The global food flavors market generated $12.71 billion in 2020, and is anticipated to reach $19.22 billion by 2030, registering a CAGR of 3.6%.
The report offers an in-depth analysis of the market size, emerging and current trends, future estimations, and key players. Increase in demand for RTE meals and fast foods, rise in the use of health products, surge in income levels, and technological strides fuel the global food flavors market. On the contrary, rise in side effects of artificial flavors, strict government rules, and increase in health awareness among consumers hinder the market growth. On the contrary, opportunities in the unpenetrated and underpenetrated emerging countries create lucrative market opportunities.
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Key players of the global food flavors market analyzed in the research include Frutarom Industries Ltd., Firmenich SA, Huabao International Holdings Limited, Givaudan International SA, Kerry Group, Plc.,S H Kelkar and Company Limited., Robertet SA, Symrise AG, Sensient Technologies Corporation, and Takasago International Corporation.
COVID-19 scenario:
- The pandemic caused partial or complete closures of food flavor industries, thus impacted the global food flavors market negatively.
- Disrupted supply chains and a lack of sufficient workforce affected the production process.
The report segments the global food flavors market on the basis of type, end-user, and region.
Based on type, the synthetic segment contributed to the highest market share in 2020, attributing to more than three-fifths of the total market share, and is anticipated to dominate the market during the forecast period. On the other hand, the natural segment is expected to manifest the fastest CAGR of 4.5% from 2021-2030.
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Based on end-user, the beverages segment contributed to the highest market share in 2020, attributing to nearly one-third of the total market share, and is anticipated to lead during the forecast period. On the other hand, the savory and snacks segment is expected to manifest the fastest CAGR of 5.2% from 2021-2030.
Based on region, Asia-Pacific, followed by North America, contributed to the highest share in 2020, holding nearly one-third of the total share, and is expected to lead during the forecast period. The global food flavors market across the Asia-Pacific region is anticipated to exhibit the fastest CAGR of 4.6% during the forecast period.
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