Food Flavoring Market size was valued at $19.17bn in 2019 and is poised to grow at a CAGR of 4.7% during the forecast period 2020-2025. Flavorings alter the taste and scent of natural food product such as meats and vegetables, or creating flavor for food products that do not have the desired flavors such as candies and other snacks. Flavorings are represented by, mixture of spices, herbs, taste components, and colors. With the growing preference of global consumers for appetizing food items, the demand for food Flavoring products has been witnessing a strong rise over the last few years.
- Geographically, North America’s Food Flavoring market accounted for the highest revenue share in 2019 and it is poised to dominate during the forecast period 2020-2025 owing to the high demand.
- The Food Flavoring segment is set to dominate the market worldwide owing to their increased applications in various industries, and their ability to adopt cost-effective production.
- Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Food Flavoring market report.
By Type – Segment Analysis
The global Food Flavoring Market based on type has natural, nature-identical, and artificial. Artificial registered highest market share in 2019. Natural flavors contain impurities since they are collected from the basic smell profile of a food product, while artificial flavors are purer and are required to undergo more testing before they come out of the industry for consumption. Recent scientific undertakings for the development of new Food Flavoring products is likely to draw the growth of artificial type and is estimated to continue the growth for the forecast period 2020-2025.
By Application – Segment Analysis
The application segment of Food Flavoring Market has Beverages, Savory and Snacks, Dairy & frozen products, Bakery & Confectionery, and others. The beverages segment registered the highest market share for the year 2019 and estimated to grow at a significant rate during the forecast period 2020-2025. The beverage industry is one of the fastest-growing industries, and the demand for beverages is owing to varied consumer tastes and preferences. The savory & snacks segment follows the beverage segment and is on high demand owing to the availability of a varied range of products in this segment.
By Geography – Segment Analysis
The global Food Flavoring Market by geography had the dominant share in North America, in terms of revenue in 2019. North America has emerged as the key consumer of food flavoring products and estimated to remain the same in the forecast period 2020-2025. The demand for tasty food is propelling the usage of flavoring products in food and beverages in this region, inducing significant momentum in the North American food flavoring market. The Asia Pacific, on the other hand, is likely to grow with the highest CAGR, owing to an increase in the demand for food flavoring products from countries like China, India, and Malaysia.
Drivers – Food Flavoring Market
- Rise in Income Levels
The demand for Food Flavoring is driving forward owing to the increase in income levels globally. Besides, the westernization of diets in developing countries has fueled demand for richer and tastier food. Factors like an increase in urbanization and people’s buying capacity have contributed to a dramatic shift in their eating habits.
Challenges – Food Flavoring Market
Increasing government regulations in many economies around the globe, restricting the use of added flavorings, is acting as a challenge to the overall flavoring industry for the forecast period 2020-2025. Besides, awareness among people about adverse effects caused by artificial flavorings is likely to reduce demand for artificial flavorings in particular and food flavoring products in general.
Multifunctional Food Ingredients industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Food Flavoring Market. Key companies of this market are Givaudan, Kerry Ingredients& Flavors, Symrise, Takasago International, Tate & Lyle, JK Sucralose, Firmenich, HuaBbao, T-Hasegawa, Frutarom, IFF, Mane Fils SA, Wild Flavors GmbH, Givaudan SA, Sensient Technologies Corp.
- In February 2020, partnership with the University of California, Riverside (UCR), Givaudan, decided to launch a multi-sensorial virtual reality tool for citrus beverage applications. Combining sight, sound and smell, this truly surprising experience enables customers to learn about the citrus market landscape and co-create their own flavours.