Food Flavors Market by Type, End-User, and Region: Global Opportunity Analysis and Industry Forecast, 2021–2030,”The global food flavors market size was valued at $12,712.7 million in 2020, and is projected to reach $19,223.7 million by 2030, registering a CAGR of 3.6%. Asia-Pacific was the highest revenue contributor, accounting for majority of the share in 2020, and is estimated to at a CAGR of 4.6%.Flavors are used in various products such as bakery, confectionery, meat, snacks, seafood, and poultry. By type, the food flavors market is bifurcated into natural and artificial flavors. Rise in disposable income and change in food habits are the factors that drive the growth of the food flavors market.
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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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.
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.
The Food Flavors market is for the most part an organized market which is dominated by few players. The key players in the food flavors industry relies on strategies such as product launch and acquisition to stay relevant in the global food flavors market share. The key players profiled in the report are Firmenich SA, Frutarom Industries Ltd., Givaudan International SA, Huabao International Holdings Limited, Kerry Group, Plc., Robertet SA, S H Kelkar and Company Limited., Sensient Technologies Corporation, Symrise AG, and Takasago International Corporation.
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