by The food flavor market manufactures a wide variety of natural and artificial flavors for various food and beverage products. Flavors are primarily used in bakery, dairy, confectionery, snacks, and savory food products for enhancing their taste and aroma. Natural flavors derived from natural sources such as plants and spices are gaining significant traction owing to the rising demand for clean-label and organic food products. The global food flavor market is estimated to be valued at US$ 17.68 bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growth of the global food flavor market is driven by the increasing demand for natural and organic flavors. As mentioned in the heading, the demand for natural flavors is significantly increasing owing to shifting consumer preference toward clean-label and organic products. Moreover, rising health-consciousness has augmented the demand for flavors extracted from natural sources such as plants and herbs. Another driver for the market growth is the expansion of the food & beverage industry. Food flavors play an integral role in determining the taste and aroma of various food products. Therefore, the burgeoning food & beverage industry creates high demand for a wide range of innovative food flavors.
Segment Analysis
The Food Flavor Market Size can be segmented into synthetic and natural flavors. Natural flavors dominate the market and account for over 60% share as they are perceived to be healthier by consumers. This segment is growing at a higher rate compared to synthetic flavors due to increasing demand for clean label and organic products.
PEST Analysis
Political: Regulations regarding the use of natural and synthetic flavors vary across countries. Stricter regulations could impact product innovation.
Economic: Growth in the food industry, rising disposable incomes, and increasing demand for convenience foods are driving growth of the food flavor market.
Social: Changing lifestyle, rising health consciousness, and preference for natural ingredients are influencing product choices.
Technological: Advancements in extraction techniques are helping manufacturers develop innovative natural flavors. However, synthetic flavors still have scope for improvement.
Key Takeaways
The global food flavor market is expected to witness high growth.
North America currently dominates due to strong demand for healthy and natural products. However, Asia Pacific is expected to grow at the fastest pace owing to rising middle class population, economic growth, and shifting preference towards western foods in countries like China and India.
Key players operating in the food flavor market include Schlumberger Limited, Goodwin International Ltd, Honeywell International Inc., General Electric Company, Emerson Electric Co., Rotork Plc, KITZ Corporation, AVK Holding A/S, BÃ1⁄4rkert Fluid Control Systems, and Flowserve Corporation. Schlumberger Limited and Honeywell International Inc. have a wide product portfolio and global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
