The global food flavor enhancer market is poised for significant growth, with a projected valuation of US$ 8,736 million in 2023, expected to rise to US$ 16,251.1 million by 2033. Initially expanding at a Compound Annual Growth Rate (CAGR) of 2.4% during 2018 to 2022, the market is witnessing a resurgence driven by several key factors.
Seasonal and limited-edition flavors present a unique opportunity for companies to rejuvenate their product portfolios and captivate consumers with new offerings. The rising popularity of fruits and vegetables, particularly in powder form, is contributing to the increasing demand for food flavor enhancers.
The trend towards vegan foods and savory tastes is further propelling the adoption of food flavor enhancers. Consumers are seeking natural and organic options, spurred by a growing awareness of healthy eating and lifestyle choices. Strict regulations by organizations such as the FSSAI and the U.S. Food & Drug Administration are also driving demand for safe flavor enhancers.
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However, challenges such as the substantial investment required for research and development, fluctuating costs of raw ingredients, and stringent regulations governing the use of artificial taste enhancers pose potential obstacles to market profitability.
Challenges Reducing Market Profitability
Artificial food flavor enhancer production necessitates a sizable investment in research and development, as well as premium raw ingredients. The profitability of the companies that make flavor enhancers may be impacted by the fluctuating cost of these components.
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.
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.
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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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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