Food flavor is a food additive or ingredient, which is commercially used in the production of food and beverages and others. Flavor indicates the sensory impression of food or any other substance that is determined by chemical senses of taste and smell. It is the sensual impression of food or other applications such as beverages, cosmetic & personal care, nutraceuticals, and other end-use applications. The food flavor are segmented into two types such as natural flavor and synthetic flavor.
Improvement in the current lifestyles of the consumers is majorly impacting the sales of carbonated beverages. Also, availability of different flavored beverages is expected to propel the sales of food flavors. Yogurt is one of the most selling dairy products in developed economies. The demand of the yogurt is increasing among the consumers owing to the new product development of yogurt by the manufacturers. The growth of food flavors is attributed to the changing lifestyles of the consumer coupled with the increasing busy life schedules of the consumer both in developed and developing economies. Increasing inclination of the consumer towards the ready to eat food product is considered to be one of the significant factors for the rising growth of food flavors during the forecast period.
The foodservice industry plays a key intermediary role between producers and processors at one end and consumers at the other end. The consolidation and market concentration of foodservice industry creates multitude of opportunities for the market growth of food flavors market.
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The leading market players in the global food flavors market primarily are Givaudan SA (Switzerland), International Flavors & Food flavors, Inc. (U.S.), Firmenich International SA (Switzerland), Symrise AG (Germany), Takasago International Corporation (Japan), V. MANE FILS SA (France), Sensient Technologies Corporation (U.S.)
The global food flavors market has been segmented on the basis of type such as synthetic and natural. The synthetic segment is projected to account for maximum market proportion and projected to grow at CAGR of 5.03% during the forecast period. On the basis of applications, the global food flavors market is segmented into beverages, dairy & frozen products, bakery & confectionery, savory & snacks, and others. Among all the applications, beverages segment is estimated to witness the highest growth at a CAGR of 6.07% during the forecast period 2017-2023.
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The global food flavors market is segmented into North America, Europe, Asia Pacific, and Rest of the world. Among these, Europe is projected to retain its dominance throughout the forecast period owing to robust economic growth and increasing health conscious population. Europe is estimated to reach USD 6366.20 million by 2023. However, Asia Pacific is projected to expand at highest CAGR of 6.11% during the forecast period 2017-2023. Increasing middle income population group with more disposable income, continuous urbanization in developing economies are anticipated to fuel the sales of food flavors in Asia Pacific region.