The new report by Expert Market Research titled, ‘Global Food Flavours Market Price, Trends, Size, Share, Report and Forecast 2023-2028’, gives an in-depth analysis of the global food flavours market, assessing the market based on its segments like applications, manufacturing process and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
Forecast CAGR (2023-2028): 4.56%
The global market for food flavours is being fuelled by rising consumer demand for packaged and processed foods as a result of their increasingly fast-paced lifestyles. Growing consumer awareness of the need for healthy food consumption benefits the industry further by increasing demand for natural food ingredients and flavours.
Additionally, the market is propelled by an increase in disposable income, which results in greater customer expenditure on organic products. Improved ingredients produced from fruits and vegetables have been developed as a result of technological advances.
Small-scale enterprises’ growing interest in the growing market through the integration of design and technical service centres in various locations is expected to propel the market growth during the forecast period.
Food Flavours Industry Definition and Major Segments
Food flavours are additives to foods that enhance their flavour and scent. Modern flavourings provide a diverse sensory experience to the consumer while maintaining flavour and taste consistency through the use of natural or artificial flavours. The most prevalent uses of flavours are in bakery items, beverages, snacks, confectioneries, and health products.
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By type, the market is divided into:
• Natural Flavours
• Artificial Flavours
By end user, the market is divided into:
• Dairy and Frozen products
• Bakery and Confectionery
• Savoury and Snacks
• Animal and Pet Food
By region, the industry is categorized into:
• North America
• The Asia Pacific
• Latin America
• The Middle East and Africa
Food Flavours Market Trends
As pet adoption increases, a number of flavouring companies have moved their focus to the pet food industry, which offers significant growth opportunities for the food flavour market. Similar to human food products, the growing demand for natural and organic flavours in pet meals is driving the market forward, especially as the income and spending power of consumers increase.
The growing trend toward the use of international flavours in food products is likely to create exciting new prospects for flavour and enhancer innovation. Rapid technological advancements in the flavour manufacturing process, such as the development and implementation of techniques such as solid-liquid extraction (SLE), supercritical fluid extraction, and others, to preserve the natural taste and flavour of fruit flavours, are expected to contribute to market growth during the forecast period.
Stringent laws and restrictions imposed by governments of various nations may lead manufacturers to delay the launch of new products and the implementation of new ideas, impeding the market’s growth to some extent.
Throughout the historical period, Asia Pacific dominated the global food flavour market. This is primarily owing to the region’s growing consumer demand for items such as ice creams, yoghurt, and creams.
Food flavours in China have grown at a rapid pace over the previous decade, owing to increased demand for functional foods for stress relief. In Europe, demand for natural flavours is likely to grow significantly in the coming years as health and wellness concerns become more prevalent.
Switzerland leads the flavour market in Europe, followed by Germany. The increasing experimentation with flavours of ingredients that dogs are typically allergic to, such as chocolate, nutty, and buttery flavours in pet foods such as chewy snacks and biscuits, is expected to further boost the market growth in North America. These factors are expected to boost the market during the forecast period.
Key Market Players
The major players in the market are Firmenich SA, Frutarom, Givaudan Group, Sensient Technologies Corporation, Kerry Group, PLC, Robertet SA, among Others. The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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