Food Flavor Market Set for 4.9% CAGR Growth as Consumers Shift to Natural Ingredients

More People Shifting to Plant-Based and Natural Ingredients from Artificial Additives Offering Lucrative Prospects for Food Flavor Producers: Fact.MR Report

According to a newly compiled research study by proficient analysts at Fact.MR, a market research and competitive intelligence provider, revenue from the Sales Of Food Flavors is projected to reach US$ 22.17 billion in 2024. Over the assessment period from 2024 to 2034, the global food flavor market has been forecasted to expand at a CAGR of 4.9%.

Related Market Projections for 2034:

More consumers are opting for plant-based or natural ingredient-based food options with growing concerns about artificial additives and ingredients. Thereby, more manufacturers of food flavors are coming up with clean-label products without the use of harsh chemicals, and contributing to market prospects.

There is an increased demand for specialty and healthier beverages, such as sports drinks, functional drinks, fruit juices, and sugar-free drinks owing to growing cases of obesity, high blood pressure, diabetes, and other diseases. These factors are further positively influencing demand for liquid-based food flavors. Moreover, growing emphasis by companies on introducing functional and healthy beverages with innovative flavors is helping in market growth.

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Food Flavor Industry News & Trends:

Leading companies in the food flavor industry are spending money on research and development (R&D) to expand their current product lines. Additionally, market participants are securing a place for themselves through collaborative efforts, partnerships, mergers, acquisitions, and other tactics.

As an example,

PrimeLock was introduced in February 2022 by Givaudan. Issues with natural flavors and substances are addressed by this recently released product.

Giraffe Foods Inc. was acquired by Symrise AG in July 2021. This will help the business access the North American Giraffe Foods nutrition and flavor market. Particularly in the quick-service restaurant and foodservice industries, Giraffe Foods Inc. is renowned for its bespoke flavor solutions. Giraffe Foods' incorporation into Symrise will facilitate direct access to existing connections and distribution networks.

In this recently released market analysis, Fact.MR offers comprehensive data on the pricing points of top food flavor manufacturers located worldwide, as well as sales growth, production capacity, and potential technological expansion.

Key Takeaway from Food Flavor Market Study:

The market for food flavors is projected to reach a value of US$ 22.17 billion by 2034-end. The beverages segment is evaluated to account for 22.4% share of the global market by the end of 2034.

Worldwide demand for liquid food flavors is forecasted to increase at a CAGR of 5% and reach a market value of US$ 12.24 billion by 2034. The market in Japan is analyzed to expand at a CAGR of 5.4% from 2024 to 2034.

Sales of food flavors in South Korea are projected to rise at 5.6% CAGR through 2034. North America is forecasted to account for 24.3% of the global market share by the end of 2034.

“Rising use of machine learning and artificial intelligence in food flavor production is accelerating the process of creating unique and new flavor profiles, thereby driving innovations,” says Fact.MR analyst.

Rising Demand for Food Flavors in Beverages for Refreshing and Unique Profile

Worldwide sales of food flavors for use in beverages are projected to rise at a CAGR of 4.1% and reach US$ 4.97 billion by the end of 2034. The increasing consumption of various food flavors is driven by their role in enhancing taste and aroma across a range of products. These flavors are widely used in beverages, including juices, alcoholic drinks, soft drinks, and sports drinks. Consumers are increasingly favoring beverages with refreshing and unique flavor profiles.

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Key Market Players:

Givaudan SA, Symrise AG, International Flavors & Fragrances Inc., Kerry Group, CP Ingredients, Sensient Technologies Corporation, FONA International Inc., Flavor Producers, LLC, Innova Flavors, ADM, Cargill, Incorporated, A&B Ingredients, Ajinomoto Group, DPO International Sds. Bhd., and Koninklijke DSM N.V. are some of the leading manufacturers of food flavors.

More Valuable Insights on Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the food flavor market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on type (citrus flavors, vegan flavors, dairy-derived flavors), nature (natural, artificial), form (powder, liquid), and application (food industry, beverages, pharmaceuticals, nutraceuticals, foodservice industry), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).

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