Food Flavors Market is segmented by Origin (Natural, Nature Identical, and Artificial), Type (Vanilla and Dairy), Form (Liquid, and Dry), and Application (Beverages, Dairy Products, Confectionery Products, and Meat Products) and Geography.
Impact of COVID-19 in the Food Flavors Market
The widespread of the virus is a great challenge to almost all of the countries because many sectors will have to compromise and deal with the negative impact on their sales. Many industries will have to adapt and adopt to the changes that will be imposed upon them by their governments. A massive set back on the growth of the food flavors market is the disruption of supply chain since manufacturing and distribution by key players or companies are being limited, if not, controlled by governments by imposing lock downs and halting travels across borders.
The Food Flavors Market is projected to grow at 4.5% CAGR from 2020 to reach a market size value of $20.31 billion by 2031.
The challenge lies in the disruption in raw materials supply because it is negatively affecting manufacturers since travel, transport of raw materials, and non-essential trade has been put off in many countries. This in turn affected production, causing fewer volume of product sales. Food flavors suppliers have also experienced backlash because imports and exports in almost all countries have been restricted, if not limited. Availability of labor became a problem too, since shutdowns of facilities and operations halted the production of food flavors in the market.
There is a consumer base shift in this market making significant changes in its growth. A shift on consumers’ health awareness, physical activities, food choices and rising number of connoisseurs together with the high demand for clean-label, developing food and beverage industry and advanced technologies are the main growth drivers in this market.
Key Findings in the Food Flavors Market Study
In terms of origin, the artificial segment flavors segment is expected to have the largest share accounted for in the over all market in 2020. The large share can be attributed to the high use of artificial flavorings, wide array of flavors to choose from, a surge in the demand for new flavor profiles and cost effective than natural flavorings. On the other hand, natural segment has the fastest CAGR growth expected during the forecast period. This is due to the high demand for organic foods, consumer preference for natural flavors, health awareness, and in terms of baking, consumers and manufacturers prefer natural flavors as an active ingredient.
In terms of application, the beverages segment has the largest share accounted for in the over all food flavors market. This is due to the growing demand for beverages with rising disposable income, urbanization in most regions, and changing lifestyles since the pandemic started. During the forecast period, the savory and snacks segment is projected to grow at the highest CAGR.
With respect to form it is segmented into liquid and dry. The liquid form segment is projected to have the largest share accounted for in the food flavors market in 2020. The large share is due to the increased in shelf-life of these foods, having homogeneous blends with no segregation and gives stability microbiologically.
Asia Pacific Dominates
Asia Pacific region is projected to have the largest share in the over all market in 2020 that has been accounted for. This growth can be attributed to increased demand for processed foods in developing countries like India, China, Thailand and Indonesia; preferences of consumers are shifted towards a better quality of food ingredients and high demand for the outsourcing of processed food manufacturing. Asia Pacific is also expected to grow the fastest during the forecast period because there is a high demand in the processed food industry in this region, rising health awareness, speedy urbanization and disposable income. China is expected to top the list among any other Asia Pacific regions through 2031.
Key Players: Share and Competition
The major key players in this market who have a strong product portfolio and an extensive assessment of the market landscape are, Givaudan SA (Switzerland), International Flavors & Fragrances, Inc. (U.S.), Firmenich SA (Switzerland), Symrise AG (Germany), Sensient Technologies Corporation (U.S.), MANE SA (France), Takasago International Corporation (Japan), T. Hasegawa Co., Ltd. (Japan), Robertet Group (France), Huabao International Holdings Limited (Hong Kong), Kerry Group (Ireland), KONINKLIJKE DSM N.V. (The Netherlands), BASF SE (Germany), Archer Daniels Midland Company (U.S.), Corbion NV (The Netherlands), and Döhler Group (Germany).
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• Estimation/projections/forecast for revenue and unit sales (2022 – 2031)
• Data breakdown for every market segment (2022 – 2031)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Origin Analysis (Revenue, USD Million, 2022 - 2031)
• Natural Identical
Type Analysis (Revenue, USD Million, 2022 - 2031)
• Chocolate and Browns
• Fruits and Nuts
• Spices and Herbs
Form Analysis (Revenue, USD Million, 2022 - 2031)
Application Analysis (Revenue, USD Million, 2022 - 2031)
• Alcoholic Drinks
• Soft Drinks
• Hot Drinks
• Other Drinks
• Dairy Products
• Ice Cream
• Other Dairy Products
• Confectionery Products
• Baked Products
• Meat Products
• Savory and Snacks
Region Analysis (Revenue, USD Million, 2020 – 2031)
• United States
• United Kingdom
• South Korea
• Saudi Arabia
• Rest of World
• United States Food Flavors Industry Research Report
• Europe Food Flavors Industry Research Report
• Asia Pacific Food Flavors Industry Research Report
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