Flavour Market Research Report (India, Bangladesh, Sri Lanka and Nepal)- Forecast to 2030

Flavor Market Research Report Information By Product Type (Natural, Synthetic), By Application (Food, Beverages, Tobacco, Cosmetic & personal care, Pharmaceuticals), By Country (India, Nepal, Sri Lanka, Bangladesh), and By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030

ID: MRFR/F-B & N/2818-CR | 90 Pages | Author: Varsha More | August 2017         

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Global Flavor Market Overview

 Flavor Market Size was valued at USD 0.5 billion in 2022. The Flavor market industry is projected to grow from USD 0.552 Billion in 2023 to USD 1.005 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 10.5% during the forecast period (2023 - 2030). Several additives in the colors and flavors are frequently used to flavor foods and beverages. Also, it aids in enhancing the created product's flavor and taste. The primary driver of the extensive Flavours Market Growth is the increased demand for food tastes across various applications, thus driving the growth of the flavor market. These are just a few of the market drivers that are driving the market.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Global Flavor Market Overview
Flavor Market Trends

  • Significant shift in consumer choices to propel market growth

A sizable portion of customers is aware that food products can include artificial substances. Using clean-label products and growing consumer awareness of using natural ingredients may encourage using natural food essences. The producers are utilizing the rising popularity of clean-label items by creating goods with flavors that are derived naturally. Natural flavors provide food products with an authentic taste and flavor while preserving their ethnicity. Synthetic tastes, including pyridine, benzophenone, styrene, and ethyl acrylate, have all been linked to cancer in recent years. Hence, a variety of natural flavors take the place of these manufactured flavors. Most natural flavorings serve as preservatives, reducing the need for artificial preservatives. Thus, this factor is driving the market CAGR.

According to the 2022 food flavor market trends, floral flavors have become one of the primary flavor trends. Various floral and fruity aromas are used to give the bread goods a natural aroma and taste. Typically, fruit flavors are combined with botanical flavors to give edible items a natural scent. During the past few years, the floral and botanical flavors have expanded from a small niche to a broader market. The growth rate of these scents ranged from 132% between 2015 and 2018, and the bulk of flower essences are employed in baked goods. Lemon-lavender cookies, honey-lavender gelato, lemon-violent granola, blackberry-rose marshmallows, and other flavors are some of the flavors in bakery goods. Due to consumer desire to spend money on natural food products and ingredients, flowery flavors have become popular. Thus, it is anticipated that this aspect will accelerate flavor market revenue ly.

Flavor Market Segment Insights

Flavor Product Type Insights

The Flavor market segmentation, based on product type includes, natural, and synthetic. The natural segment held the majority share in 2022 in the flavor market data. Unlike artificial tastes, natural extracts from numerous plants give a meal its ethnic flavor. Several fast-food businesses are using these organic tastes to create authentic flavors. The younger generation also favors using a variety of botanicals and adaptogens in their cooking. This is because people are more aware of the negative impacts of artificial tastes. Artificial flavoring ingredients can cause many health problems over time, including skin rashes and cancer. As the creative application of organically obtained raw materials will generate growth potential for food makers, numerous manufacturers are involved in creating natural food flavoring agents.

Figure 2:  Flavor Market, by Product Type, 2022 & 2030 (USD Billion)
Flavor Market, by Product Type, 2022 & 2030
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Flavor Application Insights

The Flavor market segmentation, based on application, includes food, beverages, tobacco, cosmetics & personal care, and pharmaceuticals. The beverages segment dominated the market growth in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030 The premiumization, functionality, convenience, and sustainability themes currently gaining traction are driving constant change in the beverage industry. The expansion of this market has been greatly aided by the rising popularity of creative tastes across the beverage industry. Because consumers are becoming more aware of the health benefits of functional beverages, they are rising in popularity. Many uses for the diverse spectrum of natural flavors can be discovered in these useful beverages. Natural flavors are now used more frequently in the beverage sector due to the rising demand for plant beverages. Due to rising discretionary budgets among consumers, various synthetic flavors, including chocolate, fruit, and floral flavors, are rising in popularity in developing economies in the Asia Pacific and the Middle East, hence contributing in the growth of the flavor market.

Flavor Country Insights

The Flavor market segmentation, based on country includes, India, Nepal, Sri Lanka, Bangladesh. The India segment held the majority share in 2022 in the flavor market data Opportunities for numerous mid-tier enterprises would be opened by investments from various multinationals, particularly from important countries like India. The growing population of working women and a hectic lifestyle influences the use of various ready-to-eat/drink goods. Also, the region's consumption of baked goods and confectionary items is anticipated to have very high growth potential. This is due to a strong market for bread goods.

Flavor Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. Europe Flavor market accounted for USD 0.229 billion in 2022 with a share of around 45.80% and is expected to exhibit a significant CAGR growth during the study period. Due to its enormous population, Europe has the biggest culinary flavors market share. The U.K. has the second-largest market share due to the constantly expanding demand for organic products. The U.K. market has three items, one advertised as organic, contributing to the expansion of natural food flavors there. New product development, partnerships, partnerships, expansions, mergers, and acquisitions are the main strategies used by the organisations in the market.

Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

North America Flavor Market accounts for the second-largest market share. This is due to the region's consumption of numerous regional cuisines. Due to the region's migratory population, real food products are consumed there, which has prompted the creation of numerous international edible services. American consumers enjoy Japanese and Indian cuisine. Further, the U.S. Flavor market held the largest market share, and the Canada Flavor market was the fastest-growing market in the region.

Asia Pacific Flavor Market is expected to grow at the fastest CAGR from 2022 to 2030. The market for food flavors in the Asia Pacific region is expanding quickly due to the region's high consumption of processed foods and beverages. The Asia Pacific region's expanding economy comprises a vast population and working professionals. One of the key macroeconomic variables supporting the market growth for eatable flavoring agents is population trends. Further, the China Flavor market held the largest market share, and the India Flavor market was the fastest-growing market in the region.

Flavor Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Flavor market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, mergers and acquisitions, contractual agreements, increased investments, and collaboration with other organizations. Competitors in the flavor industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the flavor industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, flavor industry has provided medicine with some of the most significant benefits. The Flavor market major player such as Sensient Technologies, Firmeninch International SA, Hasegawa, Flavoroma Flavors and Fragrances, Archer Daniels Midland.

An American company called International Flavors & Fragrances manufactures tastes, perfumes, and cosmetic ingredients sold worldwide. Its headquarters are in New York City, with production, sales, and creative sites spread over 44 nations. The business is a constituent of the S&P 500 Index. To expand its line of products, including natural components, the company announced its merger with DuPont's Nutrition and Biosciences division in February 2021. As a result, the business will be able to meet the rising consumer demand for natural and healthier products. The worldwide market has become more concentrated due to a small number of significant firms and their expanded production and distribution capacities.

A worldwide maker of flavors, perfumes, and active chemicals for cosmetics is Givaudan. It was the biggest corporation in the flavor and fragrance sectors as of 2008. Ungerer & Company, a producer of flavors, perfumes, and specialty ingredients headquartered in the United States, announced that Givaudan SA purchased it in November 2019. The corporation will be able to grow its international taste business as a result.

Key Companies in the Flavor market includes

  • Sensient Technologies

  • Firmeninch International SA

  • Hasegawa

  • Flavoroma Flavors and Fragrances

  • Archer Daniels Midland

  • Kerry Group

  • Taiyo International

  • Axxence Aromatic GmbH

  • Zymus International Ltd.

  • Blue Pacific Flavours

  • Unique Flavours and Fragrances USA Inc.

  • Gold Coast Ingredients

Flavor Industry Developments

May 2021: Griffith Foods' top supplier of savory flavor ingredients, Innova Foods Pty Ltd., has been acquired by Synergy Flavors, Inc. The goal of this acquisition was to help the company grow internationally, which will hasten the market for food flavors.

February 2021: IFF announced a merger with DuPont's Nutrition and Biosciences business unit to expand its product line, including natural components. The corporation has made a significant investment in a merger that would help it meet consumer demand for natural and healthier food goods.

Flavor Market Segmentation

Flavor Product Type Outlook (USD Billion, 2018-2030)

  • Natural

  • Synthetic

Flavor Application Outlook (USD Billion, 2018-2030)

  • Food

  • Beverages

  • Tobacco

  • Cosmetic & personal care

  • Pharmaceuticals

Flavor Country Outlook (USD Billion, 2018-2030)

  • India

  • Nepal

  • Sri Lanka

  • Bangladesh

Flavor Regional Outlook (USD Billion, 2018-2030)

  • North America

  • US

  • Canada

  • Europe

  • Germany

  • France

  • UK

  • Italy

  • Spain

  • Rest of Europe

  • Asia-Pacific

  • China

  • Japan

  • India

  • Australia

  • South Korea

  • Australia

  • Rest of Asia-Pacific

  • Rest of the World

  • Middle East

  • Africa

  • Latin America

Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD 0.5 billion
Market Size 2023 USD 0.552 billion
Market Size 2030 USD 1.0057 billion
Compound Annual Growth Rate (CAGR)  10.5% (2023-2030)
Base Year 2022
Market Forecast Period 2023-2030
Historical Data 2018 - 2021
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Product Type, Application, Country and Region
Geographies Covered North America, Europe, Asia Pacific, and Rest of the World
Countries Covered The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Sensient Technologies, Firmeninch International SA, Hasegawa, Flavoroma Flavors and Fragrances, Archer Daniels Midland
Key Market Opportunities ·        Significant shift in consumer choices
Key Market Dynamics ·        Wide range of uses of flavor among confectionery, desserts, dairy, beverages, etc.

Frequently Asked Questions (FAQ) :

The Flavor market size was valued at USD 0.5 Billion in 2022.

The market is projected to grow at a CAGR of 10.5% during the forecast period, 2022-2030.

The key players in the market are Sensient Technologies, Firmeninch International SA, Hasegawa, Flavoroma Flavors and Fragrances, Archer Daniels Midland

The natural category dominated the market in 2022.

The beverages had the largest share in the market.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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