The global food flavor and enhancer market size is projected to expand at a significant CAGR during the forecast period, 2021-2028. The growth of the market is attributed to rising demand for foods with health benefits and long shelf life.
Flavors are extra addition to food that provides them a particular taste or smell. These flavors are made from natural ingredients or created artificially. Flavor enhancers are compounds that are added to a food in order to enhance its own natural flavor. Some common food flavors include monosodium glutamate (MSG), nucleotides (IMP and GMP), and yeast extracts, while some examples of flavor enhancers are nuts, fruits, spices, mushrooms, and vegetables.
The COVID-19 pandemic led to an unexpected global public health emergency, which in turn, affected all industries. Amidst the COVID-19 period, consumers have become more health conscious and this has changed the consumers’ behavior and purchasing patterns.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand for healthy ingredients is anticipated to drive the market growth during the forecast period.
- Growing influential trend for new exotic and ethnic flavors is estimated to spur the market growth in the coming years.
- Rising preference for premium-quality products is projected to boost the market growth in the coming years.
- The demand for additives that can maintain the food's nutritive value is anticipated to drive the market growth during the forecast period.
- Increasing premium lines of seasonings and sauces is estimated to spur the market growth in the coming years.
- Rising consumer awareness about health is estimated to restrict the market growth.
- High price of raw material, high entry barriers, and price pressure on manufacturers are projected to hamper the market growth.
- Development of natural flavor enhancers is anticipated to create opportunities for the market.
Scope of Food Flavor and Enhancer Report
The report on the global food flavor and enhancer market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Food Flavor and Enhancer Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Types (Food Flavors [Natural Flavors, Synthetic Flavors, and Nature Identical Flavoring] and Flavor Enhancers) and Applications (Dairy, Bakery, Confectionery, Savory Snacks, Meat, Beverages, Savory Snacks, Soups and Sauces, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Cargill; Givaudan; Corbion; Sensient; and ADM.
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Food Flavor and Enhancer Market Segment Insights
Flavor enhancer segment to hold a significant market share
On the basis of types, the market is divided into food flavors and enhancers. The food flavors segment is segmented into natural flavors, synthetic flavors, and nature identical flavors. The natural flavor sub-segment is expected to hold a key share of the market in the coming years, as it helps to make food taste better and fresher. Moreover, the preference for natural food products is driving the segment growth.
The synthetic flavors sub-segment is estimated to grow at a robust pace during the forecast period. These flavors are artificial flavors, which generally cost less to produce than finding natural sources of chemicals.
Bakery segment is projected to expand at a considerable CAGR
Based on applications, the market is segregated into dairy, bakery, confectionery, savory snack, meat, beverages, savory snacks, soups and sauces, and others. The soup and sauces segment is projected to expand at a considerable CAGR during the forecast period. Young population is purchasing food items in regards to health benefits. Moreover, increasing vegan trend is propelling the segment growth. On the other hand, the bakery segment is anticipated to expand at a robust rate during the forecast period.
North America is estimated to account a major market share
On the basis of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a significant share of the market during the projected period owing to rising demand for processed food products. However, the market in Asia Pacific is anticipated expand at a rapid pace during the forecast period.
Segments
The global food flavor and enhancer market has been segmented on the basis of
Types
- Food Flavors
- Natural Flavors
- Synthetic Flavors
- Nature Identical Flavoring
- Food Enhances
Applications
- Bakery
- Confectionery
- Dairy
- Beverages
- Savory Snacks
- Soups and Sauces
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global food flavor and enhancer market includes Cargill; Givaudan; Corbion; Sensient; and ADM.
Some of these players are engaging in business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market share.
In 2020, International Flavors & Fragrances Inc. announced merger with DuPont’s Nutrition & Bio-science, both are doing their work under the brand name IFF and produce high-value ingredients and solutions for the food & beverage, home & personal care, and health & wellness market.
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