Food Flavors Market
Growth Factors of Food Flavors Market
The food flavors market size was valued at USD 15.73 billion in 2023, and the market is now projected to grow from USD 16.47 billion in 2024 to USD 26.28 billion by 2032, exhibiting a CAGR of 6.01% during the forecast period of 2024-2032.
Carbon capture and utilization (CCU) technologies are one of the most identifying trends in the carbon dioxide market of 2023 especially for the purpose of utilizing sustainable products. Captured CO2 is then used in production of goods such as building materials, fuel, and chemicals with a view of reducing carbon footprints and generating additional business revenue streams. The chemical industry is also experiencing some innovation with CO2 being used for the production of plant based meat and carbonated beverages. Besides, there is increased demand in dry ice, especially in cold chain transport of goods, especially in the health sector.
As with any market that relies on consumer tastes, the food flavors market could not escape the influence of the COVID-19 pandemic, which created shifts in favor of comfort and ‘boosting immunity’ foods. Business interruptions were evident in the supply chain; hence raw materials were unavailable for production. Since people stayed locked-down and cooked at home, there was an increase in the desire for recognizable comfort profiles, and healthier notes like natural and organic. However, this led to financial problems such as economic downturn reducing its spending power on the sale of the premium flavor. The change to e-commerce also necessitated changes in areas such as packaging and distribution in order to fulfill new market demands. Thus, all the above mentioned factors are contributing towards the food flavors growth.
Paving forces for food flavors market entail the emerging trends of natural and organic ingredients as most shoppers opt for healthier foods with clean label certifications. The demand for convenience foods and ready to eat meals is also growing with time and again creating a demand for exciting new flavors. Due to increasing globalization, there is an increasing desire for exotic and regional flavors therefore, brands have had to introduce a variety of tastes. Furthermore, the growing demand for plant-based and vegan products has urged the companies to produce better flavors that can boost the flavor profile without using any animal based emulsifiers. This is backed by technological enhancements to make effective the development of specialty flavor solutions.
Comprehensive Analysis Food Flavors Market
The food flavors market mainly comprises the natural and synthetic food flavors, which meet varied consumer requirements and uses. In particular, natural flavors, produced from plant and animal materials, are highly demanded due to the possibility to improve a consumers’ health and the tendency to use only natural additives in the food industry. The synthetic flavors are artificially created in order to closely resemble natural flavors and as such, they are cheaper and consistent. These flavors have usability in bakeries, beverages, confectionery’s, dairy products, convenience foods, snacks and other several markets. So with consumers moving towards better and variety for foods, there is rising trend of natural flavors in those uses, which is encouraging growth in the segment.
Thus, in 2023 North-America is expected to be the dominant region in occupancy of food flavors market share due to rising consumer desire for new and extra flavor pairings. This leadership is backed by the region’s highly developed food and beverages sector, as well as favorable trends toward natural and organic ingredients. The presence of major flavor manufacturers and rising consumer consciousness towards the quality and healthy as well as convenient products also benefits the market. Also, the increased Internet connectivity in the North American region coupled with the trends in the application of new technologies in flavor aid in enhancing the control of new trends in the global market.
