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Flavours are crucial ingredients added in food products and responsible for imparting taste and smell in the food, to make it more exotic and desirable. As the food industry is growing, Food Flavours market is also growing simultaneously and the demand for exotic and fresh Food Flavours are increasing continuously. Rising investment in processed food & beverage industry due to an upsurge in their demand is significantly affecting the Food Flavours market positively. Although synthetic flavours have been the most used flavor type in food & beverage industry, the market for natural flavors is witnessing a crucial rise owing to growing consumer demand for natural and clean-labeled food products. Growing trade, changing consumer preferences, and technological advancements in the food & beverage industry is significantly affecting the growth of global Food Flavours market.
Furthermore, increased product launches by key market players and the implementation of unique flavor combination in certain products to make them more exotic are some of the key market strategies adopted by Food Flavours giants. Givaudan, Firmenich, IFF, and Symrise are some of the global Food Flavours company that holds the major revenue share in the global Food Flavours market.
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Food Flavours are ingredients taken into account to enhance or alter natural food products’ flavor to make it more desirable. Addition of flavours into food products that do not have desired flavours within them can improve their scent and taste significantly. Food Flavours are majorly available in liquid and powder form. In dry food products, such as dessert mixes, soups, and other powdered flavours are typically used. To convert liquid Food Flavours into powdered form, the most common technique used is microencapsulation, that involves spray-drying of flavor oil emulsion.
Fostering consumption of processed and ready-to-eat food across the world, especially in developing economies is anticipated to increase the demand for exotic Food Flavours during the forecast years. According to the World Bank Group, growth in per capita consumption of processed food in prominent Asian countries, such as China, India, Thailand, and Pakistan grew annually by 9.4%, 5.5%, 4.4%, and 4.2%, respectively between 1998 to 2017. Increased consumer focus on improving health is further expected to fuel the growth of natural Food Flavours market in the forthcoming years.
The factors that are projected to inhibit the growth of Food Flavours market are complexes associated with the production of natural flavours, coupled with their high prices. Furthermore, lower stability of natural flavors, and hence low shelf-life of the products added with natural flavours are other restraining factors for the growth of Food Flavours market.
Some of the major companies that are present in the global Food Flavours market include Symrise AG, Archer Daniels Midland Company, Sensient Technologies Corporation, Givaudan, FMC Corporation, Royal DSM N.V., Chr. Hansen Holdings A/S, International Flavours & Fragrances, Frutarom, and Takasago.
By Flavour Type
· Savoury & Snacks
· North America (U.S., Canada, and Mexico)
· Europe (Germany, France, Italy, Spain, UK, and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, and Rest of Asia Pacific)
· South America (Brazil, Argentina, and Rest of South America)
· Middle East & Africa (South Africa and Rest of the Middle East & Africa)
The natural flavor type segment is projected to grow crucially over the forecast period, due to rising health awareness among consumers which is leading to a shift in preferences from synthetic to natural or organic food products. Natural food flavour is getting more recognition and adoption in developed economies due to the potential health benefits offered by them. Customers are ready to pay more for premiumised food products that contain natural ingredients and flavors, which is a major boosting factor for the growth of the segment.
Among application, beverage segment holds the major market share in the global Food Flavours market, owing to increased demand for new and refreshing flavors in various soft drinks and energy drinks. Savory & snacks segment is expected to witness a continuous rise, especially in developing countries, over the forecast period, owing to escalating adoption of westernized diet in the countries, coupled with a rising demand of exotic and spicy flavors.
At present, Asia Pacific accounts for the major market share in the global Food Flavours market and is expected to hold the largest share during the forecast years, owing to rising consumption of processed food in the prominent Asian countries, such as China, India, and Japan. Escalating expenditure of consumers in the Asia Pacific on food products and growing food & beverage industry of Asia Pacific, due to rising population is anticipated to influence the Food Flavours market positively during the forecast period. Innovative product launches by significant market players in Asia Pacific market is further projected to boost the Food Flavours market of the region. For instance, in August 2018, Mondelez International launched two new oreo flavors in China- Wasabi and Spicy Chicken Wing.