The global food flavors industry is subject to witness a substantial growth due to the increasing demand from food & beverage industry, recent technological advancement in flavor manufacturing methodologies, and growing influence of latest health & wellness trends.
Additionally, development of functional food products & ingredients, and increase in need for familiar & authentic food flavors across different end-user industries similar to dairy and frozen food products are complementing growth of the food flavors industry, in recent years.
Growing consumer base and increasing per capita income among individuals, and improved products’ quality are some of the key factors driving market growth over the forecast period. Though, strict laws and regulations regarding manufacturing processes, excessive use of flavor in food products, and growing concerns related to side effects of artificial flavors are obstructing market progress.
Yet, growing consumption of dairy and bakery products, and increasing adoption of various flavors in beverage industry is anticipated to augment market growth in upcoming years.
The food flavors are majorly categorized into two types based on their source and manufacturing processes such as organic flavor and artificial flavor. Artificial flavor is one of the fastest growing segments in the food flavors industry with substantial revenue generation over last couple of years.
Though, increasing concerns regarding side effects of the artificial flavor and stringent governmental laws against excessive organic flavor due to numerous health benefits and eco-friendly properties is anticipated to boost the organic flavor market over the forecast period.
Application of the food flavors in different industries include soft drink industry, dairy product, frozen food products, bakery sector, confectionery products, savory & snacks industry, and pet food sector.
Applications of the food flavors in the beverages industry is further divided into hot drinks, non-alcoholic drinks, and alcoholic drinks. Some of the key applications of the food flavors include dairy products, frozen meat products, chocolate, confectionery, and ice cream.
Furthermore, growing adoption of the food flavors in the animal feed and pet food is expected to boost demand of the food flavors in the upcoming period.
Flavors are added to food products in order to incite or stir a distinctive savor and taste as per requirement. So it becomes necessary to maintain the savor and taste even after processing, thus modifying an already existing taste, and to formulate desirable flavor to entice consumer response.
Increasing adoption of food flavor soft drinks is attributed to simpler formulation and production in comparison with other products. Some of the dairy products number of flavors to formulate, thus delivering unique taste and texture and to entice consumer response.
Botanic flavors similar to ginger, mint, hibiscus, and campari, are important as they mix perfectly with some of the organic flavors to provide unique aroma to the food product.
The food flavors industry is divided into regional market segment such as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the changing food habits and existence prominent industry players.
Asia-Pacific is predicted to hold the major market share with massive growth in forecast period. Countries such as India, China and Singapore are leading the food flavors industry in the Asia-Pacific with rising consummation of dairy and bakery products coupled with significant investment by leading industry players considering potential opportunities in the region.