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Food Flavors Market Size to Reach USD 19.28 Billion by 2027; Consumer Inclination Towards Clean-Labelled Products will Aid in Expansion of Market

May 12, 2020 | Food & Beverages

The global food flavors market size is estimated to reach USD 19.28 billion by 2027 with increasing need to feed the increasing population. The advent of convenient food has helped suffice rapidly to this need and with the growing competition in the food and beverage sector the need for unique food flavors arose. Food flavors enhances the overall taste of the food and are therefore expected to witness remarkable growth, predicts Fortune Business Insights™ in their recent report. The report is titled, “Food Flavors Market Size, Share & Industry Analysis, By Type (Natural, Synthetic, and Naturally-identical), By Application (Bakery, Beverages, Confectionery, Dairy, Convenience Food, Snacks, and Others), and Regional Forecast, 2020 – 2027.” According to this report, the market value was USD 14.12 billion in 2019 and is likely to exhibit a CAGR of 4.36% between 2020 and 2027.


Sensient Technologies Acquired Mazza Innovation to Maintain their Stronghold in the Market


Mazza Innovation Ltd. Was acquired by Sensient Technologies Corporation for offering larger customer base, and a stronger financial base for collectively gaining the lion’s share in this market in the future. Although the terms of the collaboration are still not disclosed, the Delta, BC headquarters of Mazza plant will remain intact. The company, however, reveals that they will solely focus on environment-friendly extraction methods for working with other cosmetics, nutraceutical, and food brands. They also plan to offer clean-labeled products at efficient prices and suffice to the needs of the consumer in terms of color, taste, and functionality. Such initiatives and collaborative efforts will not only expand the customer base and offer numerous product variety but also Promote the overall food flavors market growth in the coming years.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/food-flavors-market-102745


Increasing Popularity of Multinational Cuisines will Augment Growth


The rapid growth of the food and beverage industry is the most significant market growth driver. This, coupled with the increasing popularity of convenience and ready-to-eat food products is expected to bolster the growth of the market for food flavoring agents during the forecast period. Apart from that, the market will also witness remarkable growth from the rising demand for multi-national cuisines that includes a variety of condiments, spices, and sauces. This is further expected to aid in the expansion of the market in the coming years.


On the negative side, the regulatory norms laid by various nations may not complement each other as the food choices of one nation differs from the other, further attributed to varied climatic conditions. This may hamper the market in the forecast period. In addition to this, current COVID-19 pandemic has a major impact on the health of people and the world economy, thereby causing major challenges for the market due to lack of transportation facilities, further attributed to the imposition of lockdown in most nations.


Nevertheless, the introduction and rising inclination towards organic and clean-labeled food items are projected to create lucrative growth opportunities for the market in the coming years.


High Preference given to Quality Product Offering by Players will Add Impetus to Market


Many players are holding significant shares in the global food flavor additives market. The major objective of players is to increase the production of natural ingredients to generate high food flavorants market revenue with the popularity of organic and clean-labeled products. Other players are engaging in mergers and acquisitions, contracts and agreements, partnerships, and other collaborative efforts to gain a competitive edge in the market.


Major Industry Developments of Food Flavors Market include:



  • May 2018 – Nelixia and Firmenich entered into a partnership for improving the quality of their natural flavor ingredients for sale across North America.


List of Significant Food Flavors Market Manufacturers are:



  • BASF SE

  • Koninklijke DSM NV

  • Corbion NV

  • Symrise AG

  • Archer-Daniels-Midland Co.

  • Givaudan SA

  • Kerry Group Plc

  • Firmenich

  • International Flavors and Fragrances

  • Sensient Technologies Corp


Further Report Findings



  • Asia Pacific held the dominant food flavor market share with a revenue of USD 4.92 billion in 2019 on account of the emerging industry for processed food.

  • With respect to segmentation by type, the market is dominated by the natural type segment with a 45.94 % share in 2019. This is owing to the heavy investments made by companies on the research and development of natural flavoring agents for use in food products.


This Market is categorized into:








































 ATTRIBUTE



 DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Billion)



Segmentation



By Type



  • Natural

  • Synthetic

  • Naturally-identical



By Application



  • Bakery

  • Beverages

  • Confectionery

  • Dairy

  • Convenience Food

  • Snacks

  • Others



By Region



  • North America (the U.S., Canada, and Mexico)

  • Europe (U.K., France, Italy, Spain, Germany, Russia, and the Rest of Europe)

  • Asia-Pacific (China, India, Japan, Australia, and the Rest of Asia- Pacific)

  • South America (Brazil, Argentina, and the Rest of South America)

  • The Middle East & Africa (South Africa, UAE, and the Rest of the MEA)


Food Flavors Market
  • PDF
  • 2019
  • 2016-2018
  • 150

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

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