The Food Aroma Market is seeing rapid expansion, fueled by a rising desire from customers for distinctive and sensory-rich dining experiences. It is anticipated that developments in food technology and the growing global foodservice sectors will propel market expansion. Important drivers include rising disposable incomes, evolving consumer tastes, and a growing emphasis on natural flavors.
The food aroma market is anticipated to increase at a compound annual growth rate (CAGR) of 6.6% over the estimated period, according to FMI’s predictions. By the end of 2033, the industry is projected to have grown from US$ 842.14 million in 2023 to US$ 1,595.72 million.
The food fragrance industry is expected to grow significantly as a result of increased R&D expenses. Because customers are becoming more and more in need of a diverse range of meals and beverages, it is anticipated that the market would benefit from ongoing innovation.
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The growing trend in the market is the need for sustainable and organic food scents. Additionally, the growing demand for unusual cuisines and gourmet experiences is driving growth in the food aromas industry.
Strong demand for convenience foods has spread to developing nations as well, which has led to a corresponding increase in the need for food aroma. The demand for ready-to-eat meals is being driven by shifting consumer preferences and the fast-paced lifestyle of metropolitan residents.
Since food aroma products help enhance the aroma and flavor of food, they are gaining immense popularity. Additionally, the availability of innumerable food processing units across the globe is expected to be favorable for the market in the coming years.
Going forward, established companies and new entrants alike are moving toward sustainable natural aromas to cater to the increasing demand from the food industry. For instance, EvodiaBio, a startup, developed its proprietary aroma profile for non-alcoholic beers. The end product tastes as good as its boozy counterpart.
Top Highlights from the FMI’s Analysis of the Food Aroma Market:
- Beverages segment is expected to garner a large market share, with respect to revenue generation. The growing popularity of distinct aromas in the F&B industry is pushing the demand for food aromas in the beverages sector.
- In 2022, the synthetic segment generated a revenue of more than US$ 530 million. The prime factor propelling the growth of this segment includes its less processing time of synthetic aroma substances.
- On the basis of product, terpene grabbed a market value of US$ 390 million in 2022. The growing demand for terpene can be ascribed to its flexibility and abounding health benefits.
- Europe region is estimated to register a CAGR of 6% during 2023–2022 for the market in focus. The booming dairy industry is predicted to create many growth opportunities for the food aroma industry.
Market Update: Food Aroma Industry Sees Significant Acquisitions and Collaborations
- Taiyo International collaborated with ITO EN, which is a distributor of flavorful, authentic, and abundantly nutritious tea, in August 2021. Both companies came together to distribute high-grade matches to multiple industries, including beverage, food, and supplement in North America region.
- Symrise procured Giraffe Foods Inc., a foremost producer of custom taste solutions for several food industries, in July 2021. With this acquisition, the former company is expanding its flavor and nutrition category in North America.
- Kerry Group commenced operations at its production unit in India in June 2019. This facility is an investment meant for extending its taste and nutrition profiles
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Competitive Dashboard: Top Strategies Adopted by Leading Players:
Top players in the food aroma market are BASF, Hindustan Mint and Agro Products, Solvay, and Takasgo International Corporation. Several main companies are increasingly focusing on strategies to expand their consumer base across the globe. Take for example, in February 2021, a BASF subsidiary situated out of the Netherlands by the name of Isobionics started a distillation unit to produce new fragrances and flavors at Brightlands Chemelot Campus in the Netherlands. The novel distillation factory is expected to facilitate the company to expand its business whilst catering to its customers’ needs.
Companies are also concentrating their efforts on the development of natural and organic ingredients in light of the soaring consumer base for healthy and sustainable products. Additionally, investments are increasing in research and development activities to develop innovative and distinct food aroma products to satiate changing demand and preferences of consumers.
Top players partner with retailers and food manufacturers to develop and advertise new products. Apart from this, collaborations also help with expanding the customer base and enhancing market share. Another strategy commonly employed by key players includes mergers and acquisitions. The companies are merging and acquiring other companies to expand their access to new products, markets, and technologies, in order to expand their market share.
Food Aroma Market by Category
By Type, the Food Aroma Industry is Segmented as:
- Natural
- Synthetic
By Product, the Food Aroma Industry is Categorized as:
- Benzenoids as Food Aroma
- Benzyl Acetate
- Benzoic Acid
- Vanillin
- Cinnamyl
- Benzaldehyde
- Others
- Terpene as Food Aroma
- Limonene
- Pinene
- Myrcene
- Linalool
- Terpineol
- Others
- Musk Chemicals as Food Aroma
- Muscone
- Musk Ambrette
- Musk Ketone
- Others
By Application, the Food Aroma Market is Segregated as:
- Beverages
- Bakery
- Dairy
- Confectionery
- Snacks
- Other Applications
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