Key players in this sector include Givaudan SA (Vernier, Switzerland), International Flavors and Fragrances (New York, U.S.), Symrise AG (Holzminden, Germany), Sensient Technologies Corp (Wisconsin, U.S.), Firmenich (Geneva, Switzerland), Archer-Daniels-Midland Co. (Illinois, U.S.), Kerry Group Plc (Tarlee, Ireland)
In 2023 being a new year, certain trends have emerged in the food flavors market with the main one being plant based on dairy such as oat and almond milk. This has been as a result of increased health concerns and people’s adherence to special diets. Consumers want something which reminds them of the conventional dairy product but with the twist of plant-based, resulting in new product development of vanilla, chocolate and fruit flavors. Also, an increased focus comes with enriching such products with other nutrients such as calcium and vitamins for both taste and nutrition. This trend just points out towards the better recognizing of market preference when it comes to healthier and sustainable food products.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 6.01% from 2024 to 2032
Unit Value (USD billion)
Segmentation By Type
- Natural
- Synthetic
- Bakery
- Beverages
- Confectionery
- Dairy
- Convenience Foods
- Snacks
- Others
- North America (By Type, By Application, & By Country)
- U.S. (By Application)
- Canada (By Application)
- Mexico (By Application)
- Europe (By Type, By Application, & By Country)
- U.K. (By Application)
- Germany (By Application)
- France (By Application)
- Italy (By Application)
- Spain (By Application)
- Russia (By Application)
- Rest of Europe (By Application)
- Asia Pacific (By Type, By Application, & By Country)
- China (By Application)
- India (By Application)
- Australia (By Application)
- Japan (By Application)
- Rest of Asia Pacific (By Application)
- South America (By Type, By Application, & By Country)
- Brazil (By Application)
- Argentina (By Application)
- Rest of South America (By Application)
- Middle East & Africa (By Type, By Application, & By Country)
- UAE (By Application)
- South Africa (By Application)
- Rest of the Middle East & Africa (By Application)
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 3.4. Emerging Trends
- 4. Key Insights
- 4.1. Overview of the Parent/Related Markets
- 4.2. Industry SWOT Analysis
- 4.3. Supply Chain and Regulatory Analysis
- 4.4. Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- 4.5. Qualitative Analysis Related to COVID-19
- 4.5.1. Impact of COVID-19 on the Market
- 4.5.2. Supply Chain Challenges amidst Pandemic
- 4.5.3. Potential Opportunities due to this Global Crisis
- 5. Global Food Flavors Market Analysis, Insights and Forecast, 2019-2032
- 5.1. Key Findings / Summary
- 5.2. Market Size Estimates and Forecast
- 5.2.1. By Type
- 5.2.1.1. Natural
- 5.2.1.2. Synthetic
- 5.2.2. By Application
- 5.2.2.1. Bakery
- 5.2.2.2. Confectionery
- 5.2.2.3. Beverages
- 5.2.2.4. Dairy
- 5.2.2.5. Convenience Food
- 5.2.2.6. Snacks
- 5.2.2.7. Others
- 5.2.3. By Region
- 5.2.3.1. North America
- 5.2.3.2. Europe
- 5.2.3.3. Asia Pacific
- 5.2.3.4. South America
- 5.2.3.5. Middle East & Africa
- 6. North America Food Flavors Market Analysis, Insights and Forecast, 2019-2032
- 6.1. Key Findings / Summary
- 6.2. Market Size Estimates and Forecast
- 6.2.1. By Type
- 6.2.1.1. Natural
- 6.2.1.2. Synthetic
- 6.2.2. By Application
- 6.2.2.1. Bakery
- 6.2.2.2. Confectionery
- 6.2.2.3. Beverages
- 6.2.2.4. Dairy
- 6.2.2.5. Convenience Food
- 6.2.2.6. Snacks
- 6.2.2.7. Others
- 6.2.3. By Country (Value)
- 6.2.3.1. U.S.
