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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.
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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:
List of Significant Food Flavors Market Manufacturers are:
Further Report Findings
This Market is categorized into:
Value (USD Billion)