Food Flavors Market - Global Industry Analysis, Size, Share, Growth 2023 - Market Data Forecast

Food Flavors Market Overview
Food Flavors are commonly used to improve the taste of food products. Food flavors are made of three components taste, smell, and color. Flavors can be broadly classified as natural and synthetic flavors. Food and beverage industries require flavor for different purposes such as new product development, to add a new product line and to change the taste of the existing product.

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The market for food flavors is mainly driven due to the high demand for new flavors from food and beverages industry and continuous innovation is driving the need for bringing up new products to market. Also, rising health awareness among the population, growing demand for organic food products and rise in the purchasing power are some of the other factors that are propelling the market growth. But, the market growth is mainly hindered due to FDA regulating the concentration range of synthetic flavors in food products and awareness among consumers about the risks associated with the intake of synthetic food additives.

Food Flavors Market Forecast Report (2018-2023)
Global Food Flavors Market has been estimated at USD $24.1 Million in 2018 and is projected to reach USD $32.8 Billion by 2023, at a CAGR of 6.36% during the forecast period from 2018 to 2023.

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Food Flavors Market Segmentation
Global Food Flavors Market for Food Flavors is segmented based on type, source and application. By type, the market is further sub-segmented into Chocolate, Vanilla, and Fruits & Nuts. By Origin, the market is further sub-segmented into Natural and Synthetic. By Application, the market is further sub-segmented into Beverages, Savory & Snacks, Bakery & Confectionery, Dairy & Frozen Products, Others. Beverage flavor products segment is the largest in terms of revenue, closely followed by bakery & confectionery and savory & snacks flavors segments.

Geographically, the Global market for Food Flavors is segmented into North America, Asia Pacific, Latin America, Europe, and Middle-East and Africa. North America is the biggest market in terms of market share across the globe, followed by Europe. The North American market for food flavors is witnessing a considerable growth due to increase in packaged food consumption in developed economies. The Food Flavors market in the Asia-Pacific region is projected to grow at the highest CAGR, which is greatly due to growing demand for health & wellness foods, technological innovation, and increasing consumer preference towards convenience and ready-to-eat meals.

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Major Players:
The major companies dominating this market for its products and services are
• Kerry Group,
• Givaudan,
• Firmenich,
• Sensient Technologies Corporation,
• Symrise AG,
• Frutarom Industries,
• Archer Daniels Midland Company,
• Dohler Group,
• AGRANA Group,
• SVZ International B.V.
• SunOpta, Inc.

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