Flavour Market Research Report (India, Bangladesh, Sri Lanka and Nepal)- Forecast to 2028

Flavour Market Information by Product Type (Natural and Synthetic), Application (Food, Beverages, Tobacco, Cosmetic & personal care and Pharmaceuticals) and Country (India, Nepal, Sri Lanka, Bangladesh) - Forecast to 2028

ID: MRFR/F-B & N/2818-CR | August 2017 | Region: Global | 90 Pages         

Flavour Market

The flavors market is evaluated to grow at a CAGR of 5.55%. Thus, the market value will further reach up to USD 913.74 million by the studied forecast period 2021-2028

Segmentation

By Product Type Natural Synthetic
By Application Food Beverages Tobacco Cosmetic & personal care Pharmaceuticals
By Country India Nepal Sri Lanka Bangladesh

Key Players

  • Sensient Technologies (US)
  • Firmeninch International SA (Switzerland)
  • Hasegawa (Japan)
  • Flavoroma Flavors and Fragrances (India)
  • Archer Daniels Midland (US)
  • Kerry Group (Ireland)
  • Taiyo International (Japan)
  • Axxence Aromatic GmbH (Germany)
  • Zymus International Ltd. (New Zealand)
  • Blue Pacific Flavours (US)
  • Unique Flavours and Fragrances USA Inc. (US)
  • Gold Coast Ingredients (US)

Drivers

  • rising health awareness physical choices and food choices for vegan and meat
  • significant shift in consumer choices
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Flavours Market Overview:


The flavors market is evaluated to grow at a CAGR of 5.55%. Thus, the market value will further reach up to USD 913.74 million by the studied forecast period 2021-2028. The colors and flavors contain some additives that are extensively used for adding flavors to beverages and food. It also helps o improve the taste and flavor of the manufactured product. The rising demand for food flavors for various applications is the crucial reason for extensive Flavours Market Growth.


North America is evaluated to have the largest flavors market share. Along with that, the Asia-Pacific region is evaluated to experience the fastest CAGR in the market in the upcoming years. Along with that, the rising demand for synthetic flavors to produce juices and other aerated drinks will enhance the flavors market growth.


COVID-19 Analysis


The spread of coronavirus disease has a massive impact on the financial condition of various countries. The sales of the company were significantly reduced as the manufacturing produced was interrupted for several months. However, with the waiver of lockdown, the development to improve the supply chain and improvement in the product has helped the Flavours market to regain its growth.


Market Dynamics


Market Drivers


The significant shift in consumer choices has played a crucial role. The rising health awareness, physical choices, and food choices for vegan and meat are providing immense categories for customers. Thus, to fulfill the demand of the public, the manufacturers in the Flavours market are improving their research and development activities. It is because the synthetic food flavors are made up of amyl acetate that causes chest pain, indigestion, fatigue, and other health problems.


Restraints


The side effects of the flavors bet it synthetic and natural can act as a restraint for the flavors market. Other compounds such as carvacrol, butyric acid, are also called health problems. Hence, this can be a huge concern for customers, and it can hamper the market growth.


Opportunities


The rising Flavours market Trends is anticipated to offer new opportunities for the market. The wide range of uses of flavor among confectionery, desserts, dairy, beverages, etc. will enhance the market growth. Also, uses of marine sources such as seaweed and others are depicted to offer new opportunities for the market.


Challenges


The strict regulations to meet the necessary standards of regulation can be challenging for the flavors market. These regulations can differ from one country to another which can slow down the market growth to some extent. Also, the rising process of new products can cause product recalls.


Cumulative Analysis


The Compound Annual Growth Rate (CAGR) of the Flavours market is estimated to reach up to 5.5%. According to the MRFR analysis, the Market Value is evaluated to reach up to USD 22.5 Billion by the studied forecast period 2021-2028. The drivers such as the rising demand for organic products and various opportunities are expected to fuel the market.


Value Chain Analysis


The growing development and rising flavors market Trends for organic and natural products will boost the market. Also, the growing investments by key players will lead to several advantages. Hence, the improvement in the supply chain will also lead to improving the value chain of the market. 


Market Segmentations


The Flavours market segment is divided into application and source. Based on the source, the Market is divided into Synthetic and Natural. Based upon application, the market is divided into Frozen and Dairy Desserts, Confectionery and Bakery, Beverages, Savory and Sweet Snacks, and Others.


Regional Analysis


Based on region, the Flavours market is divided into North America, Asia-Pacific, Europe, and the Rest of the World. North America is divided into Canada, Mexico, and the US. Further, the Asia-Pacific region is fragmented into Japan, India, Australia, New Zealand China, and Rest. Then, Europe is segmented into Spain, France, Italy, Germany, the UK, and the rest. Lastly, the rest of the world segment consists of countries in Africa, Latin America, and the Middle East. According to the Flavour Market Forecast by MRFR, Europe will lead the market with the highest share. The presence of various key players and rapid innovation are the crucial drivers of this region.


