by Food flavors are substances that are added to food in order to impart taste, aroma and feel. Food flavors help to enhance the sensory qualities of food products. They are extensively used in beverages, dairy products, snacks, meat products and other convenience foods. Demand for convenience foods has been increasing rapidly owing to changing lifestyles and busy schedules of people. Convenience foods offer quick meal solutions by saving time and effort in cooking. This has boosted the demand for food flavors which are crucial for imparting taste to such processed foods.
The global Food Flavor Market is estimated to be valued at US$ 20.37 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing demand for convenience foods is a major trend driving growth of the food flavor market. With increasing urbanization and changing lifestyles, consumers are opting for easy to make foods that require minimal or no preparation. Food flavors play a vital role in enhancing the taste profile of such convenience foods including snacks, ready-to-eat meals and beverages. They help mask blandness and seasonality issues in foods processed at high temperatures. This is boosting product innovation and demand for advanced flavor systems customized for various convenience food applications.
SWOT Analysis
Strength: Food flavor market has wide range of application in food and beverage industry. Flavors help enhance taste and improve consistency.
Weakness: Overuse of flavors can cause health issues. Excessive use of artificial flavors is harmful. Volatility in prices of raw materials increases production costs.
Opportunity: Growing health-conscious population is increasing demand for natural flavors. Emerging economies offer scope for market expansion.
Threats: Stringent regulations limit use of certain flavors. Supply chain disruptions due to pandemic can impact availability. competitors constantly bringing new products.
Key Takeaways
The Global Food Flavor Market Size is expected to witness high growth during the forecast period of 2024 to 2031. The market size for 2024 is projected to be US$ 20.37 Mn growing at a CAGR of 7.5% till 2031.
Regional analysis comprises Asia Pacific region dominates the global food flavor market currently. Countries like China, India and other Southeast Asian countries are major consumers due to large population and increasing disposable income. North America region is also growing significantly attributed to rising health awareness.
Key players operating in the food flavor market are Schlumberger Limited, Goodwin International Ltd, Honeywell International Inc., General Electric Company, Emerson Electric Co., Rotork Plc, KITZ Corporation, AVK Holding A/S, BÃ1⁄4rkert Fluid Control Systems, and Flowserve Corporation. The key players are focusing on new product launches and adopting organic and inorganic growth strategies like mergers, acquisitions and partnerships to expand business and customer base.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