- 6.2.3.1.1. By Application
- 6.2.3.1.1.1. Bakery
- 6.2.3.1.1.2. Beverages
- 6.2.3.1.1.3. Confectionery
- 6.2.3.1.1.4. Dairy
- 6.2.3.1.1.5. Convenience Food
- 6.2.3.1.1.6. Snacks
- 6.2.3.1.1.7. Others
- 6.2.3.2. Canada
- 6.2.3.2.1. By Application
- 6.2.3.2.1.1. Bakery
- 6.2.3.2.1.2. Beverages
- 6.2.3.2.1.3. Confectionery
- 6.2.3.2.1.4. Dairy
- 6.2.3.2.1.5. Convenience Food
- 6.2.3.2.1.6. Snacks
- 6.2.3.2.1.7. Others
- 6.2.3.3. Mexico
- 6.2.3.3.1. By Application
- 6.2.3.3.1.1. Bakery
- 6.2.3.3.1.2. Beverages
- 6.2.3.3.1.3. Confectionery
- 6.2.3.3.1.4. Dairy
- 6.2.3.3.1.5. Convenience Food
- 6.2.3.3.1.6. Snacks
- 6.2.3.3.1.7. Others
- 7. Europe Food Flavors Market Analysis, Insights and Forecast, 2019-2032
- 7.1. Key Findings / Summary
- 7.2. Market Size Estimates and Forecast
- 7.2.1. By Type
- 7.2.1.1. Natural
- 7.2.1.2. Synthetic
- 7.2.2. By Application
- 7.2.2.1. Bakery
- 7.2.2.2. Confectionery
- 7.2.2.3. Beverages
- 7.2.2.4. Dairy
- 7.2.2.5. Convenience Food
- 7.2.2.6. Snacks
- 7.2.2.7. Others
- 7.2.3. By Country (Value)
- 7.2.3.1. Germany
- 7.2.3.1.1. By Application
- 7.2.3.1.1.1. Bakery
- 7.2.3.1.1.2. Beverages
- 7.2.3.1.1.3. Confectionery
- 7.2.3.1.1.4. Dairy
- 7.2.3.1.1.5. Convenience Food
- 7.2.3.1.1.6. Snacks
- 7.2.3.1.1.7. Others
- 7.2.3.2. France
- 7.2.3.2.1. By Application
- 7.2.3.2.1.1. Bakery
- 7.2.3.2.1.2. Beverages
- 7.2.3.2.1.3. Confectionery
- 7.2.3.2.1.4. Dairy
- 7.2.3.2.1.5. Convenience Food
- 7.2.3.2.1.6. Snacks
- 7.2.3.2.1.7. Others
- 7.2.3.3. Italy
- 7.2.3.3.1. By Application
- 7.2.3.3.1.1. Bakery
- 7.2.3.3.1.2. Beverages
- 7.2.3.3.1.3. Confectionery
- 7.2.3.3.1.4. Dairy
- 7.2.3.3.1.5. Convenience Food
- 7.2.3.3.1.6. Snacks
- 7.2.3.3.1.7. Others
- 7.2.3.4. U.K.
- 7.2.3.4.1. By Application
- 7.2.3.4.1.1. Bakery
- 7.2.3.4.1.2. Beverages
- 7.2.3.4.1.3. Confectionery
- 7.2.3.4.1.4. Dairy
- 7.2.3.4.1.5. Convenience Food
- 7.2.3.4.1.6. Snacks
- 7.2.3.4.1.7. Others
- 7.2.3.5. Spain
- 7.2.3.5.1. By Application
- 7.2.3.5.1.1. Bakery
- 7.2.3.5.1.2. Beverages
- 7.2.3.5.1.3. Confectionery
- 7.2.3.5.1.4. Dairy
- 7.2.3.5.1.5. Convenience Food
- 7.2.3.5.1.6. Snacks
- 7.2.3.5.1.7. Others
- 7.2.3.6. Rest of Europe
- 7.2.3.6.1. By Application
- 7.2.3.6.1.1. Bakery
- 7.2.3.6.1.2. Beverages
- 7.2.3.6.1.3. Confectionery
- 7.2.3.6.1.4. Dairy
- 7.2.3.6.1.5. Convenience Food
- 7.2.3.6.1.6. Snacks
- 7.2.3.6.1.7. Others
- 8. Asia Pacific Food Flavors Market Analysis, Insights and Forecast, 2019-2032
- 8.1. Key Findings / Summary
- 8.2. Market Size Estimates and Forecast
- 8.2.1. By Type
- 8.2.1.1. Natural
- 8.2.1.2. Synthetic
- 8.2.2. By Application
- 8.2.2.1. Bakery
- 8.2.2.2. Confectionery
- 8.2.2.3. Beverages
- 8.2.2.4. Dairy
- 8.2.2.5. Convenience Food
- 8.2.2.6. Snacks
- 8.2.2.7. Others
- 8.2.3. By Country (Value)
- 8.2.3.1. China
- 8.2.3.1.1. By Application
