The natural flavor extract market is expected to experience a moderate compound annual growth rate (CAGR) of 5.5% from 2022 to 2032. The market’s value is projected to increase from USD 5.5 billion in 2022 to USD 9.5 billion by 2032.
Sales of natural flavor extract are projected to increase as more people adopt clean eating habits. The rising popularity of clean label products among consumers is also driving greater demand for natural flavor extracts.
Growing awareness about the drawbacks of sugar consumption is expected to boost the natural flavor extract market. Key trends driving this demand include shifting taste preferences and an increasing desire for food products with natural and authentic flavors.
The growing range of end-use applications, driven by the multifunctional properties of various natural ingredients, is anticipated to boost the natural flavor extract market. These natural colors and flavors are commonly used in bakery and confectionery, convenience foods, dairy and frozen desserts, and meat products within the food processing industry.
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In recent years, there has been a global shift towards greater health consciousness among consumers. As optimism for natural products rises, there is a significant increase in demand for natural flavor extracts, natural food preservatives, natural food colors, and foods free from various artificial ingredients.
Natural flavor extracts are increasingly utilized in the food and beverage industry to flavor a wide range of products, including bakery items, confectionery, soft drinks, and dairy products. Additionally, these extracts are being applied in pharmaceuticals, dietary supplements, and oral care products. As a result, there has been a notable increase in global sales of natural flavor extracts.
Natural flavor extracts are sourced from a variety of ingredients, including vegetables, fruits, herbs, spices, and other plant parts such as roots and leaves. There is a growing demand for organic and gluten-free natural flavor extracts, driven by the rise in gluten intolerance and an increasing consumer preference for organic foods.
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Competitive Landscape
Some of the key participants responsible for the growth of the natural flavor extract market share are LorAnn Oils, Gold Coast Ingredients, Inc., Dohler SA, Sensient Technologies Corp., Symrise AG, Givaudan SA, The Edlong Corporation, McCormick & Company, Inc., Flavor Producers, LLC, Innova Flavors, Kerry Group, International Flavors & Fragrances Inc., Takasago International Corporation, Firmenich SA, Mane SA.
Major developments in the natural flavor extract market include
IFF (Israel) and Evolva (Switzerland), a biotech business, announced collaboration in March 2020 to further develop and commercialise vanillin. IFF would be in charge of commercialising the vanillin product that Evolva created under the conditions of this arrangement. This partnership would greatly expand the reach of Evolva’s created products while also adding new products to IFF’s product catalogue.
MANE Kancor, a global pioneer in spice extracts, has announced a US$ 21 Million investment in the next few months for the expansion of current manufacturing sites in India. This move is expected to improve the demand for natural flavor extract in the Asia Pacific region.
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