by The global Food Flavor Market is estimated to be valued at US$ 17.68 Bn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Food flavors are used extensively in the preparation of processed, packaged and frozen food products to enhance appeal and taste. They provide desirable sensory characteristics to foods without adding significant nutritional value. Growth of the processed food industry has been a major driver for increased demand of food flavors.
Market key trends:
Propelled by rising processed food consumption
The consumption of processed and packaged food has been rising significantly across the world owing changing lifestyles and dietary patterns. The demand for variety of processed foods such as snacks, frozen foods and ready to eat meals has witnessed strong growth over the past few years. To mimic natural flavors and aromas, food manufacturers are increasingly using advanced technologies and innovative extraction methods for developing diverse range of flavors. Synthetic flavors are commonly used in processed foods as they can be customized and are more consistent and durable than natural flavors. The rising processed food industry will continue to drive the demand for various food flavors during the forecast period.
SWOT Analysis
Strength: The food flavor market has high growth potential due to rising demand for processed and packaged food.
Weakness: Heavy dependence on natural ingredients exposes the market to supply chain risks owing to climate change and other factors.
Opportunity: Increasing health awareness is driving demand for natural and organic flavors without artificial ingredients.
Threats: Stringent food safety regulations add compliance costs for market players.
Key Takeaways
The Global Food Flavor Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2023 is estimated to be US$ 17.68 Bn.
Regional analysis
North America dominates the global food flavor market currently. The demand is driven by growing health-conscious population and increasing consumption of packaged food. Asia Pacific is expected to be the fastest growing regional market supported by rising middle class incomes in countries such as India and China.
Key players
Key players operating in the food flavor market are Pfizer Inc. (U.S.), ARGON MEDICAL (U.S.), Edwards Lifesciences Corporation (U.S.), BD (U.S.), Alcaliber S.A. (Spain), Lupin Pharmaceuticals, Inc. (India), Vitaltec Corporation (China), Medtronic (U.S.), Koninklijke Philips N.V. (The Netherlands), Siemens Healthcare GmbH (Germany), Hitachi Medical Corporation (U.S.), and Canon Medical Systems Corporation (Japan).
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