- 8.2.3.1.1.1. Bakery
- 8.2.3.1.1.2. Beverages
- 8.2.3.1.1.3. Confectionery
- 8.2.3.1.1.4. Dairy
- 8.2.3.1.1.5. Convenience Food
- 8.2.3.1.1.6. Snacks
- 8.2.3.1.1.7. Others
- 8.2.3.2. India
- 8.2.3.2.1. By Application
- 8.2.3.2.1.1. Bakery
- 8.2.3.2.1.2. Beverages
- 8.2.3.2.1.3. Confectionery
- 8.2.3.2.1.4. Dairy
- 8.2.3.2.1.5. Convenience Food
- 8.2.3.2.1.6. Snacks
- 8.2.3.2.1.7. Others
- 8.2.3.3. Japan
- 8.2.3.3.1. By Application
- 8.2.3.3.1.1. Bakery
- 8.2.3.3.1.2. Beverages
- 8.2.3.3.1.3. Confectionery
- 8.2.3.3.1.4. Dairy
- 8.2.3.3.1.5. Convenience Food
- 8.2.3.3.1.6. Snacks
- 8.2.3.3.1.7. Others
- 8.2.3.4. Australia
- 8.2.3.4.1. By Application
- 8.2.3.4.1.1. Bakery
- 8.2.3.4.1.2. Beverages
- 8.2.3.4.1.3. Confectionery
- 8.2.3.4.1.4. Dairy
- 8.2.3.4.1.5. Convenience Food
- 8.2.3.4.1.6. Snacks
- 8.2.3.4.1.7. Others
- 8.2.3.5. Rest of Asia Pacific
- 8.2.3.5.1. By Application
- 8.2.3.5.1.1. Bakery
- 8.2.3.5.1.2. Beverages
- 8.2.3.5.1.3. Confectionery
- 8.2.3.5.1.4. Dairy
- 8.2.3.5.1.5. Convenience Food
- 8.2.3.5.1.6. Snacks
- 8.2.3.5.1.7. Others
- 9. South America Food Flavors Market Analysis, Insights and Forecast, 2019-2032
- 9.1. Key Findings / Summary
- 9.2. Market Size Estimates and Forecast
- 9.2.1. By Type
- 9.2.1.1. Natural
- 9.2.1.2. Synthetic
- 9.2.2. By Application
- 9.2.2.1. Bakery
- 9.2.2.2. Confectionery
- 9.2.2.3. Beverages
- 9.2.2.4. Dairy
- 9.2.2.5. Convenience Food
- 9.2.2.6. Snacks
- 9.2.2.7. Others
- 9.2.3. By Country (Value)
- 9.2.3.1. Brazil
- 9.2.3.1.1. By Application
- 9.2.3.1.1.1. Bakery
- 9.2.3.1.1.2. Beverages
- 9.2.3.1.1.3. Confectionery
- 9.2.3.1.1.4. Dairy
- 9.2.3.1.1.5. Convenience Food
- 9.2.3.1.1.6. Snacks
- 9.2.3.1.1.7. Others
- 9.2.3.2. Argentina
- 9.2.3.2.1. By Application
- 9.2.3.2.1.1. Bakery
- 9.2.3.2.1.2. Beverages
- 9.2.3.2.1.3. Confectionery
- 9.2.3.2.1.4. Dairy
- 9.2.3.2.1.5. Convenience Food
- 9.2.3.2.1.6. Snacks
- 9.2.3.2.1.7. Others
- 9.2.3.3. Rest of South America
- 9.2.3.3.1. By Application
- 9.2.3.3.1.1. Bakery
- 9.2.3.3.1.2. Beverages
- 9.2.3.3.1.3. Confectionery
- 9.2.3.3.1.4. Dairy
- 9.2.3.3.1.5. Convenience Food
- 9.2.3.3.1.6. Snacks
- 9.2.3.3.1.7. Others
- 10. Middle East & Africa Food Flavors Market Analysis, Insights and Forecast, 2019-2032
- 10.1. Key Findings / Summary
- 10.2. Market Size Estimates and Forecast
- 10.2.1. By Type
- 10.2.1.1. Natural
- 10.2.1.2. Synthetic
- 10.2.2. By Application
- 10.2.2.1. Bakery
- 10.2.2.2. Confectionery
- 10.2.2.3. Beverages
- 10.2.2.4. Dairy
- 10.2.2.5. Convenience Food
- 10.2.2.6. Snacks
- 10.2.2.7. Others
- 10.2.3. By Country (Value)
- 10.2.3.1. South Africa
- 10.2.3.1.1. By Application
- 10.2.3.1.1.1. Bakery
- 10.2.3.1.1.2. Beverages
- 10.2.3.1.1.3. Confectionery
- 10.2.3.1.1.4. Dairy
- 10.2.3.1.1.5. Convenience Food
- 10.2.3.1.1.6. Snacks
- 10.2.3.1.1.7. Others
