Global Food Flavors Market

Global Food Flavors Market Size, Share, Growth Analysis, By Type(Natural Flavors and Synthetic Flavors), By Application(Beverages, Bakery and Confectionery) - Industry Forecast 2024-2031

Report ID: SQMIG30C2100 | Region: Global | Published Date: March, 2024
Pages: 198 | Tables: 61 | Figures: 75

Global Food Flavors Market News

  • In May 2023, Symrise announced the acquisition of California-based botanicals company, Cosmos Botanicals, to expand its natural ingredients and botanicals portfolio.
  • In March 2023, International Flavors & Fragrances (IFF) announced a new partnership with Chinese e-commerce giant, Alibaba, to develop and market digital flavor solutions for the Chinese market.
  • In February 2023, Givaudan announced the acquisition of German flavor company, Stern-Wywiol Gruppe, to strengthen its capabilities in savory solutions and meat alternatives.
  • In January 2023, ADM announced the acquisition of UK-based natural ingredients supplier, Earthoil Plantations, to expand its portfolio of natural and organic flavors.
  • In August 2022, Firmenich announced a new partnership with the Singapore Institute of Technology to develop sustainable and innovative food ingredients and solutions.
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Global Food Flavors Market size was valued at USD 17.2 Billion in 2022 and is poised to grow from USD 17.99 Billion in 2023 to USD 25.78 Billion by 2031, at a CAGR of 4.60% during the forecast period (2024-2031).

The global food flavors market is highly competitive, with numerous players operating in the market. The key players in the market are engaged in strategies such as mergers and acquisitions, partnerships, and new product launches to increase their market share and expand their customer base. Additionally, companies are investing in research and development to develop new and innovative flavor profiles that cater to changing consumer preferences. The market is also characterized by the presence of numerous regional players, which are competing with global players on the basis of price and product quality. 'Givaudan SA (Switzerland)', 'Firmenich SA (Switzerland)', 'International Flavors & Fragrances Inc. (US)', 'Symrise AG (Germany)', 'Sensient Technologies Corporation (US)', 'Takasago International Corporation (Japan)', 'Mane SA (France)', 'Kerry Group (Ireland)', 'Huabao International Holdings Limited (China)', 'Robertet SA (France)', 'T. Hasegawa Co., Ltd. (Japan)', 'Frutarom Industries Ltd. (Israel)', 'Bell Flavors & Fragrances GmbH (Germany)', 'Archer Daniels Midland Company (US)', 'Döhler GmbH (Germany)', 'McCormick & Company, Incorporated (US)', 'Wild Flavors GmbH (Germany)', 'Synergy Flavors (US)', 'Sensient Flavors LLC (US)', 'Biolandes SAS (France)'

One major driver of the global food flavors market is the increasing demand for processed and convenience foods. Busy lifestyles, rising urbanization, and changing dietary habits are leading consumers to opt for packaged and ready-to-eat food products that require minimal preparation time. Food flavors play a crucial role in enhancing the taste, aroma, and appeal of these products, driving the growth of the market. Manufacturers are constantly developing new and innovative flavor profiles to cater to changing consumer preferences, which further fuels the demand for food flavors.

One key market trend in the global food flavors market is the increasing demand for natural and organic flavors. Consumers are becoming more health-conscious and are seeking food products with fewer additives and ingredients derived from natural sources. This trend is driving the demand for natural flavors, such as fruit extracts, vegetable concentrates, and essential oils. Additionally, manufacturers are developing new and innovative flavor profiles that incorporate natural ingredients to cater to changing consumer preferences. Another trend is the use of ethnic and exotic flavors, such as Mediterranean, Middle Eastern, and Asian, which are gaining popularity among consumers.

North America dominated the global food flavors market due to the high demand for processed food and beverages in the region. The United States is the largest market for food flavors in North America, accounting for a significant share of the market. The region is also experiencing a rise in demand for natural flavors as consumers become more health-conscious.

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