Global Flavour Ingredients Market to Grow at a CAGR of 6% During 2024-2032, Driven by the Robust Growth of the Food and Beverage Industry

The global flavour ingredients industry has been rising due to the growing innovation and various flavour advancements in the food and beverage industry, along with the bakery and confectionary industry. In addition, the increasing popularity of flavour-based yogurt, flavour-based cheese, flavoured chewing gums, among others, is further aiding the market growth in the forecast period. Though the COVID-19 outbreak has hampered the market, the food industry is constantly trying to produce suitable and tailored solutions across the food flavouring sector. This factor will influence the growth of flavour ingredients significantly.

North America and the Asia Pacific account for a significant share in the market, owing to the rising demand for natural flavouring, which is less likely to harm the health of those who are inclined towards aesthetics. In addition, increasing disposable incomes and rising demand for unique flavours, coupled with nutritional benefits, are propelling the region's market in the forecast period. Furthermore, the popularity of innovative flavours is constantly rising in Europe too.

Givaudan (OTCMKTS: GVDNY), Symrise Group (ETR: SY1), and Takasago International Corporation are key market players. The e-commerce platforms are also likely to propel market growth in the forecast period along with the retail market. The new deals, collaborations, and innovations are likely to accelerate and provide lucrative opportunities for the flavour ingredients market. For example, a collaboration of IFF and DuPont’s Denmark-based N&B division took a decision to create a global leader in high-value ingredients and solutions for the food and beverage sector.

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Market Breakup by Ingredient Type, Product Type, Form, Application, and Region:

• On the basis of ingredient type, the market is segmented into aroma chemicals, essential oils, plant extract, and functional ingredients.
• The market is segmented into nature-identical, artificial, and natural based on product type.
• Based on form, the market is divided into liquid and dry.
• Based on application, the industry is categorised into beverages, dairy and frozen desserts, savouries and snacks, bakery and confectionary products, among others.
• The regional markets for flavour ingredients market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key findings of the report:

• The flavour ingredients industry is driven by the growing disposable incomes and rising consumer preference towards innovative flavours in the beverages and foods sector.
• Growing innovations and flavourings and recent collaborations are likely to provide lucrative opportunities to the flavour ingredients market.
• The market is further aided by the growing popularity of flavour-based chewing gums, flavour-based beverages, and flavour-based milk, among others.
• The rising retail market and flourishing e-commerce platforms are likely to bolster the market growth.

Key offerings of the report:

• The EMR report gives an overview of the global flavour ingredients market for the periods (2018-2023) and (2024-2032).
• The report also offers the historical (2018-2023) and forecasted (2024-2032) markets for the ingredient type, product type, form, application, and regions of flavour ingredients.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global flavour ingredients industry are Givaudan, Firmenich SA, International Flavour Ingredients & Fragrances Inc., Symrise Group, Takasago International Corporation, Mane Group, and Sensient Technologies Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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