by The food flavor market has witnessed substantial growth in recent years due to the rising demand for convenient and processed food products. Food flavors are used by food manufacturers to enhance the taste of a variety of food products without altering their nutritional value. Some key applications of food flavors include dairy products, bakery & confectionery products, snacks & savory/salty snacks, meat products, and beverages. The global processed food industry has grown rapidly over the past decade due to busy lifestyles and changing food consumption patterns. This has increased the demand for flavors from food processing companies.
The global food flavor market is estimated to be valued at US$ 17.68 billion in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Increasing demand for convenient and processed food products: As mentioned in the heading, the demand for convenient packaged and processed food has increased tremendously, which is the prime factor driving the growth of the global food flavor market. People nowadays prefer ready-to-eat meals and snacks due to their hectic schedules and busy lifestyles. Flavors play a crucial role in enhancing the taste of processed food products. They allow food manufacturers to develop innovative food offerings while reducing preparation time. This growing demand for convenience food is expected to support the revenue growth of the food flavor market over the forecast period.
Segment Analysis
The global food flavor market is dominated by savory flavors sub-segment with around 45% market share. Savory flavors include flavors like ketchup, pizza, barbecue etc. These flavors are widely used in snacks and other fast food products. The dominance of savory flavors can be attributed to increasing demand for packaged snacks and convenience food products.
PEST Analysis
Political: The regulations related to use of artificial and natural flavors vary across countries. stringent food safety standards are driving demand for natural flavors.
Economic: Rising disposable incomes are allowing customers to spend more on premium and customized food products using various flavors. Growth in food processing industry is also supporting market growth.
Social: Changing lifestyles and preference for convenience foods is a key driver for food flavors market. Customers are looking for new flavors and taste in their food.
Technological: Advancements in extraction technologies are helping manufacturers develop innovative natural flavors. Technologies like microencapsulation are also improving flavor delivery in food products.
Key Takeaways
The Global Food Flavor Market Size is expected to witness high growth during the forecast period. Asia Pacific region is expected to emerge as the fastest growing as well as dominating region in the global food flavor market. Rising population, changing dietary habits and growth in food processing industry in countries like India and China is driving the growth of flavor market in Asia Pacific.
Key players operating in the food flavor market are Pfizer Inc.(U.S.), Lupin Pharmaceuticals, Inc. (India) and Koninklijke Philips N.V. (The Netherlands). Pfizer Inc. is the global leader in flavor market and is focusing on development of new natural flavors. Lupin Pharmaceuticals, Inc. specializes in savory flavors and has a strong presence in Asian markets. Koninklijke Philips N.V. offers wide range of fruit, spice and herb flavors and is investing in R&D to develop healthy flavor options.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
