Flavors Market Led To A Lucrative Growth With USD 28.54 Billion By 2030

Author : Bella Kent | Published On : 05 Apr 2024

San Francisco, 5 April 2024: The Report Flavors Market Size, Share & Trends Analysis Report By Nature (Natural, Synthetic), By Form (Powder, Liquid/Gel), By Application (Food, Beverages, Others), By Region, And Segment Forecasts, 2024 - 2030

The global flavors market size is expected to reach USD 28.54 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 5.9% from 2024 to 2030. Consumer preferences in the food industry have significantly changed in recent years, particularly with reference to the growing acceptance of unique and exotic flavors. This shift toward diverse and unconventional flavor profiles have led consumers to seek new ways to explore different cultures and showed a preference for unusual and exotic foods and beverages from various regions for an "exotic effect." This trend is supported by the emergence of natural flavor enhancers made from botanical and fruit extracts.

According to an article by Nutraceuticals World in August 2022, a global manufacturer of flavors, fragrances, botanicals, and ingredients, in today's dynamic consumer environment, people are actively pursuing novel experiences, as well as premium products and nostalgic flavors of childhood. The infographics below highlight the common preferences of flavors among children, according to a February 2022 article by FlavorSum, LLC, a flavor manufacturer.

Further, fusion-based flavor combinations are also gaining popularity in creating innovative food products. Ingredient manufacturers help food product manufacturers deliver unique taste profiles to meet evolving consumer preferences, especially in the U.S. In March 2022, Flavorchem, a U.S.-based company, introduced "Citrus Vacation," a fresh line of citrus flavor enhancers. These “true-to-fruit” flavors are non-GMO, kosher, and vegan. They are available in six citrus flavors-Juicy Blood Orange, Sweet Tangerine, Zesty Key Lime, Yuzu Citrus, Fruity Kumquat, and Fresh Calamansi Lime. These flavors are versatile and can be adapted to a wide range of food and beverage applications.

The rising preference for natural ingredients is also encouraging manufacturers to opt for natural flavors to enhance the taste and aroma of their products without relying on artificial additives or synthetic flavors. The expansion of organic and clean-label product offerings creates a favorable opportunity for manufacturers to meet the demands of consumers seeking natural flavors without undesirable ingredients such as artificial sweeteners.

For instance, in September 2020, PepsiCo’s brand Tropicana launched Tropicana Lean, its new range of juice drinks in three flavors-Citrus Fruit, Mixed Berries, and Tropical Fruit-containing 40% less sugar and 40% fewer calories.

Access Research Report of Flavors Market @ https://www.grandviewresearch.com/industry-analysis/flavors-market

Flavors Market Report Highlights

• The synthetic flavor segment held the largest market share of 66.7% in 2023, owing to technological advancements in the formulation of new flavors. Synthetic flavor compounds can be used in food manufacturing only after receiving regulatory approval from government agencies responsible for food safety and standards
• The natural flavor segment emerged as the fastest segment, growing with a CAGR of 7.5%, owing to rising demand for plant-derived ingredients in food and beverages. The natural flavors market is experiencing robust growth, primarily driven by increasing consumer demand for healthier and natural food products perceived as safer and more authentic alternatives to artificial flavors
• Powdered flavors held the largest market share of 66.3% in 2023. The use of powdered flavors in the food industry is driven by their versatility and ability to enhance the flavor of various food and beverage products. Powdered flavors are dry, easy to store, convenient, have high heat stability, and have a longer shelf life compared to fresh ingredients, making them particularly suitable for baking applications and beverages
• Liquid/gel form-based flavor is expected to grow at a CAGR of 5.1%. Gel/ Liquid forms are concentrated forms of flavors used in food, beverage, and nutrition products. Concentrated flavors are particularly advantageous as they offer a potent flavor impact in small quantities
• Asia Pacific is estimated to grow significantly with a CAGR of 6.7% over the forecast period owing to growing consumer awareness towards sustainably sourced ingredients and flavors. The demand for natural flavors in the Asia Pacific market has been boosted by consumers' growing interest in products that are naturally nutrient-rich and delicious. Natural herbs and spices have been traditionally used in household cooking across the region

Flavors Market Report Scope

List of Key Players in the Flavors Market

• Givaudan
• Firmenich SA
• Symrise AG
• Sensient Technologies Corporation
• International Flavors & Fragrances Inc.
• Takasago International Corporation
• Kerry Group plc
• MANE
• Robertet Group
• Huabao Flavours & Fragrances Co., Ltd.

Access Press Release of Flavors Market @ https://www.grandviewresearch.com/press-release/global-flavors-market