According to Future Market Insights, the United States food flavors market is expected to reach a valuation of US$ 2,113.2 million in 2033, holding around 12.3% share of the global market.
The global food flavors market is projected to register a healthy CAGR of 4.9% during the forecast period from 2022 to 2032. It is anticipated to reach a valuation of US$ 10,608 million by the end of 2023.
Increasing demand for frozen food, package sauces, and instant dinner has driven the U.S food flavors market. Frozen food is considered to be the main source of revenue for food companies as they provide convenience and time saving options.
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Package sauces can be used to spice up numerous dishes with no effort. At the same time, instant dinners are gaining popularity in the U.S. due to their easy preparation and inexpensive price points. As these food items are gaining traction, the demand for flavorings is also increasing in the U.S. Hence, key players are focusing on innovation of new flavors to gain revenue, positively impacting the sales over the next decade.
In addition, growing demand for convenience-oriented food items has led manufacturers to provide more flavor choices than ever before. These would also contribute towards driving the food flavors market in the U.S. Health benefits associated with consumption of foods that are rich in flavor such as fruits and vegetables are anticipated to fuel the food flavors market by encouraging consumers to try out new foods.
Moreover, inclination towards maintaining a healthy diet along with preference for natural ingredients is contributing to growth in the food flavors market. Hence, manufacturers are increasingly focusing on providing healthy products to cater to this trend. Consequently, stringent government regulations pertaining to the safety and nutritional values provided by food flavors will spur the growth in the U.S. food flavors market.
Key Takeaways from the Food Flavors Market
- The U.S. food flavors market is estimated to surpass US$ 1.5 Bn by the end of 2032.
- By 2031, the U.S. is expected to account for 3% of share in the global food flavors market.
- The food flavors market in the U.S. accounted for a significant valuation in the base year.
- Growing demand for frozen food is likely to boost the demand for food flavors during the forecast period.
“Growing demand for pre-cooked and frozen food items is expected to drive sales in the U.S. food flavor market. Key competitors in the market are thus developing new flavors, as well as using citrus oil and concentrates to generate high profits.”- Says an FMI Analyst.
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Competition Landscape in the Food Flavors Market
Leading companies are adopting numerous organic growth strategies, including the launch of several new flavors and citrus oil to gain revenue. Additionally, they are relying on partnerships, acquisitions, and joint ventures to expand their clientele and maintain their foothold in the industry.
Archer Daniels Midland, International Flavors & Fragrances, and Kerry Group are the leading giants in the U.S. food flavors market.
Recent Developments
- In March 2020, International Flavors & Fragrances joined hands with Evolva, a Swiss biotech firm, to further develop and commercialize vanillin.
- In March 2019, Archer Daniels Midland (ADM) agreed to buy the Ziegler Group, a renowned European supplier of natural citrus components. Ziegler manufactures citrus oils, extracts, and concentrates in addition to providing its citrus flavors. ADM will have a dominant position in the citrus flavoring sector as a result of this transaction.
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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