by Food flavors are ingredients that are added to food and beverages in order to enhance their taste and aroma profiles. Food flavors find wide applications in the processed food industry for products such as bakery, confectionery, snacks, dairy, and beverages. The growth of the processed food industry has increased the demand for various food flavors globally. Processed food manufacturers are using natural as well as artificial flavors to cater to evolving consumer taste preferences. The rising demand for convenience food and changing lifestyles have accelerated the growth of the processed food market. According to data, the global processed food market size was valued at USD 2.96 trillion in 2021 and is expected to witness a CAGR of 6.8% from 2022 to 2030.
The global Food Flavor Market is estimated to be valued at US$ 20.37 Mn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The global food flavor market is expected to be flourished by expanding processed food industry. As mentioned earlier, processed food manufacturers are extensively using food flavors to enhance the tastes of their products. This growing usage of food flavors in the processed food sector is acting as a key driver for market growth. Moreover, the changing food consumption patterns and rising popularity of international cuisines are also fueling the demand for innovative flavors. Consumers are increasingly experimenting with various flavors from different parts of the world which is encouraging flavor manufacturers to develop diverse flavor profiles. These factors together serve as important market growth propellers.
Segment Analysis
The food flavor market is dominated by beverage sub-segment. Beverage flavor accounts for over 40% of the total food flavor market share as they are widely used in carbonated drinks, juices, sports drinks and energy drinks. The beverage sub-segment is dominating due to growing demand for flavored drinks among health-conscious consumers and changing tastes and preferences.
PEST Analysis
Political: The food flavor market is regulated by food safety authorities to ensure no harmful chemicals are used. Various policies support local food flavor producers.
Economic: The rising disposable incomes is driving the sales of premium and exotic flavored food and drinks. Globalization has increased trade of indigenous food flavors.
Social: People are increasingly health-conscious and prefer food and drinks with natural flavors. Changing food habits and exposure to international cuisine is increasing the demand for innovative flavors.
Technological: Advanced techniques like biotechnology and aroma chemistry help introduce new natural flavors. Flavor encapsulation technology preserves flavors for a longer time.
Key Takeaways
The Global Food Flavor Market Size is estimated to be valued at US$ 20.37 billion in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024-2031.
The global food flavor market is expected to witness high growth during the forecast period. Regionally, North America dominates the market currently due to high health awareness and demand for exotic flavors in the region. The USA accounts for over 30% of the North American food flavor market share.
Key players
Key players operating in the food flavor market are Schlumberger Limited, Goodwin International Ltd, Honeywell International Inc., General Electric Company, Emerson Electric Co., Rotork Plc, KITZ Corporation, AVK Holding A/S, BÃ1⁄4rkert Fluid Control Systems, and Flowserve Corporation.
Schlumberger is a leading oilfield services provider and has a significant share in the food flavors market by providing food-grade valves for the food and beverage industry. Goodwin International and Honeywell also have a considerable presence offering specialized isolation valves, pumps, and process solutions for the industry.
Technological advancements are enabling new product launches. For instance, GE has developed novel encapsulation techniques to introduce highly stable microencapsulated food flavors. Advanced controls by Emerson and valves by Kitz improve production efficiency.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
