According to the recent FMI report, the sales for food flavors are expected to surpass a value of USD 16.6 Bn in 2032, rising at a CAGR of around 6.2% through the end of 2032.
Consumers want to know what components are in the food, thus clean-label products are in high demand. As a result, customers have high expectations for openness in any product they purchase. As a result, food manufacturers are under increasing pressure to incorporate clean-label food flavor enhancers while manufacturing goods.
This has raised the demand for natural food flavor enhancers, even though its prices are slightly more than synthetic food flavor enhancers like MSG and disodium guanylate.
A few years ago, the food flavor enhancer industry was fragmented, with a number of lower- and mid-tier firms supplying the global market with these food flavors. However, the number of small and medium-sized businesses has dropped as a result of different acquisitions by top-tier businesses, resulting in a more homogenous and less diversified market.
In recent years, a few top companies with a large market share have dominated the food flavors & enhancer market, in turn, promoting the reach of products to various different countries.
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Key Takeaways from the Food Flavors Market Study:
- Between 2022 and 2032, the food flavors and enhancers industry share from the beverages application category is expected to grow at a rate of more than 3%.
- Due to a rising dairy sector and higher demand for goods like ice cream and yogurts, the Asia Pacific region is expected to occupy roughly 6% of the global market share in 2027.
- By 2027, the market for natural food flavors and enhancers is expected to reach USD 13.2 Bn, growing at a steady 8% each year.
- The combining of botanical and fruit flavors has gotten a lot of attention in recent months, which has helped to grow the market globally.
- According to the World Health Organization, the average daily intake of flavor enhancers like salt has climbed to 9-12 grams.
“Key market players are investing much in R&D in order to introduce new products and obtain a competitive advantage. Companies are also pursuing tactics such as collaboration, acquisitions, mergers, and partnerships in order to extend their client base and increase revenues.” said a lead analyst at FMI.
Who is winning?
Key players operating in the global food flavors market are focusing on reaching a large consumer base by implementing various strategies such as product innovations, marketing & promotional activity, strengthening distribution channels, and adopting sustainable production.
Some of the leading companies offering food flavors are ADM, Cargill, Sensient Technologies Corporation, Givaudan, Ajinomoto Group, Koninklijke DSM N.V., Bell Flavours & Fragrances, A&B Ingredients, DPO International Sdn. Bhd., Kerry Group, and others.
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Get Valuable Insights into Food Flavors Market
FMI, in its new offering, provides an unbiased analysis of food flavors presenting historical demand data (2017-2022) and forecast statistics for the period from (2022-2032). The study divulges compelling insights on the demand for food flavors based on form (powder and liquid), by product (natural and artificial), application (food & nutrition, bakery & confectionery, beverages, sauces & dressings, dairy & frozen desserts, and snacks) across five major regions.
About the Food & Beverage Division at Future Market Insights
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
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