FOOD FLAVORS MARKET | KEY CHALLENGE | RECENT DEVELOPMENTS

The global Food Flavor Market size is expected to grow from USD 18.0 billion in 2022 to USD 21.3 billion by 2027 at a CAGR of 3.5 % from 2022 to 2027.

Growing consumer knowledge of their eating habits is a direct cause of the rising demand for food flavors for a key innovative trend in the food space, such as plant-based meat alternatives, plant-based dairy, plant-based ice creams, etc. One of the biggest consumer concerns and a key reason why individuals are thinking about integrating plant-based meals into their diet is environmental well-being, wherein the key challenge of manufacturers is to retain the familiar taste of traditional products that consumers are habitual, this, in turn, is driving demand for the food flavors to rope in to address the challenge, ultimately driving the demand. 

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KEY CHALLENGE

Changing standards and regular modifications in existing regulations corresponding to the latest scientific knowledge may challenge the growth of the food flavors market.

KEY RECENT DEVELOPMENTS

-       In June 2022, Givaudan and Manus Bio, a leading biomanufacturer of natural products, launched an advanced ingredient named “BioNootkatone,” which offers a natural and reviving citrus flavor. The launch of this novel ingredient will help Givaudan meet the growing demand for sustainable, natural, clean-label citrus flavor without the cost and supply volatility of traditional citrus extracts.

-       In May 2022, DSM and Firmenich SA, a Swiss fragrance and flavor company, announced a EUR 41 billion (USD 40.51 billion) merger to form a “global powerhouse” in the specialized items required for the burgeoning alternative food and nutrition sector.

-       In March 2022, Blue Pacific Flavors launched an alcohol-inspired flavors platform which is a collection of various natural flavors.

-       In February 2022, ADM acquired Comhan, a leading South African flavor distributor, to strengthen the nutrition business in the high-growth African market.

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North America dominated the food flavors market in 2021

North America is the largest market for food flavors owing to the growing demand for processed and functional food products influenced by the hectic lifestyle and changing eating habits of the consumers in this region. The growth could be attributed to its ever-expanding food & beverage processing industry and the increasing popularity of functional foods. North America harbors some of the leading food and beverage manufacturing companies, such as ADM, Sensient, and Synergy Flavors, continuously upgrading their product portfolios to maintain their position as key players in the food flavors market, boosting the growth of the same. Presence of companies such as ADM (US), International Flavors & Fragrances Inc. (US), Sensient Technologies Corporation (US), Synergy Flavors, Inc. (US) in the North American region contributes to the dominant position of the region.


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