The food flavor enhancer market is predicted to be worth US$ 8,736 million in 2023, and rise to US$ 16,251.1 million by 2033. Initially, the global market was expanding at a CAGR of 2.4% during 2018 to 2022.
Seasonal flavors and limited-edition flavors have the potential to revive companies and offer a wonderful way to introduce new items to consumers. The popularity of fruits and vegetables, especially in powder form, keeps rising. The rising demand for vegan foods and savory tastes in the market is likely to push the adoption of food flavor enhancers in the future.
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The demand for natural and organic food flavor enhancers has increased as people become more conscious of eating healthy foods and leading healthy lifestyles. The FSSAI (Food Safety and Standards Authority of India) and the U.S. Food & Drug Administration have both implemented strict rules, which has increased demand for safe flavor enhancers.
Customers in rising economies have greater disposable income, making pet adoption easier. As a result, the need for dog and cat food flavor enhancers has soared.
Challenges Reducing Market Profitability
Artificial food flavor enhancer production necessitates a sizable investment in research and development, as well as premium raw ingredients. The profitability of the companies that make flavor enhancers may be impacted by the fluctuating cost of these components.
Governments and health organizations have tight regulations governing the use of some artificial taste enhancers, and these regulations must be adhered to. Any modifications to these rules may alter the availability and application of specific food flavor enhancers, which could impact the market.
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Key Takeaways
- In 2022, the United States accounted for 7.1% share in the food flavor enhancer market.
- The food flavor enhancer market was significantly expanding, with a size of US$ 8,400 million in 2022.
- Market shows amazing opportunities due to the diversity in flavors, and expects a growth rate of 1.04x between 2022 and 2023.
- The market in China is anticipated to expand at an adequate CAGR of 4.8% by 2033.
- In 2022, Germany accounted for 4.8% CAGR in the food flavor enhancer market.
- In 2022, Australia accounted for 2.9% CAGR in the food flavor enhancer market.
- By 2033, it is expected that the United Kingdom market expansion is likely to expand at a respectable CAGR of 6%.
- Based on the end use, the food service/HoReCa is likely to lead the market and continue to lead the market.
- Based on source, the plant-based segment continues to dominate the sector during the forecast period.
Critical Approaches Increasing Top Players’ Wealth
Companies are creating unique flavors, preferably manufactured from ingredients with clean labels that come from natural sources. To keep up with changing consumer preferences and needs, these businesses continually spend in research and development initiatives to create novel flavor enhancers.
Recent Developments
- 2020 saw the arrival of Givaudan’s new Tastepoint line of natural flavors, which features a range of flavors such as fruit, dairy, savory, sweet, and beverage flavors.
- Firmenich purchased Senomyx, a US-based business that specializes in creating and marketing flavor compounds, in 2019.
- Tate & Lyle PLC expanded its operations in Thailand’s tapioca-based industry in February 2021, when it fully bought 85% of Chaodee Modified Starch Co. Ltd. The program gives the business the ability to meet consumer demand for clean-label foods. This also denotes the company’s growth in the Asia Pacific region.
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Key Segment
By Form:
- Powder
- Liquid
By Product Type:
- Glutamates
- Hydrolyzed Vegetable Protein
- Yeast Extract
- Others (Meat Extract, Plant Extract)
By Source:
- Plant-based
- Yeast
- Seaweed
- Synthetic
By End Use:
- Soups and Sauces
- Meat and Seafood
- Ready Meals/Prepared Foods
- Dairy Products
- Snacks, Savouries, and Seasonings
- Beverages
- Bakery and Confectionery
- Foodservice/HoReCa
- Household/Retail
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- Southeast Asia & Rest of APAC
- The Middle East and Africa
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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