- 10.2.3.2. UAE
- 10.2.3.2.1. By Application
- 10.2.3.2.1.1. Bakery
- 10.2.3.2.1.2. Beverages
- 10.2.3.2.1.3. Confectionery
- 10.2.3.2.1.4. Dairy
- 10.2.3.2.1.5. Convenience Food
- 10.2.3.2.1.6. Snacks
- 10.2.3.2.1.7. Others
- 10.2.3.3. Rest of Middle East & Africa
- 10.2.3.3.1. By Application
- 10.2.3.3.1.1. Bakery
- 10.2.3.3.1.2. Beverages
- 10.2.3.3.1.3. Confectionery
- 10.2.3.3.1.4. Dairy
- 10.2.3.3.1.5. Convenience Food
- 10.2.3.3.1.6. Snacks
- 10.2.3.3.1.7. Others
- 11. Competitive Matrix
- 11.1. Business Strategies Adopted by Leading Players
- 11.2. Global Food Flavors Market Revenue Share/Ranking Analysis, By Key Manufacturer
- 12. Company Profiles
- 12.1. Givaudan SA
- 12.1.1. Overview
- 12.1.2. Description
- 12.1.3. Product Portfolio
- 12.1.4. Financials (Data as available in public domain and/or on paid databases)
- 12.1.5. Recent Developments
- 12.2. ADM Company
- 12.2.1. Overview
- 12.2.2. Description
- 12.2.3. Product Portfolio
- 12.2.4. Financials (Data as available in public domain and/or on paid databases)
- 12.2.5. Recent Developments
- 12.3. Symrise AG
- 12.3.1. Overview
- 12.3.2. Description
- 12.3.3. Product Portfolio
- 12.3.4. Financials (Data as available in public domain and/or on paid databases)
- 12.3.5. Recent Developments
- 12.4. International Fragrances and Flavors
- 12.4.1. Overview
- 12.4.2. Description
- 12.4.3. Product Portfolio
- 12.4.4. Financials (Data as available in public domain and/or on paid databases)
- 12.4.5. Recent Developments
- 12.5. Sensient Technologies Corp
- 12.5.1. Overview
- 12.5.2. Description
- 12.5.3. Product Portfolio
- 12.5.4. Financials (Data as available in public domain and/or on paid databases)
- 12.5.5. Recent Developments
- 12.6. Kerry Group Plc
- 12.6.1. Overview
- 12.6.2. Description
- 12.6.3. Product Portfolio
- 12.6.4. Financials (Data as available in public domain and/or on paid databases)
- 12.6.5. Recent Developments
- 12.7. Firmenich
- 12.7.1. Overview
- 12.7.2. Description
- 12.7.3. Product Portfolio
- 12.7.4. Financials (Data as available in public domain and/or on paid databases)
- 12.7.5. Recent Developments
- 12.8. Koninklijke DSM NV
- 12.8.1. Overview
- 12.8.2. Description
- 12.8.3. Product Portfolio
- 12.8.4. Financials (Data as available in public domain and/or on paid databases)
- 12.8.5. Recent Developments
- 12.9. Corbion NV
- 12.9.1. Overview
- 12.9.2. Description
- 12.9.3. Product Portfolio
- 12.9.4. Financials (Data as available in public domain and/or on paid databases)
- 12.9.5. Recent Developments
- 12.10. BASF SE
- 12.10.1. Overview
- 12.10.2. Description
- 12.10.3. Product Portfolio
- 12.10.4. Financials (Data as available in public domain and/or on paid databases)
- 12.10.5. Recent Developments
- 13. Appendix
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