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 Million in 2022 and US$12070.20 Million 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 source; 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 concern, 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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Competitive Landscape
Mergers, acquisitions, collaborations, and alliances are all methods the leading companies in the natural flavor market use to expand their offerings and strengthen their positions in the market. Natural flavors market leaders are focusing on multiple tactics, such as the introduction of cutting-edge production techniques for novel products and the development of new channels for product distribution.
Key Players in the natural flavors market include:
- International Flavors & Fragrances Inc.
- Firmenich SA
- Givaudan
- Takasago International Corporation
- Sensient Technologies Corporation
- Mane SA.
- Cargill
- Tate & Lyle PLC
- Associated British Foods plc
- Corbion N.V.
- Sensient Te
Key Segments
By Form:
- Powder
- Liquid
By End Use:
- Food & Beverages
- Processed Foods
- Instant Food Products
- Soups
- Sauces and Dressings
- Bakery & Confectionary
- Foodservice (Horeca)
- Beverages
- Others (Infant Formula, Sports Nutrition)
- Pharmaceuticals
- Cosmetic & Personal Care
Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa(MEA)
- Europe
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