The growing demand for processed food and beverages is enabling growth in the global food flavors market, says Fortune Business Insights in their recent report. The report is titled, “Food Flavors Market Size, Share and Global Trend by Flavor Type (Natural, Synthetic), By Application (Savoury & Snacks, Beverages, Confectionery, Dairy, Bakery, Meat), And Geography Forecast till 2028”.
According to the report, the market is dominated by the natural flavor type segment in terms of classification by flavor type. This is because of the rising health awareness among people and their shifting preference towards organic and natural food products from synthetic ones. Developed economies are giving more preference to natural and organic food products because of the health benefits that natural food products consist. This is a major factor boosting the market for food flavors during the forecast duration.
Increasing Demand for Processed Food Products to Boost Market
Various factors are enabling growth in the global food flavor market. Firstly, food flavors are often used to enhance the taste and flavor of food products to make it more desirable. Thirdly, the rising demand for processed food has led to increase in investments by market players, which ultimately, is presumed to add boost to the global market in the coming years.
The rising inclination towards organic and clean-label products is also aiding expansion of the food flavors market, especially in the natural food items category. Technological advancements in the food and beverage industry have resulted in several innovations ready-to-eat food and drinks category, which again is a huge driver for market growth. Innovative raw materials used for producing food flavors is also propelling demand in the market. To see a wider picture, various delicacies also includes specific food flavors that adds to the sophistication of the food item. The increasing demand for such food flavors is also an important factor boosting the market in the long run.
On the flipside, the market may face restraints in terms of the side effects of using food flavors inclusive of both synthetic and natural flavors. The limited availability of raw materials due to their higher price is another major factor that may hamper the market in future. This adds to the instability of the market growth and limits the availability of food flavors in the market. Due to fluctuating availability, consumers and food and beverage industry workers start relying on substitutes. This situation may further decline the rate of growth of the global food flavour market, thus hampering growth in the long run.
Asia Pacific to Witness Robust Growth on Account of Need to Feed Escalating Population
Fortune Business Insights foresees the food flavors market to register the maximum revenue from Asia Pacific and this is expected to remain the same in the forecast duration as well. The reason behind Asia Pacific dominating the market is the increasing consumption of processed and ready-to-eat food products in countries such as Japan, India, and China. The rising population in the region is also propelling the demand for food in the market. The launch of innovative food products by key players in the region is further prognosticated to drive the food flavors market of the region.
Some of the players operating in the global food flavors market are Chr. Hansen Holdings A/S, Takasago, Archer Daniels Midland Company, Royal DSM N.V., Robertet, International Flavors & Fragrances (IFF), Sensient Technologies Corporation, Givaudan, Frutarom, FMC Corporation, Mane, Symrise AG, Firmenich, and others.
Browse Summary
https://www.fortunebusinessinsights.com/industry-reports/food-flavours-market-100549
