR of 6%.
- Based on the end use, the food service/HoReCa is likely to lead the market and continue to lead the market.
- Based on source, the plant-based segment continues to dominate the sector during the forecast period.
Critical Approaches Increasing Top Players’ Wealth
Companies are creating unique flavors, preferably manufactured from ingredients with clean labels that come from natural sources. To keep up with changing consumer preferences and needs, these businesses continually spend in research and development initiatives to create novel flavor enhancers.
Recent Developments
- 2020 saw the arrival of Givaudan’s new Tastepoint line of natural flavors, which features a range of flavors such as fruit, dairy, savory, sweet, and beverage flavors.
- Firmenich purchased Senomyx, a US-based business that specializes in creating and marketing flavor compounds, in 2019.
- Tate & Lyle PLC expanded its operations in Thailand’s tapioca-based industry in February 2021, when it fully bought 85% of Chaodee Modified Starch Co. Ltd. The program gives the business the ability to meet consumer demand for clean-label foods. This also denotes the company’s growth in the Asia Pacific region.
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Key Segment
By Form:
- Powder
- Liquid
By Product Type:
- Glutamates
- Hydrolyzed Vegetable Protein
- Yeast Extract
- Others (Meat Extract, Plant Extract)
By Source:
- Plant-based
- Yeast
- Seaweed
- Synthetic
By End Use:
- Soups and Sauces
- Meat and Seafood
- Ready Meals/Prepared Foods
- Dairy Products
- Snacks, Savouries, and Seasonings
- Beverages
- Bakery and Confectionery
- Foodservice/HoReCa
- Household/Retail
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- Southeast Asia & Rest of APAC
- The Middle East and Africa
Author
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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