After that, North America is depicted to hold the second-largest Flavour Market Share in the studied forecast period. The rising demand for natural ingredients and organic food products is fuelling the growth of the market.


However, the Asia-Pacific region is evaluated to experience the fastest growth in the studied forecast period. Due to the rapidly developing countries like India as well as China, the Flavour Market will boom in the future years.


Lastly, the Rest of the world segment is estimated to experience slow growth as compared to other regions. However, with gradual development, it is expected that the market will also have notable growth in this region.


Competitive Landscape


The Flavours market consists of various market players. These key players are playing a crucial role in uplifting Market Growth. They do acquisitions, collaborations, partnerships, new product launches, etc. Some of the notable key players in the market are listed below.



  • Sensient Technologies (US)

  • Firmeninch International SA (Switzerland)

  • Hasegawa (Japan)

  • Flavoroma Flavors and Fragrances (India)

  • Givaudan SA (Switzerland

  • Takasago International Corporation (Japan)

  • Symrise (Germany)

  • Archer Daniels Midland (US)

  • Kerry Group (Ireland)

  • Taiyo International (Japan)

  • Axxence Aromatic GmbH (Germany)

  • Zymus International Ltd. (New Zealand)

  • Blue Pacific Flavours (US)

  • Unique Flavours and Fragrances USA Inc. (US)

  • Gold Coast Ingredients (US)


 Recent Developments



  • Givaudan in 2020 announced the acquisition of a company called Ungerer to improve its capability to provide efficient ingredients.

  • Archer Daniels Midland in 2019 acquired a company named Ziegler Group Management. This acquisition will help the company to become the leading provider in Europe.


Report Overview


The overview of the Flavours market Forecast is as follows.



  • Market Overview

  • COVID-19 Analysis

  • Dynamics of the Market

  • Value Chain Analysis

  • Market Segmentation

  • Regional Analysis

  • Competitive Analysis

  • Recent Development


 Report Score and Segmentation


The report score is to provide information about the Flavours market Outlook. It provides information about the CAGR, market value, opportunities, rivers, etc. The information provided in this report is collected from various primary and secondary sources.



  • Study Period- 2021-2028

  • Base Year-2021

  • Forecast Period- 2021-2028

  • Historical Period-2017-2020


Segmentation


By Application



  • Frozen and Dairy Desserts

  • Confectionery and Bakery

  • Beverages

  • Savory and Sweet Snacks


By Source



  • Synthetic

  • Natural


By Region



  • Asia-Pacific

  • Europe

  • North America

  • Rest of the World


 



Report Scope:

Report Attribute/Metric Details
  Market Size   USD 913.74 million
  CAGR   5.55%
  Base Year   2020
  Forecast Period   2021-2028
  Historical Data   2019
  Forecast Units   Value (USD million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   by Product Type, Application, and Country
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Sensient Technologies (US),Firmeninch International SA (Switzerland),Hasegawa (Japan),Flavoroma Flavors and Fragrances (India),Givaudan SA (Switzerland,Takasago International Corporation (Japan),Symrise (Germany),Archer Daniels Midland (US),Kerry Group (Ireland),Taiyo International (Japan),Axxence Aromatic GmbH (Germany),Zymus International Ltd. (New Zealand),Blue Pacific Flavours (US),Unique Flavours and Fragrances USA Inc. (US),Gold Coast Ingredients (US)
  Key Market Opportunities    wide range of uses of flavor among confectionery, desserts, dairy, beverages
  Key Market Drivers   rising health awareness, physical choices, and food choices for vegan and meat


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Frequently Asked Questions (FAQ) :

The Food Flavor Market is evaluated to grow at a CAGR of 5.55% during the studied forecast period 2021-2028.

The market value of the Food Flavor Market is projected to reach up to USD 913.74 million by the studied forecast period 2021-2028.

The Food Flavor Market is fragmented into various key players. They are Sensient Technologies, Firmenich International SA (Switzerland), T. Hasegawa (Japan) Flavoroma Flavors and Fragrances (India), Givaudan SA (Switzerland), Takasago International Corporation (Japan), Symrise (Germany), Archer Daniels Midland (US), Kerry Group (Ireland), Taiyo International (Japan), Axxence Aromatic GmbH (Germany), Zymus International Ltd. (New Zealand), Blue Pacific Flavours (US), Unique Flavours and Fragrances USA Inc. (US), Gold Coast Ingredients (US), and others.

The Food Flavor Market segment is divided into by Product Type, Application, and Country