Food Flavors Market will exhibit a CAGR of 4.36 % between 2020 to 2027, and reach USD 19.28 billion by 2027, and the market value as per 2019 was USD 14.12 billion.
Fortune Business Insights™ titled, “Food Flavors Market Size, Share & Industry Analysis, By Type (Natural, Synthetic, and Naturally-identical), Application (Bakery, Beverages, Confectionery, Dairy, Convenience Food, Snacks, and Others), and Regional Forecast, 2020 – 2027,”
Food Flavors Market Drivers and Restraint :
Rising Inclination Towards Clean-labelled Products will Augment Growth
The increasing popularity of multinational cuisines all over the world is a major factor in promoting the food flavors market growth. This, coupled with the rising preference for organic food flavorants in food and beverage items will also add impetus to the market.
However, regulation standards based on high maintenance of food and flavor quality is different as per country regulations and this may pose a major challenge in terms of growth in other geographies. This, coupled with the current COVID-19 pandemic that has propelled governments of all nations to release lockdown orders may have adverse effect on the overall food and beverage industry, thereby hampering the food flavors market as well. The continuous chain of deaths as a result of the coronavirus effect will have a major impact on the economy of all developed and emerging nations, further causing major hindrance to the world economy.
Nevertheless, the rising inclination towards clean-labeled and naturally-sourced products and the growing preference for natural preservatives is poised to create lucrative growth opportunities for the market in the coming years.
List of Significant Food Flavors Market Manufacturers are as follows:
- International Flavors and Fragrances
- Koninklijke DSM NV
- Givaudan SA
- BASF SE
- Archer-Daniels-Midland Co.
- Kerry Group Plc
- Symrise AG
- Sensient Technologies Corp
- Corbion NV
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Some of the key industry developments in the Food Flavors Market Include:
September 2018 – Naturex was acquired by Givaudan after delisting of Naturex shares and implementing the squeeze-out procedure from the Euronext Paris stock exchange. The key objective behind this acquisition is to help meet the increasing demand for clean label, natural, and organic food products and strengthen their portfolio.
October 2017 –Launch of a new range of Protein Shield Flavor was announced by Firmenich. This is a natural flavor solution solely meant for the beverage industry and aims at providing high protein content in beverages.